Transocean Ltd. (NYSE: RIG) reported an updated contract backlog of approximately $1.1 billion as of October 9, 2026. The increase is attributed to a new contract award and the formal approval of a previously announced agreement with Equinor.
The company announced a new contract award for the Transocean Norge rig. The unit was awarded a two-well contract by A/S Norske Shell. The estimated duration of the work is 120 days, and the contract is expected to commence in direct continuation of the rig's existing programs in Norway. The award contributes approximately $62 million to the firm contract backlog, excluding additional services. The contract also includes one single-well option.
In late September, Transocean received final approval from Equinor for an agreement covering three harsh environment semisubmersible rigs operating in Norway: the Transocean Enabler, the Transocean Encourage, and the Transocean Endurance. The total contract value for this agreement is approximately $1.0 billion and has been converted to firm backlog.
Transocean is an international provider of offshore contract drilling services, specializing in ultra-deepwater and harsh environment drilling. The company owns or has partial ownership interests in a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters.
