Transocean’s backlog stands at $7.2 billion as rig quartet gets more drilling work

July 17, 2025, by Melisa Cavcic

Switzerland-based offshore drilling contractor Transocean has secured a new batch of contracts and extensions in Australia, Norway, Ivory Coast, and Brazil for four floaters, encompassing two drillships and two semi-submersible rigs.

Transocean Spitsbergen; Photo: Jamie Baikie, SIGNAL2NOISE/Equinor

While the rig owner’s backlog was $7.9 billion in the fleet status report from April 2025, the company’s total backlog is approximately $7.2 billion as of July 16, 2025, including the aggregate incremental backlog associated with the latest four fixtures of around $199 million.

This quarter’s report confirms the award of two one-well options in Australia, which an undisclosed operator exercised for the Transocean Equinox rig at a day rate of $540,000. This rig is scheduled to begin its assignment with ConocoPhillips in September 2025.

The semi-sub will drill two wells, Essington-1 and Charlemont-1, in the Otway Basin before the end of the year. The 2015-built Transocean Equinox semi-submersible rig is of GVA 4000 NCS design. Constructed by DSME, the rig can accommodate 130 people.

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In addition, Transocean secured a two-well option for the Transocean Spitsbergen rig with Equinor in Norway at a day rate of $395,000. The 2010-built Transocean Spitsbergen sixth-generation dual-derrick winterized semi-submersible rig has been working for the Norwegian giant for several years.

The rig owner’s new rig assignment with Murphy in Ivory Coast puts the Deepwater Skyros drillship on a three-well contract, plus a one-well option at a day rate of $361,000. With a maximum drilling depth of 40,000 feet, the Deepwater Skyros Samsung 12000 drillship can accommodate 215 people and carry out activities in water depths up to 12,000 feet.

The firm also got a 60-day extension for the Deepwater Mykonos drillship with Petrobras in Brazil, plus options up to an incremental 120 days. With an Enhanced Samsung 10000 design, the 2011-built Deepwater Mykonos drillship can accommodate 205 people. While the rig’s maximum drilling depth is 35,000 feet, its maximum water depth is 10,000 feet.

The Swiss player’s fleet of 32 mobile offshore drilling units, which consists of 24 ultra-deepwater floaters and eight harsh environment floaters, contains eight stacked rigs.