Transocean Ltd. (RIG), a drilling company, on Tuesday announced that it has secured a 1,156-day contract extension for the Deepwater Corcovado rig with Petróleo Brasileiro S.A.(PBR), expected to add approximately $445 million in incremental backlog.
The extension will keep the rig contracted through November 2030 in direct continuation of its current operations.
The company said the backlog will be reduced by approximately $20 million.
The reduction relates to the period from April 1 until the commencement of the extension in September 2027.
The net additional backlog from the extension is approximately $425 million.
In the pre-market trading, Transocean 0.08% higher at $6.64 on the New York Stock Exchange.
In the pre-market trading, Petrobras 0.75% lesser at $21.81 on the New York Stock Exchange.
For comments and feedback contact: editorial@rttnews.com
Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.