Transocean Ltd. (NYSE: RIG) announced on October 9, 2026, that it has added approximately USD 1.1 billion in firm contract backlog, driven by a new contract award representing roughly USD 62 million and the formal approval of the previously announced Equinor agreement, which converted USD 1 billion of contract value into firm backlog.

Shell Award for Transocean Norge

The Transocean Norge was awarded a two-well contract with A/S Norske Shell. The estimated 120 days of work is expected to commence in direct continuation of the rig's previously awarded programs in Norway and will contribute approximately USD 62 million in firm backlog, excluding additional services.

The contract also includes one single-well option. The work is slated to begin immediately following the completion of the rig's existing programs in Norway, allowing the unit to move directly from one engagement to the next without downtime between contracts.

Equinor Agreement Receives Final Approval

In late September, Transocean received final approval from Equinor for the previously announced agreement covering three harsh environment semisubmersible rigs operating in Norway: the Transocean Enabler, the Transocean Encourage, and the Transocean Endurance.

With the approval now in hand, the total contract value of approximately USD 1 billion has been converted into a firm backlog and is included in the company's backlog figures.

The agreement had been announced previously but remained subject to formal approval from the Norwegian operator before the value could be recognized as firm commitments.

The combination of the new Shell contract and the finalized Equinor agreement brings the total new firm backlog announced to approximately USD 1.1 billion.

Company Fleet and Operations

Transocean describes itself as a leading international provider of offshore contract drilling services for oil and gas wells.

The company specializes in technically demanding sectors of the global offshore drilling business, with a particular focus on ultra-deepwater and harsh environment drilling services. It operates what it characterizes as the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters.

Forward-Looking Statements and Business Combination

In its announcement, Transocean cautioned that statements that are not historical facts constitute forward-looking statements under Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements can contain words such as "expected," "estimated," "approximately," or similar expressions.

The company noted that forward-looking statements are based on management's current expectations and assumptions and are subject to inherent uncertainties, risks, and changes in circumstances beyond the company's control, many of which cannot be predicted.

Transocean warned that actual results could vary materially from those indicated if one or more of these risks materialize or if underlying assumptions prove incorrect.

Factors that could cause actual results to differ materially include the level of activity in offshore oil and gas exploration and development, exploration success by producers, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, fluctuation of current and future oil and gas prices, global and regional supply and demand for oil and gas, and the intention to scrap certain drilling rigs.

Additional cited factors include the effects of the spread of and mitigation efforts by governments, businesses, and individuals related to contagious illnesses.

The company also referenced its expectations regarding the timing, completion, and anticipated benefits of a proposed business combination with Valaris Limited, an exempted company limited by shares incorporated under the laws of Bermuda, as a factor relevant to forward-looking statements.

Further risks are discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2025, and in its other filings with the U.S. Securities and Exchange Commission, which are available free of charge on the SEC's website.

Transocean stated that all subsequent written and oral forward-looking statements attributable to the company or persons acting on its behalf are qualified in their entirety by reference to these risks and uncertainties, and that investors should not place undue reliance on such statements.

Each forward-looking statement speaks only as of its date, and the company disclaims any obligation to publicly update or revise any forward-looking statement except as required by law.

Regulatory Notes

The press release stated that it does not constitute an offer to sell or a solicitation of an offer to buy any securities and does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (FinSA) or advertising within the meaning of the FinSA.

Transocean emphasized that nothing in the release should be relied on as a promise or representation regarding future performance and that investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved, when making investment decisions involving Transocean securities.

The company also noted that reconciliations of non-GAAP financial measures to their most comparable GAAP measures are displayed in quantitative schedules on its website.

Investor relations inquiries can be directed to Sarah Davidson, and media inquiries to Kristina Mays, Senior Manager of Sustainability and Communications.

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