Transocean (RIG) +1.5% in Monday’s trading after announcing a contract award and an extension for two of its drilling rigs, representing a combined ~$168 million of firm backlog.
The company said the Deepwater Mykonos drillship was awarded a contract in Brazil by BP (BP) for an estimated 302-day campaign expected to begin in Q3 2026 and contribute ~$120 million in backlog, excluding additional services and compensation for mobilization and demobilization; the rig currently works for Petrobras (PBR), whose firm deal is supposed to end this month but could be extended until April if all options are exercised.
Transocean (RIG) also said three one-well options have been exercised for the Transocean Enabler semisub offshore Norway, where 105 days of work will be in direct continuation of the rig’s current contract with Equinor (EQNR); the extension is set to contribute ~$48 million in backlog and commit the rig through September 2027.