Transocean Secures $89M Backlog Contract With New Rig Options

Transocean Ltd. RIG has announced new contracts for its ultra-deepwater drillship and harsh-environment semisubmersible rigs, collectively adding about $89 million to its firm contract backlog.

The company secured additional work for its ultra-deepwater drillship, the Deepwater Mykonos, after Petrobras exercised a 90-day option extending the rig’s current program in Brazil. The extension adds approximately $33 million to the company’s firm contract backlog. Built in 2011, the Enhanced Samsung 10000-design drillship accommodates 205 personnel and offers a maximum drilling depth of 35,000 ft and water-depth capability of 10,000 ft, underscoring its suitability for demanding deepwater work.

Harsh-Environment Rigs Gain Momentum in Europe

In Norway, a two-well option was exercised for the Transocean Enabler, a harsh-environment semi-submersible rig. Operating at a dayrate of $453,000, it supports drilling in difficult offshore conditions thanks to its 8,500-meter maximum drilling depth and ability to operate in water depths up to 500 meters. Meanwhile, Romania’s OMV Petrom exercised a one-well option for the Transocean Barents, adding more contracted work at a $480,000 dayrate. Built in 2009, the Aker H-6e-design rig delivers a maximum drilling depth of 9,144 meters, further reinforcing Transocean’s footprint in Europe's harsh-environment segment.

Strategic Importance of Transocean & Its Backlog

Transocean is the world’s largest offshore drilling contractor and a key provider of drilling management services. The company supplies rigs under contract for global oil and gas exploration and development. Its fleet is regarded as highly modern and adaptable, with a strong focus on complex offshore projects. Transocean operates two main rig categories — ultra-deepwater and harsh-environment floaters — and maintains a broad presence across the Gulf of Mexico, Brazil, West Africa, the North Sea, Australia and Southeast Asia, enabling strong diversification and competitive positioning. The company held a solid $6.7 billion backlog as of October 2025, and the abovementioned contracts add further to its backlog.

For investors, the growth in backlog is of utmost importance as it directly influences Transocean's sales, earnings and cash flows. As the offshore driller secures new contracts, its financial outlook is bolstered, creating a positive trajectory for the company and its stakeholders.

RIG’s Zacks Rank & Key Picks

Switzerland-based Transocean is the world’s largest offshore drilling contractor and leading provider of drilling management services. Currently, RIG has a Zacks Rank #3 (Hold).

Investors interested in the energy sector may consider some top-ranked stocks like Canadian Natural Resources Limited CNQ, Oceaneering International, Inc. OII and USA Compression Partners, LP USAC, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Calgary-based Canadian Natural is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The Zacks Consensus Estimate for CNQ’s 2025 revenues indicates 5.7% year-over-year growth.

Oceaneering International is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. The Zacks Consensus Estimate for OII’s 2025 earnings indicates 76.3% year-over-year growth.

USA Compression is one of the largest independent natural gas compression service providers across the United States in terms of fleet horsepower. The Zacks Consensus Estimate for USAC’s 2025 earnings indicates 29.8% year-over-year growth.

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This article originally published on Zacks Investment Research (zacks.com).

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