Transocean Ltd. expects two U.S. Gulf contracts to add about $550 million to firm backlog, giving its Deepwater Proteus and Deepwater Conqueror drillships scheduled work after their current assignments.
The awards cover 15 wells altogether. Transocean did not name either customer, say whether one operator awarded both contracts or disclose dayrates. The $550 million is its estimate of firm backlog from work yet to be performed.
The Deepwater Conqueror is due to complete a separate program in Equatorial Guinea before moving to its new Gulf assignment. Transocean announced that two-well contract in September, estimating a 170-day campaign in 2027 and about $80 million in backlog. The $80 million excludes additional services and compensation for mobilization and demobilization.
For the Conqueror’s subsequent U.S. Gulf work, Transocean expects approximately $225 million in backlog, excluding mobilization fees. The five-well campaign is scheduled to start in the third quarter of 2027 and run for an estimated 450 days.
The Deepwater Proteus is set to move directly from its current U.S. Gulf contract into a new 10-well program in the first quarter of 2027. Transocean projects about $325 million in backlog from that campaign and estimates it will last 700 days.
Both Gulf awards involve ultra-deepwater drillships. Transocean said its fleet comprised 27 mobile offshore drilling units when it announced the contracts, including 20 ultra-deepwater floaters and seven harsh-environment floaters. The announcement did not provide an updated total for the company’s fleet backlog.
Transocean furnished its Oct. 19 award announcement as an exhibit to an SEC filing. It plans to release third-quarter results and a fleet status report after the New York Stock Exchange closes Nov. 2, followed by an earnings call at 9 a.m. ET on Nov. 3.
