Transocean adds $62 million Shell contract, Equinor locks in $1 billion rig deal
Equinor's final approval converts a previously announced three-rig agreement into firm backlog, adding to a new two-well job for the Transocean Norge
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Chart: RIG, one-minute prices, three sessions
Transocean has won a new two-well contract for the Transocean Norge from A/S Norske Shell, worth about $62 million in firm backlog over an estimated 120 days, with an option for a further single well.
Separately, Transocean said Equinor gave final approval in late September to a previously announced agreement covering three harsh environment semisubmersible rigs in Norway: the Transocean Enabler, Transocean Encourage and Transocean Endurance. That approval converts the $1.0 billion contract value into firm backlog.
The Shell deal adds roughly $62 million in new firm backlog. The Equinor approval turns one of Transocean's largest multi-rig commitments from a previously announced agreement into confirmed work, extending visibility into Norway's harsh environment drilling market, a segment distinct from the company's Gulf of Mexico and West Africa operations.
The firming up of the Equinor contract comes as Transocean's acquisition of Valaris proceeds on its fixed exchange ratio following clearance from the Department of Justice. The growing contracted backlog across both companies' fleets strengthens the revenue base of the combined company ahead of the deal's expected close in the fourth quarter of 2026.