Transocean Ltd. (RIG) Announces Contract Extensions for Two of Its Ultra-Deepwater Drill Ships Totaling Around $243 Million

Transocean Ltd. (NYSE:RIG) is one of the 7 best oil and gas penny stocks to buy according to analysts, supported by hedge fund interest and strong upside potential.

On October 1, 2025, to strengthen its backlog in important offshore markets, Transocean Ltd. (NYSE:RIG) announced contract extensions for two of its ultra-deepwater drill ships totaling around $243 million. BP will contribute an estimated $232 million towards these contracts, having exercised a 365-day option for the Deepwater Atlas in the United States Gulf of Mexico. Additionally, Petrobras added $11 million by exercising its 30-day option for the Deepwater Mykonos in Brazil.

Moreover, the extensions demonstrate Transocean Ltd. (NYSE:RIG)’s capacity to obtain multi-region commitments and the ongoing need for high-specification deep water rigs in both the Americas. Furthermore, to further strengthen liquidity and operational stability, the company also issued a $500 million private offering of Senior Priority Guaranteed Notes due 2032 at 7.875% interest, with a closing date of mid-October.

Transocean Ltd. (NYSE:RIG) is one of the top local suppliers of offshore contract drilling services for gas and oil wells. It is one of the best oil and gas penny stocks.

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