The contract for the Transocean Barents, awarded to Vår Energi ASA, spans 1,095 days at a daily rate of $450,000, contributing an estimated $490 million to the backlog. This contract is set to commence in the second quarter of 2027 and includes options that could extend the rig's operations in Norway until 2034.
Additionally, the Deepwater Orion has received a contract extension with Petrobras, which will keep the rig engaged through March 2030, adding approximately $420 million to the backlog. However, there will be a reduction of about $20 million in existing backlog during the transition period from April 1, 2026, to the start of the new contract.
The Deepwater Aquila also secured a 365-day contract extension with Petrobras, expected to contribute around $160 million to the backlog, with a similar reduction of $10 million in existing backlog during its transition period.
In a strategic move to strengthen its financial position, Transocean has fully retired its 8.375% Senior Secured Notes due 2028, amounting to $358 million, which was settled using cash on hand. This retirement is projected to save the company approximately $39 million in interest expenses over the remaining term of the notes. Transocean aims to retire a total of $0.75 billion in debt throughout 2026, aligning with its commitment to deleverage and simplify its balance sheet.
These developments reflect Transocean's proactive approach to securing contracts and managing its debt, positioning the company for future growth in the offshore drilling sector.
