Transocean Wins Two U.S. Gulf Drillship Contracts Adding About $550 Million To Backlog
The Deepwater Proteus and Deepwater Conqueror each have firm work with undisclosed operators, starting in 2027.
Transocean won two U.S. Gulf contracts for ultra-deepwater drillships that together add about $550 million in firm backlog, the company said in an 8-K and press release dated Monday. Each job begins directly after the rig's current assignment ends.
What the two awards cover
The Deepwater Proteus drew a ten-well contract with an undisclosed operator in the U.S. Gulf. The company estimates a 700-day campaign worth about $325 million in backlog, starting in the first quarter of 2027 as a direct continuation of the rig's current U.S. Gulf contract.
The Deepwater Conqueror drew a five-well contract, also with an undisclosed operator in the U.S. Gulf. The estimated 450 days of work should add about $225 million in backlog, not counting mobilization fees, and begin in the third quarter of 2027.
That job follows directly from the rig's program in Equatorial Guinea, so the Conqueror moves from West Africa to the Gulf without a gap, according to the release.
The $325 million and $225 million figures sum to the $550 million total the company gives.
What it changes for holders
Backlog is contracted revenue not yet earned, and these two awards put firm work behind both rigs once their current assignments end. The company describes the figures as estimates, and the release's forward-looking language says actual results may vary.
The release also lists a pending business combination with Valaris Limited among the factors that could cause results to differ. Transocean shares closed at $5.62 on Friday, up 2.00% for the session, before the 6:12 a.m. ET Monday announcement.
Transocean says it owns or partly owns 27 mobile offshore drilling units, 20 of them ultra-deepwater floaters and seven harsh environment floaters.
What to watch
The Deepwater Proteus is due to start its campaign in the first quarter of 2027. The Deepwater Conqueror follows in the third quarter of 2027.
The first test of the estimates comes with the Proteus start in the first quarter of 2027.
Sources
- 8-K Filing — Transocean Ltd. (RIG) — SEC EDGAR
- Exhibit rig-ex99d1.htm — Transocean Ltd. 8-K exhibit — SEC EDGAR
