Transocean (NYSE: RIG) secures $168M in drilling backlog from Brazil and Norway deals

Rhea-AI Filing Summary

Transocean Ltd. reported new work for two of its offshore drilling rigs, adding about $168 million to its firm contract backlog. The Deepwater Mykonos received a new contract with bp in Brazil, with an estimated 302-day campaign expected to start in the third quarter of 2026 and contribute roughly $120 million in backlog, excluding additional services and mobilization or demobilization compensation.

In Norway, three one-well options were exercised for the Transocean Enabler, adding 105 days of work in direct continuation of the rig’s current activity and contributing about $48 million in backlog. This extension commits the Transocean Enabler through September 2027, supporting future revenue visibility for the company’s fleet.

Insights

Offshore drilling and contract backlog analyst

Transocean adds $168M in backlog through Brazil and Norway contracts.

Transocean Ltd. disclosed two contract developments that together add about $168 million of firm backlog. The Deepwater Mykonos secured a bp contract in Brazil, with an estimated 302-day campaign starting in the third quarter of 2026, expected to contribute roughly $120 million in backlog, excluding extra services and mobilization or demobilization payments.

In Norway, three one-well options were exercised for the Transocean Enabler. This creates 105 additional days of continuous work and about $48 million of incremental backlog, committing the rig through September 2027. These fixtures increase visibility for future rig utilization and revenue, though the overall impact depends on how this added backlog compares to Transocean’s total existing backlog and fleet size.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

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CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of report (date of earliest event reported): January 5, 2026

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TRANSOCEAN LTD.

(Exact name of Registrant as specified in its charter)

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Switzerland	​ ​ ​	001-38373	​ ​ ​	98-0599916
(State or other jurisdiction of	​	(Commission	​	(I.R.S. Employer
incorporation or organization)	​	File Number)	​	Identification No.)

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Turmstrasse 30	​ ​	​
Steinhausen, Switzerland	​	CH-6312
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(Address of principal executive offices)	​	(zip code)

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Registrant’s telephone number, including area code: +41 (41) 749-0500

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act
Title of each class	Trading Symbol	Name of each exchange on which registered:
Shares, $0.10 par value	RIG	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 7.01Regulation FD Disclosure.

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Transocean Ltd. today announced a contract award and an extension, respectively, for two of its drilling rigs. Together, the fixtures represent approximately $168 million of firm backlog.

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In Brazil, the Deepwater Mykonos was awarded a contract with bp. The estimated 302-day campaign is expected to begin in the third quarter of 2026 and contribute approximately $120 million in backlog, excluding additional services and compensation for mobilization and demobilization.

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In Norway, three one-well options have been exercised for the Transocean Enabler. The incremental 105 days of work, which is in direct continuation of the rig’s current activity, is expected to contribute approximately $48 million in backlog and commits the Enabler through September 2027.

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A copy of the press release announcing the fixtures referred to above is attached hereto and incorporated herein by reference as Exhibit 99.1.

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Item 9.01  Financial Statements and Exhibits.

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(d)  Exhibits.

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Exhibit No.	​ ​ ​	Description
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99.1	​	Transocean Ltd. Announces Contract Award and Extension Totaling $168 Million
101	​	Interactive data files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language
104	​	Cover Page Interactive Data File (formatted as inline XBRL).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

​	TRANSOCEAN LTD.
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Date: January 5, 2026	By:	/s/ Debra Kupferman
​	​	Debra Kupferman
​	​	Authorized Person

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FAQ

What contracts did Transocean Ltd. (RIG) announce in this 8-K?

Transocean Ltd. announced a new contract for the Deepwater Mykonos with bp in Brazil and the exercise of three one-well options for the Transocean Enabler in Norway.

How much additional backlog does Transocean Ltd. (RIG) gain from these contracts?

The two fixtures together represent approximately $168 million of firm backlog for Transocean.

What is the value and duration of the Deepwater Mykonos contract for Transocean (RIG)?

The Deepwater Mykonos contract with bp in Brazil is an estimated 302-day campaign expected to begin in the third quarter of 2026 and contribute about $120 million in backlog, excluding additional services and mobilization or demobilization compensation.

What is the impact of the Transocean Enabler options on Transocean Ltd. (RIG)?

Three one-well options were exercised for the Transocean Enabler in Norway, adding 105 days of work and approximately $48 million in backlog and committing the rig through September 2027.

Which counterparties are involved in the new Transocean Ltd. (RIG) contracts?

The disclosed counterparty is bp for the Deepwater Mykonos contract in Brazil; the counterparty for the Transocean Enabler options in Norway is not named in the excerpt.

Where can investors find more details on Transocean Ltd. (RIG) contract awards?

Additional details are provided in a press release titled “Transocean Ltd. Announces Contract Award and Extension Totaling $168 Million,” attached as Exhibit 99.1.