Transocean adds $184M Norway drilling backlog
Transocean Ltd. disclosed new drilling contracts in Norway adding approximately $184 million to its firm contract backlog.
Rhea-AI Filing Summary
Transocean Ltd. disclosed new drilling contracts in Norway adding approximately $184 million to its firm contract backlog. A seven-well extension for the Transocean Encourage, estimated at 365 days of work starting in the first quarter of 2027, is expected to contribute about $152 million in backlog, excluding additional services. Two one-well options exercised for the Transocean Enabler add roughly 70 days of incremental work, contributing about $32 million in backlog, excluding additional services, and keep that rig committed through December 2027.
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Insights
New Norway rig work adds $184M to Transocean’s firm backlog but does not transform its overall profile.
Transocean has secured additional work for two harsh environment semisubmersibles in Norway, lifting firm contract backlog by about $184 million. The Transocean Encourage gains a seven-well extension, estimated at 365 days, contributing roughly $152 million in backlog, while the Transocean Enabler benefits from two exercised options adding about $32 million.
Both awards are in direct continuation of current programs, limiting idle time and providing visibility on utilization through at least December 2027 for the Transocean Enabler. Actual economic contribution will depend on operating performance and any additional services not included in the stated backlog figures.
8-K Event Classification
FAQ
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What new contracts did Transocean (RIG) announce in Norway?
How much backlog does the Transocean Encourage contract extension add?
What is the value of the new work for the Transocean Enabler rig?
What is the total firm contract backlog added in Transocean’s latest update?
When will the new Transocean Encourage contract work begin?
How long is the Transocean Enabler now committed under its updated contracts?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 7.01Regulation FD Disclosure.
Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced contract fixtures for two of its harsh environment semisubmersibles in Norway. In aggregate, the fixtures represent approximately $184 million in firm contract backlog.
The Transocean Encourage was awarded a seven-well contract extension. The estimated 365 days of work is expected to commence in the first quarter of 2027 in direct continuation of the rig’s current program and contribute approximately $152 million in backlog, excluding additional services.
Two one-well options have been exercised for the Transocean Enabler in direct continuation of the rig’s current activity. The incremental 70 days of work is expected to contribute approximately $32 million in backlog, excluding additional services, and commits the rig through December 2027.
A copy of the press release announcing the fixtures referred to above is attached hereto and incorporated herein by reference as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | | Description |
99.1 | Transocean Ltd. Announces Contract Award and Extension Totaling $184 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). |
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. | ||
Date: February11, 2026 | By: | /s/ Debra Kupferman |
Debra Kupferman | ||
Authorized Person | ||
EXHIBIT 99.1
Transocean Ltd. Announces Contract Award and Extension Totaling $184 Million
STEINHAUSEN, Switzerland, February 11, 2026— Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced contract fixtures for two of its harsh environment semisubmersibles in Norway. In aggregate, the fixtures represent approximately $184 million in firm contract backlog.
The Transocean Encourage was awarded a seven-well contract extension. The estimated 365 days of work is expected to commence in the first quarter of 2027 in direct continuation of the rig’s current program and contribute approximately $152 million in backlog, excluding additional services.
Two one-well options have been exercised for the Transocean Enabler in direct continuation of the rig’s current activity. The incremental 70 days of work is expected to contribute approximately $32 million in backlog, excluding additional services, and commits the rig through December 2027.
About Transocean
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.
Transocean owns or has partial ownership interests in and operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters.
Forward-Looking Statements
The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “estimated,” “approximately,” “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and in many cases, cannot be predicted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, the cost and timing of mobilizations and reactivations, operating hazards and delays, weather-related risks, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the impact of governmental laws and regulations, the effects of contagious illnesses including the spread of and mitigation efforts by governments, businesses and individuals, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2024, and in the company’s other filings with the United States Securities and Exchange Commission (the “SEC”), which are available free of charge on the SEC’s website at: www.sec.gov. All subsequent written and oral forward-looking statements attributable to us or to persons
acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at www.deepwater.com.
This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved, when making any investment decision involving Transocean securities.
Analyst Contact:
Sarah Davidson
+1 713-232-7217
Media Contact:
Kristina Mays
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