Transocean has secured a 1,095-day contract for the Transocean Barents harsh environment semi-submersible rig with Vår Energi in Norway at a rate of $450,000 per day, excluding additional services.

The program, which is anticipated to begin by the middle of the second quarter of 2027, is expected to contribute approximately $490 million, excluding compensation for mobilization and demobilization. The deal also includes options that, if fully exercised, could keep the rig working in Norway into 2034.

The rig owner has also obtained a 1,095-day contract extension for the Deepwater Orion drillship with Petrobras in direct continuation of the rig’s current activity. The extension is expected to generate about $420 million in incremental backlog, committing the rig through March 2030.

The company explains that before the extension period, from April 1, 2026, until the commencement of the new contract extension in March 2027, which is approximately 340 days, the existing backlog will be reduced by approximately $20 million.

Transocean has also won a 365-day contract extension for the Deepwater Aquila drillship with Petrobras in direct continuation of the rig’s current assignment. The extension is anticipated to bring approximately $160 million in incremental backlog and keep the rig busy through June 2028.

Prior to the extension period, from April 1, 2026, until the start of the new contract extension in June 2027, covering a period of approximately 450 days, the existing backlog will be cut by around $10 million.

Thanks to the latest deal and extensions, Transocean raked in approximately $1 billion in incremental firm contract backlog. The firm’s total contract backlog stood at $6.1 billion in February 2026.

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