Transocean (RIG) announced awards of a contract for a harsh environment semisubmersible in Norway and contract extensions for two ultra-deepwater drillships in Brazil. In aggregate, the fixtures represent approximately $1.0 billion in incremental firm contract backlog.
The Transocean Barents was awarded a 1,095-day contract with Vr Energi ASA in Norway at a rate of $450,000 per day. The program is anticipated to contribute approximately $490 million in backlog, excluding compensation for mobilization and demobilization. The Deepwater Orion was awarded a 1,095-day contract extension with Petrobras in direct continuation of current activity. The extension is projected to contribute approximately $420 million in incremental backlog. The Deepwater Aquila was awarded a 365-day contract extension with Petrobras in direct continuation of its current activity. The extension is expected to contribute approximately $160 million in incremental backlog.
Separately, Transocean retired the 8.375% Senior Secured Notes due 2028 in full on March 20, 2026. Including the retirement of the Titan Notes, and excluding any additional early retirements, Transocean expects to retire a total of $0.75 billion of debt in 2026.
In pre-market trading on NYSE, Transocean shares are up 3.8 percent to $6.74.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.