Transocean's Deepwater Corcovado secures $445M contract extension

By Chris Stiles • Tuesday, April 14 11:07 • Permanent Link

Transocean said April 14 that its ultra-deepwater drillship Deepwater Corcovado won a 1,156-day contract extension with Petrobras, adding about $445 million in incremental backlog.

The company said the rig will remain committed through November 2030. Before the new contract period begins in September 2027, Transocean expects the existing backlog to decline by about $20 million over roughly 525 days, from April 1, 2026, to the start of the extension.

That means the net effect of the announcement is about $425 million in additional backlog.

The Deepwater Corcovado extension is the latest addition to Transocean’s contract book for a fleet that includes 27 mobile offshore drilling units, among them 20 ultra-deepwater floaters and seven harsh-environment floaters. Following these announcements, the company's shares moved 1.77%, and are now trading at a price of $6.89. For more information, read the company's full 8-K submission here.

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