Transocean (NYSE: RIG) adds $243 million backlog with drillship options

Rhea-AI Filing Summary

Transocean Ltd. announced new contract fixtures for two ultra-deepwater drillships, adding approximately $243 million in firm contract backlog. In the U.S. Gulf of America, bp exercised a 365-day option for the Deepwater Atlas in direct continuation of its existing contract, expected to contribute about $232 million in backlog. In Brazil, Petrobras exercised a 30-day option for the Deepwater Mykonos, expected to add roughly $11 million in backlog. A related press release with further details is attached as an exhibit.

Insights

Offshore energy & contract analyst

Transocean secures $243 million of additional firm backlog on two drillships.

Transocean Ltd. reports that options were exercised on two ultra-deepwater drillships, adding approximately $243 million in firm contract backlog. The Deepwater Atlas in the U.S. Gulf of America gains a 365-day extension with bp, expected to contribute about $232 million. The Deepwater Mykonos in Brazil receives a 30-day extension with Petrobras, adding roughly $11 million.

These fixtures extend existing "direct continuation" programs, which reduces idle time risk for the rigs involved. The added backlog provides increased visibility on future revenue from these specific assets over the option periods disclosed, though the broader impact depends on Transocean’s overall fleet size and contract portfolio, which are not detailed here.

The attached press release, listed as Exhibit 99.1, is described as announcing the $243 million in exercised options for the ultra-deepwater drillships. Subsequent company disclosures may provide more context on operating margins, utilization, and how these contracts fit within Transocean’s wider backlog and capital plans.

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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): October 1, 2025

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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 contract fixtures for two of its ultra-deepwater drillships.  In aggregate, the fixtures represent approximately $243 million in firm contract backlog. 

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In the U.S. Gulf of America, bp exercised a 365-day option for the Deepwater Atlas in direct continuation of its firm contract. The program is expected to contribute approximately $232 million in backlog.

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In Brazil, Petrobras exercised a 30-day option for the Deepwater Mykonos in direct continuation of its firm program. The program is expected to contribute approximately $11 million in backlog.

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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 $243 Million in Exercised Options for Ultra-Deepwater Drillships
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: October 1, 2025	By:	/s/ Daniel Ro-Trock
​	​	Daniel Ro-Trock
​	​	Authorized Person

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FAQ

What did Transocean (RIG) announce in this 8-K filing?

Transocean Ltd. announced that options were exercised for two of its ultra-deepwater drillships, adding approximately $243 million in firm contract backlog.

How much new contract backlog did Transocean (RIG) secure?

The company reports that the new fixtures represent approximately $243 million in firm contract backlog across two ultra-deepwater drillships.

Which Transocean drillships are covered by the new options?

The options relate to the Deepwater Atlas operating in the U.S. Gulf of America and the Deepwater Mykonos operating in Brazil.

What is the value and term of the Deepwater Atlas option with bp?

In the U.S. Gulf of America, bp exercised a 365-day option for the Deepwater Atlas, expected to contribute approximately $232 million in contract backlog.

What is the value and term of the Deepwater Mykonos option with Petrobras?

In Brazil, Petrobras exercised a 30-day option for the Deepwater Mykonos, which is expected to add about $11 million in contract backlog.

Where can investors find more details on Transocean’s new contract fixtures?

Additional details are in the attached press release labeled Exhibit 99.1, titled "Transocean Ltd. Announces $243 Million in Exercised Options for Ultra-Deepwater Drillships."