Transocean Ltd. (NYSE: RIG) announced that its Deepwater Asgard drillship secured a five-well contract in the Eastern Mediterranean Sea with an undisclosed operator, according to a company statement.

The 390-day campaign is scheduled to begin in the fourth quarter of 2026 and will contribute approximately $158 million to the company's backlog, excluding additional services and mobilization costs.

The Switzerland-based offshore drilling contractor reported that recent contract awards have added approximately $1.6 billion to its backlog since early April. These awards include fixtures for the Transocean Barents in Norway and three vessels in Brazil: the Deepwater Orion, Deepwater Aquila, and Deepwater Corcovado.

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