Transocean (NYSE: RIG) adds $1.6B in backlog with Deepwater Asgard award
Rhea-AI Filing Summary
Transocean Ltd. reported a new five-well contract for its ultra-deepwater drillship Deepwater Asgard in the Eastern Mediterranean Sea with an undisclosed operator. The estimated 390-day campaign is expected to start in the fourth quarter of 2026 and add approximately $158 million to contract backlog, excluding extra services and mobilization or demobilization payments.
Including this award and recently announced fixtures for the Transocean Barents in Norway and the Deepwater Orion, Deepwater Aquila and Deepwater Corcovado in Brazil, total backlog additions are about $1.6 billion since the beginning of April. Transocean highlights its focus on technically demanding ultra-deepwater and harsh environment projects, supported by a fleet of 27 high-specification floating units.
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Insights
New multi-rig awards lift Transocean’s backlog by about $1.6 billion.
Transocean secured a five-well contract for the Deepwater Asgard, an ultra-deepwater drillship in the Eastern Mediterranean Sea. The roughly 390-day program, beginning in the fourth quarter of 2026, is expected to add about $158 million to contract backlog before mobilization-related items.
The company also notes additional recent fixtures for Transocean Barents in Norway and three Deepwater-branded drillships in Brazil, bringing total backlog additions to approximately $1.6 billion since early April. This concentrates activity in ultra-deepwater and harsh environments, where the company positions its 27-unit floating fleet.
The filing does not quantify how these awards compare with existing backlog or revenue. Actual future cash flows will depend on operational performance, customer behavior and broader offshore spending conditions discussed in risk factors in the company’s Form 10-K for the year ended December 31, 2025.
8-K Event Classification
Key Figures
Key Terms
backlog financial
ultra-deepwater drillship financial
harsh environment floaters financial
forward-looking statements regulatory
business combination financial
Inline Extensible Business Reporting Language technical
UNITED STATES
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FORM
CURRENT REPORT
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the Securities Exchange Act of 1934
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Item 7.01Regulation FD Disclosure.
Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced that the Deepwater Asgard was awarded a five-well contract in the Eastern Mediterranean Sea with an undisclosed operator. The estimated 390-day campaign is expected to commence in the fourth quarter of 2026 and contribute approximately $158 million in backlog, excluding additional services and compensation for mobilization and demobilization.
Inclusive of the recently announced fixtures on the Transocean Barents in Norway, and the Deepwater Orion, Deepwater Aquila, and Deepwater Corcovado in Brazil, total backlog additions approximate $1.6 billion since the beginning of April.
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 $158 Million Award for Ultra-Deepwater Drillship | |
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: April 16, 2026 | By: | /s/ Debra Kupferman |
Debra Kupferman | ||
Authorized Person | ||
EXHIBIT 99.1
Transocean Ltd. Announces $158 Million Award for Ultra-Deepwater Drillship
STEINHAUSEN, Switzerland, April 16, 2026 — Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced that the Deepwater Asgard was awarded a five-well contract in the Eastern Mediterranean Sea with an undisclosed operator. The estimated 390-day campaign is expected to commence in the fourth quarter of 2026 and contribute approximately $158 million in backlog, excluding additional services and compensation for mobilization and demobilization.
Inclusive of the recently announced fixtures on the Transocean Barents in Norway, and the Deepwater Orion, Deepwater Aquila, and Deepwater Corcovado in Brazil, total backlog additions approximate $1.6 billion since the beginning of April.
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 “approximately,” “expected,” “estimated,” 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, the level of activity in offshore oil and gas exploration and development, exploration success by producers, operating hazards and delays, 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 effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including our expectations regarding the timing, completion and anticipated benefits of the proposed business combination with Valaris Limited, an exempted company limited by shares incorporated under the laws of Bermuda, and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2025, and in the company's other filings with 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.
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