Transocean Ltd. Announces Agreement with Equinor Valued at Over $1 Billion

Transocean Ltd. has entered into a conditional agreement with Equinor for the deployment of three harsh-environment semisubmersible rigs on the Norwegian Continental Shelf, subject to license approvals. The contracts are expected to generate more than $1 billion in backlog over a combined seven rig-years, excluding additional services. The agreement includes a base day rate of $399,000 per rig, with adjustment provisions that will take effect before operations begin, increasing the effective day rate to more than $400,000 at the start of the contracts.

The agreement applies to three “Cat D” rigs which are designed for Norwegian winter conditions and originally purpose-built for Equinor:

1. The Transocean Enabler – Three-year program expected to commence in the first quarter of 2028 in direct continuation of the rig’s current program.
2. The Transocean Encourage – Two-year program expected to commence in the first quarter of 2028 in direct continuation of the rig’s current program.
3. The Transocean Endurance – Two-year program expected to commence in the second quarter of 2027 after mobilization back to Norway from Australia.

“This agreement for seven rig years demonstrates the strength and resilience of Norway’s high-specification harsh environment market and our strong relationship with Equinor,” said Keelan Adamson, Transocean’s Chief Executive Officer. “Together with Equinor, we will continue to drive rig efficiency, improve the cost-effectiveness of wells, and prioritize safe and reliable operations.”