Transocean Ltd. Announces Exercise of $100 Million Option for Harsh Environment Semisubmersible

Rhea-AI Summary

Transocean Ltd. (NYSE: RIG) announced that a two-well option has been exercised for their Transocean Spitsbergen rig in Norway. The program is set to begin in Q1 2026, following the rig's current operations. This contract extension will add approximately $100 million to the company's backlog, not including additional services. The extension demonstrates continued demand for Transocean's harsh environment drilling capabilities and strengthens their contract backlog in the Norwegian market.

Positive

• Secured $100 million additional backlog through contract extension
• Continuous utilization of rig with direct continuation from current program
• Strong demand signal for harsh environment drilling services in Norway

Negative

• None.

STEINHAUSEN, Switzerland, June 04, 2025 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced that a two-well option was exercised for the Transocean Spitsbergen in Norway. The program is expected to commence in the first quarter of 2026 in direct continuation of the rig’s current program and contribute approximately $100 million in backlog, excluding additional services.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 32 mobile offshore drilling units, consisting of 24 ultra-deepwater floaters and eight harsh environment floaters.

Forward-Looking Statements

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and many cases, cannot be predicted. As a result, actual results could differ materially from those indicated by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, the cost and timing of mobilizations and reactivations, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2024, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

Analyst Contact:
Alison Johnson
+1 713-232-7214

Media Contact:
Pam Easton
+1 713-232-7647

FAQ

What is the value of Transocean's (RIG) new contract extension?

The two-well option exercised for the Transocean Spitsbergen rig in Norway will add approximately $100 million to the company's backlog, excluding additional services.

When will Transocean's (RIG) new drilling program in Norway begin?

The two-well program is expected to commence in the first quarter of 2026, in direct continuation of the rig's current program.

Which Transocean (RIG) rig received the contract extension in Norway?

The Transocean Spitsbergen, a harsh environment semisubmersible rig, received the two-well contract extension.

What does the contract extension mean for Transocean (RIG) shareholders?

The contract extension strengthens Transocean's backlog by $100 million and ensures continuous rig utilization, demonstrating sustained demand for their harsh environment drilling services.