Offshore drilling contractor Transocean Ltd. announced Monday that two of its ultra-deepwater drillships have received contract awards in the U.S. Gulf, together representing approximately USD 550 million in firm contract backlog.

The announcement, issued October 19, 2026, from the company's Steinhausen, Switzerland headquarters, covers new work for the Deepwater Proteus and the Deepwater Conqueror, both of which will work for undisclosed operators in the U.S. Gulf.

Deepwater Proteus Secures Ten-Well, 700-Day Campaign

The Deepwater Proteus was awarded a ten-well contract with an undisclosed operator in the U.S. Gulf. The estimated 700-day campaign is expected to contribute approximately USD 325 million in backlog.

Work is scheduled to commence in the first quarter of 2027, in direct continuation of the rig's current U.S. Gulf contract.

Deepwater Conqueror Adds Five-Well Program in Third Quarter 2027

The Deepwater Conqueror was awarded a five-well contract, also with an undisclosed operator in the U.S. Gulf. The estimated 450 days of work are expected to contribute approximately USD 225 million to the backlog, excluding mobilization fees.

The contract will begin in the third quarter of 2027, in direct continuation of the rig's program in Equatorial Guinea.

Company Profile and Fleet

Transocean describes itself as a leading international provider of offshore contract drilling services for oil and gas wells, specializing in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. The company states that it operates 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 Considerations

The company noted that the statements in its announcement that are not historical facts are forward-looking statements under federal securities laws.

Transocean cautioned that actual results may vary materially from those indicated due to a range of factors, including 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, fluctuations in oil and gas prices, global and regional supply and demand, the intention to scrap certain drilling rigs, and effects related to contagious illnesses.

The company's forward-looking statement disclosure also references expectations regarding the timing, completion, and anticipated benefits of a proposed business combination with Valaris Limited, a Bermuda-incorporated company.

Transocean identified additional risk factors in its most recent Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the Securities and Exchange Commission.

Contact Information

Analyst inquiries for the announcement are being handled by Sarah Davidson, and media inquiries by Kristina Mays.

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