Transocean wins three rig contract extensions totaling $161M
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Transocean (NYSE:RIG) said Tuesday it secured three extensions for in-progress contracts for its harsh environment semi-submersible rigs, representing $161M in firm contract backlog.
In Norway, the Transocean Spitsbergen was awarded a three-well contract extension with Equinor, worth $72M in backlog; work is due to start in Q4 2025, with options to drill up to six additional wells.
Also in Norway, the Transocean Norge was awarded a three-well contract extension with Wintershall Dea, worth $71M in backlog; work is expected to begin in early 2028 for a duration of 140 days.
In Australia, Woodside Energy exercised its second option for the Transocean Endurance for $18M in direct continuation of the rig’s current program.
“These fixtures are emblematic of the continued strength of the high-specification harsh environment market,” CEO Jeremy Thigpen said.