Transocean secured a 302-day drilling campaign for the Deepwater Mykonos rig with BP in Brazil, set to commence in the third quarter of 2026. This contract contributes approximately $120 million to the company’s firm backlog, excluding additional services and mobilization/demobilization fees. The rig’s ultra-deepwater capabilities align with BP’s exploration plans offshore Espírito Santo, signalling strong demand for high-specification floaters in Brazil’s deepwater basins.

Equinor exercised three one-well options on the Transocean Enabler, extending the rig’s schedule by 105 days through September 2027. This direct continuation of current operations adds roughly $48 million to firm backlog. The extension underscores Transocean’s success in securing follow-on work in the harsh-environment sector on the Norwegian Continental Shelf, where Enabler’s specifications match the technical demands of Equinor’s exploration and appraisal campaigns.

The combined Brazil and Norway transactions elevate Transocean’s firm backlog by $168 million, enhancing visibility into 2026–2027 revenue streams for its 27-unit fleet. With 20 ultra-deepwater and seven harsh-environment floaters, Transocean can deploy high-spec rigs to match customer project requirements. The new awards support targeted utilization levels above 80% for the high-spec segments, reinforcing cash flow stability and underpinning capital allocation toward maintenance capital and debt reduction.