RIG

Transocean Secures $161M in Contract Backlog

Transocean Ltd. (NYSE: RIG) has announced significant contract fixtures for three of its harsh environment semisubmersibles, representing approximately $161 million in firm contract backlog. In Norway, Transocean Spitsbergen secured a three-well contract extension with Equinor, contributing about $72 million in backlog, while Transocean Norge was awarded a three-well contract extension with Wintershall Dea, adding approximately $71 million in backlog. Moreover, Woodside exercised its second option for the Transocean Endurance in Australia, contributing around $18 million in backlog.

These contract extensions and exercised options illustrate the sustained strength of the high-specification harsh environment market. Transocean's CEO, Jeremy Thigpen, emphasized the confidence in the market's longevity, noting that customers are contracting rigs up to four years in advance.

Transocean specializes in technically demanding sectors of the global offshore drilling business, with a focus on deepwater and harsh environment drilling services. The company operates the highest specification floating drilling fleet in the world, consisting of 28 ultra-deepwater floaters and eight harsh environment floaters, with an additional ultra-deepwater drillship under construction.

These contract fixtures highlight the company's strategic positioning in the offshore contract drilling services sector, demonstrating its ability to secure long-term contracts in advance and capitalize on the strength of the high-specification harsh environment market. Today the company's shares have moved -4.6% to a price of $5.45. For the full picture, make sure to review Transocean's 8-K report.

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