Transocean (NYSE: RIG) secures $130M Deepwater Skyros contract with options to 2030

Rhea-AI Filing Summary

Transocean Ltd. reported that it has signed a new six-well contract in Australia for its ultra-deepwater drillship Deepwater Skyros with an undisclosed operator. The work is expected to last about 320 days, begin in the first quarter of 2027, and add approximately $130 million to the company’s contracted backlog, excluding any mobilization or demobilization payments.

The agreement also includes priced option periods that, if fully exercised, could keep the Deepwater Skyros operating in Australia into early 2030. This multi-well, multi-year opportunity extends Transocean’s future revenue visibility for one of its high-specification offshore rigs.

Insights

Offshore energy and contract backlog analyst

Transocean adds a multi-well, multi-year drillship contract worth about $130 million in backlog.

Transocean Ltd. disclosed a six-well contract in Australia for the ultra-deepwater drillship Deepwater Skyros. The estimated 320-day campaign is expected to start in the first quarter of 2027 and contribute about $130 million to contracted backlog, excluding mobilization and demobilization compensation. Backlog represents future contracted revenue and is a key health indicator for offshore drillers.

The contract also includes priced options that, if fully exercised, could keep the rig working in Australia into early 2030. These options provide additional potential activity but depend on the operator’s future decisions. The headline award described in the exhibit title, “Transocean Ltd. Announces $130 Million Award for Ultra-Deepwater Drillship,” frames the scale of this specific fixture for the Deepwater Skyros.

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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): December 8, 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 the execution of a six-well contract in Australia with an undisclosed operator for the Deepwater Skyros. The estimated 320-day campaign is expected to commence in the first quarter of 2027 and contribute approximately $130 million in backlog, excluding compensation for mobilization and demobilization. The award includes priced options that, if fully exercised, could keep the drillship working in Australia into early 2030.

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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 $130 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).

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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: December 8, 2025	By:	/s/ Debra Kupferman
​	​	Debra Kupferman
​	​	Authorized Person

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FAQ

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

Transocean announced a new six-well contract in Australia for its ultra-deepwater drillship Deepwater Skyros with an undisclosed operator.

How much backlog does the new Transocean (RIG) contract add?

The contract is expected to contribute approximately $130 million in backlog, excluding compensation for mobilization and demobilization.

When will the new Deepwater Skyros contract for Transocean (RIG) start and how long will it last?

The estimated 320-day campaign for the Deepwater Skyros is expected to commence in the first quarter of 2027.

Could the Deepwater Skyros stay on contract beyond the initial 320 days?

Yes. The award includes priced options that, if fully exercised, could keep the drillship working in Australia into early 2030.

Which Transocean (RIG) rig is covered by the $130 million award?

The Deepwater Skyros, an ultra-deepwater drillship, is the rig covered by the approximately $130 million award.

What exhibit in the 8-K provides more details on the Transocean (RIG) contract?

Exhibit 99.1, titled “Transocean Ltd. Announces $130 Million Award for Ultra-Deepwater Drillship,” contains the related press release.