Overview
- Transocean, which announced the awards Thursday, secured about $1.0 billion in firm contract backlog across three offshore rigs.
- The Transocean Barents won a 1,095-day contract with Vår Energi in Norway at $450,000 per day, set to begin by mid–Q2 2027 and add roughly $490 million.
- In Brazil, Petrobras extended Deepwater Orion for 1,095 days and Deepwater Aquila for 365 days, adding about $580 million and keeping the rigs working through March 2030 and June 2028.
- The company retired in full $358 million of 8.375% notes on March 20, an action expected to save about $39 million in interest and contribute to a plan to retire roughly $0.75 billion of debt in 2026.
- Shares rose as much as 6.5% Thursday after the news, though analysts’ consensus remains Reduce with an average price target near $6.38.