Transocean Ltd. (NYSE: RIG) announced contract awards totaling approximately $1 billion in firm contract backlog and the retirement of $358 million in senior secured notes, according to a company statement.

The offshore drilling contractor secured three contracts across Norway and Brazil. The Transocean Barents received a 1,095-day contract with Vår Energi ASA in Norway at $450,000 per day, contributing approximately $490 million in backlog. The program is scheduled to begin in the second quarter of 2027 with options extending potential work through 2034.

In Brazil, Petrobras awarded contract extensions to two ultra-deepwater drillships. The Deepwater Orion received a 1,095-day extension expected to contribute $420 million in backlog, committing the rig through March 2030. The Deepwater Aquila secured a 365-day extension worth approximately $160 million, extending operations through June 2028.

The company retired its 8.375% Senior Secured Notes due 2028 on March 20, 2026, using cash and debt service reserve funds. The early retirement will generate interest expense savings of approximately $39 million through maturity.

Transocean expects to retire $750 million in total debt during 2026, including the completed note retirement. The company operates 27 mobile offshore drilling units, including 20 ultra-deepwater floaters and seven harsh environment floaters.

The contract backlog adjustments include reductions of approximately $20 million for the Deepwater Orion and $10 million for the Deepwater Aquila during transition periods before their respective extension periods begin.