Transocean adds $1.1B to backlog with Shell and Equinor deals

Transocean Ltd. (NYSE: RIG) announced contract additions totaling approximately $1.1 billion in firm backlog, according to a company press release.

The Transocean Norge received a two-well contract with A/S Norske Shell, covering an estimated 120 days of work expected to begin in direct continuation of the rig's existing programs in Norway. The contract adds approximately $62 million to backlog, excluding additional services, and includes one single-well option.

Separately, Equinor granted final approval in late September for a previously announced agreement covering three harsh environment semisubmersible rigs operating in Norway: the Transocean Enabler, Transocean Encourage, and Transocean Endurance. The approximately $1.0 billion contract value has been converted to firm backlog following that approval.

Transocean operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters.

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