Transocean’s Gulf Awards Expected to Add $550 Million to Backlog

Transocean Ltd. announced two U.S. Gulf drillship awards covering 15 wells on Oct. 19, with the contracts expected to add about $550 million to its firm backlog.

The awards give the Deepwater Proteus and Deepwater Conqueror new campaigns after their current assignments. Transocean is an offshore contract driller focused on ultra-deepwater and harsh-environment work. Its fleet comprises 27 mobile offshore drilling units: 20 ultra-deepwater floaters and seven harsh-environment floaters.

The Deepwater Proteus received a 10-well contract with an estimated duration of 700 days. That campaign is expected to contribute about $325 million to backlog and begin in the first quarter of 2027, after the rig completes its current U.S. Gulf contract.

The Deepwater Conqueror received a five-well contract estimated at 450 days. It is expected to add about $225 million to backlog, excluding mobilization fees. The campaign is expected to begin in the third quarter of 2027 after the rig completes its Equatorial Guinea program.