Transocean Ltd. (NYSE: RIG) announced that its Deepwater Corcovado drillship received a 1,156-day contract extension with Petrobras, according to a company statement. The extension will contribute approximately $445 million in incremental backlog and commits the rig through November 2030.

The new contract will begin in September 2027, following direct continuation of the rig's current activity. Between April 1, 2026, and the commencement of the extension period in September 2027, spanning approximately 525 days, the existing backlog will be reduced by approximately $20 million.

Transocean operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters. The company provides offshore contract drilling services for oil and gas wells, focusing on ultra-deepwater and harsh environment drilling operations.

The announcement comes as the offshore drilling industry continues to secure longer-term contracts amid ongoing global energy demand. Petrobras, Brazil's state-controlled oil company, has been expanding its deepwater drilling activities in recent years.

Transocean is based in Steinhausen, Switzerland, and describes itself as an international provider of offshore contract drilling services. The company's fleet includes what it characterizes as high-specification floating offshore drilling equipment designed for technically demanding drilling operations.