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Transocean's New Deals in Brazil & Norway Add $168M to Firm Backlog
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Key Takeaways
RIG landed a BP job in Brazil and extended Equinor work in Norway, adding about $168M to its firm backlog.
The Deepwater Mykonos drillship won a 302-day BP campaign in Brazil, expected to begin in Q3 2026.
The Enabler extension adds 105 days with Equinor, keeping the rig working until September 2027.
Transocean Limited (RIG - Free Report) , a leading offshore drilling contractor, announced a new assignment and a contract extension for two of its mobile offshore drilling units. The new contract was awarded by BP for the Deepwater Mykonos drillship, while the Transocean Enabler semi-submersible rig will extend its stay in Norway with Equinor. These contracts add approximately $168 million to the firm's backlog.
The Deepwater Mykonos drillship has been hired by BP for a campaign with an estimated duration of 302 days in Brazil. The assignment is anticipated to start in the third quarter of this year. This contract is expected to add approximately $120 million to its firm backlog. This does not include additional services, mobilization and demobilization fees. Deepwater Mykonos boasts an Enhanced Samsung 10000 design and can accommodate up to 205 people. The rig has a maximum drilling depth of 35,000 feet.
In Norway, three one-well options have been exercised to extend the Transocean Enabler rig’s stay in the region. This contract extension is expected to add $48 million to its backlog. Transocean Enabler has secured an additional 105 days of work in continuation of its current contract with Equinor. This extension will keep the rig operational until September 2027. The Transocean Enabler semi-submersible rig features a GVA 4000 NCS design. The rig has a maximum drilling depth of up to 8,500 meters and can operate in water depths of 500 meters.
Subsea7 helps build underwater oil and gas fields. It is a leading player in the global offshore energy industry, providing engineering, construction and related services at offshore oil and gas fields. The long-term outlook for energy demand remains positive, and Subsea7’s focus on cost-efficient deepwater projects strengthens the position of its subsea business.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
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Transocean's New Deals in Brazil & Norway Add $168M to Firm Backlog
Key Takeaways
Transocean Limited (RIG - Free Report) , a leading offshore drilling contractor, announced a new assignment and a contract extension for two of its mobile offshore drilling units. The new contract was awarded by BP for the Deepwater Mykonos drillship, while the Transocean Enabler semi-submersible rig will extend its stay in Norway with Equinor. These contracts add approximately $168 million to the firm's backlog.
The Deepwater Mykonos drillship has been hired by BP for a campaign with an estimated duration of 302 days in Brazil. The assignment is anticipated to start in the third quarter of this year. This contract is expected to add approximately $120 million to its firm backlog. This does not include additional services, mobilization and demobilization fees. Deepwater Mykonos boasts an Enhanced Samsung 10000 design and can accommodate up to 205 people. The rig has a maximum drilling depth of 35,000 feet.
In Norway, three one-well options have been exercised to extend the Transocean Enabler rig’s stay in the region. This contract extension is expected to add $48 million to its backlog. Transocean Enabler has secured an additional 105 days of work in continuation of its current contract with Equinor. This extension will keep the rig operational until September 2027. The Transocean Enabler semi-submersible rig features a GVA 4000 NCS design. The rig has a maximum drilling depth of up to 8,500 meters and can operate in water depths of 500 meters.
RIG’s Zacks Rank and Key Picks
RIG currently carries a Zacks Rank #3 (Hold).
Some top-ranked stocks from the energy sector are Subsea7 S.A. (SUBCY - Free Report) , Oceaneering International (OII - Free Report) and FuelCell Energy (FCEL - Free Report) . While Subsea7 currently sports a Zacks Rank #1 (Strong Buy), Oceaneering and FuelCell carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Subsea7 helps build underwater oil and gas fields. It is a leading player in the global offshore energy industry, providing engineering, construction and related services at offshore oil and gas fields. The long-term outlook for energy demand remains positive, and Subsea7’s focus on cost-efficient deepwater projects strengthens the position of its subsea business.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.