Transocean (RIG) +9.6% in Wednesday’s trading to a new 52-week high after announcing a contract award and an extension for two of its harsh environment semisubmersibles in Norway, representing a combined ~$184M in firm contract backlog.
The company said the Transocean Encourage was awarded a seven-well contract extension, with the estimated 365 days of work expected to begin in Q1 2027 in direct continuation of the rig’s current program and contribute ~$152M million in backlog.
The rig is currently working for an undisclosed operator in Norway on a contract scheduled to end in January 2027 on a $455K dayrate.
Transocean (RIG) also said two one-well options were exercised for the Transocean Enabler in direct continuation of the rig’s current activity, with the incremental 70 days of work expected to contribute ~$32M in backlog, committing the rig through December 2027.
The semisub currently works for Equinor on a $455K dayrate.