Switzerland-based offshore drilling contractor Transocean has obtained a multimillion-dollar contract extension for one of its ultra-deepwater drillships with Brazil’s state-owned energy giant Petrobras.

Transocean has revealed that the Deepwater Corcovado drillship was awarded a 1,156-day contract extension with Petrobras in direct continuation of its current activity. The extension is expected to contribute approximately $445 million in incremental backlog, committing the rig through November 2030.

Before the extension period, from April 1, 2026, until the beginning of the new contract in September 2027, which is around 525 days, the existing backlog will be reduced by about $20 million.

The 2011-built Deepwater Corcovado drillship is of an Enhanced Samsung 10000 design. The rig was constructed by Samsung Heavy Industries in South Korea and can accommodate 205 people.

Transocean also recently won further work for a harsh environment semi-submersible in Norway and two ultra-deepwater drillships offshore Brazil.

Petrobras is set on increasing its oil and gas reserves, as demonstrated by multiple recent rig deals and extensions with Valaris, Seadrill, Transocean, Ventura Offshore, and Constellation.

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