DealsApr 14, 2026, 12:49 PM
Transocean Secures $425M Net Backlog for Deepwater Corcovado
AI Summary
Transocean Ltd. announced that its ultra-deepwater drillship, Deepwater Corcovado, secured a 1,156-day contract extension with Petrobras. This extension is a direct continuation of its current activity and is expected to add approximately $445 million to the company's backlog, committing the rig through November 2030. However, the existing backlog will see a reduction of about $20 million for the period from April 1, 2026, until the new contract commences in September 2027, resulting in a net additional backlog of approximately $425 million.
Key Highlights
- Deepwater Corcovado awarded 1,156-day contract extension.
- Contract with Petrobras commits rig through November 2030.
- Expected to contribute approximately $445 million in incremental backlog.
- Existing backlog reduced by $20 million for 525 days prior to new contract.
- Net additional backlog of approximately $425 million.