Transocean Ltd. has added $168 million to its firm contract backlog, combining a new 302‑day campaign with BP in Brazil and a 105‑day extension of its Enabler rig in Norway. The Deepwater Mykonos contract is expected to begin in the third quarter of 2026 and will contribute roughly $120 million to backlog, while the Enabler extension will add about $48 million and extend the rig’s commitment through September 2027.
The Deepwater Mykonos deal places the company in a high‑specification, ultra‑deepwater environment, where it can command premium day rates. The 302‑day campaign in Brazil is a significant long‑term revenue source, reflecting strong demand for deep‑water drilling services in the region. The Enabler extension, exercised through three one‑well options, keeps the rig in a harsh‑environment market in Norway, adding 105 days of work and reinforcing the company’s presence in a sector that typically offers higher margins.
Transocean’s backlog growth is a key indicator of future cash flow. The company’s firm backlog rose to $7.2 billion in July 2025 and $8.3 billion in February 2025, and the new contracts bring the 2026 contract‑drilling revenue outlook to $3.8 billion–$3.95 billion. The added $168 million provides near‑term revenue certainty, which is critical for a capital‑intensive business that is actively reducing debt and managing a large maturity profile.
The contracts arrive amid a tightening deep‑water market, where day rates have been rising and rig supply is constrained. Transocean’s focus on high‑specification assets—such as the 8th‑generation drillships with 20,000 psi well‑control capabilities—positions it to capture premium pricing and secure longer‑term work. The new BP and Norway deals reinforce this strategy and signal continued demand for the company’s advanced rigs.
Management has emphasized operational performance, cost control, and capital‑structure simplification. The company’s strategy of maintaining a portfolio of the highest‑specification, most marketable assets and retiring older rigs underpins the new contracts. By securing high‑value, long‑term work, Transocean strengthens its revenue pipeline and supports its debt‑reduction trajectory.
The announcement underscores Transocean’s ability to secure premium, long‑term contracts in a market that is increasingly competitive and capital‑intensive. The added backlog not only boosts near‑term cash flow but also enhances the company’s strategic positioning in the high‑specification segment, reinforcing its competitive advantage and supporting its ongoing debt‑reduction efforts.
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