Transocean Ltd. Secures \$158 Million Ultra-Deepwater Drillship Contract and Adds \$1.6 Billion to Backlog

Key Highlights

• Transocean Ltd. (NYSE: RIG) announces a significant new contract award for its ultra-deepwater drillship, the Deepwater Asgard.
• The contract, valued at approximately \$158 million, covers a five-well drilling campaign in the Eastern Mediterranean Sea with an undisclosed operator.
• The estimated campaign duration is 390 days, expected to commence in the fourth quarter of 2026.
• This contract value excludes additional services and any compensation related to mobilization and demobilization, potentially increasing total revenues.
• Including recent fixtures for other drillships in Norway and Brazil, Transocean’s total backlog additions since the beginning of April now approximate \$1.6 billion.

Strategic and Financial Significance for Shareholders

The award of the \$158 million contract to the Deepwater Asgard underscores Transocean’s continued leadership in the ultra-deepwater drilling market and reaffirms the strength of its relationships with major international operators, even in a competitive sector. The addition of this contract adds immediate visibility to Transocean’s revenue stream and is expected to contribute meaningfully to the company’s financial performance in late 2026 and into 2027.

The recent acceleration in contract awards—totalling approximately \$1.6 billion in new backlog since the beginning of April—signals robust demand for Transocean’s high-specification fleet, specifically in ultra-deepwater and harsh environment segments. The new awards include fixtures for the Transocean Barents in Norway, and the Deepwater Orion, Deepwater Aquila, and Deepwater Corcovado in Brazil. Such developments are highly relevant to shareholders, as backlog is a key indicator of future revenue and cash flow stability, both of which are critical factors influencing the company’s share price.

For shareholders, these contract wins are price-sensitive and could have a positive impact on Transocean’s valuation, as they demonstrate operational excellence, strong customer demand, and the company’s ability to secure premium day rates for its advanced drilling assets.

About Transocean Ltd.

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business, with a particular focus on ultra-deepwater and harsh environment drilling services. Transocean operates the highest-specification floating offshore drilling fleet in the world and maintains a fleet of 27 mobile offshore drilling units, including 20 ultra-deepwater floaters and seven harsh environment floaters.

Forward-Looking Statements and Risk Considerations

Investors should note that statements made in the company’s announcement include forward-looking statements within the meaning of the U.S. federal securities laws. Actual results could differ materially from those projected, due to a range of risks and uncertainties—including activity levels in offshore oil and gas exploration, customer actions, operational hazards, international risks, commodity price fluctuations, and regulatory factors. Notably, the company also mentions its proposed business combination with Valaris Limited, which could further impact future performance.

Investors are advised to review Transocean’s latest Annual Report on Form 10-K and other SEC filings for a comprehensive discussion of relevant risks.

Contacts for Further Information

• Analyst Contact: Sarah Davidson – +1 713-232-7217
• Media Contact: Kristina Mays – +1 713-232-7734

Disclaimer: This article is for informational purposes only and does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any securities. Investors should conduct their own due diligence and consult with their financial advisors before making investment decisions. All forward-looking statements are subject to risks and uncertainties as described in Transocean’s regulatory filings.

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