Transocean Secures $243M Ultra-Deepwater Drillship Contracts in U.S., Brazil

Transocean Ltd., a leading offshore drilling contractor, has secured contract extensions totaling approximately $243 million for two of its ultra-deepwater drillships. In the U.S. Gulf of Mexico, BP exercised a 365-day option for the Deepwater Atlas, expected to contribute about $232 million to Transocean's contract backlog, with the rig scheduled to remain with BP until May 2030 at a consistent day rate. In Brazil, Petrobras exercised a 30-day option for the Deepwater Mykonos, adding roughly $11 million to the backlog, with a priced option extending into early 2026. These contract renewals underscore Transocean's strong positioning in the offshore drilling market and its ability to maintain substantial engagements with major oil companies. Transocean operates a fleet of 27 mobile offshore drilling units, including 20 ultra-deepwater floaters, highlighting its focus on technically demanding offshore drilling sectors. While the company faces profitability challenges and valuation concerns, its strong backlog and operational capabilities remain promising.