Transocean secures $550 million in new Gulf of Mexico drillship contracts
The Deepwater Proteus picked up a ten-well campaign worth about $325 million, the Deepwater Conqueror a five-well deal worth about $225 million
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Chart: RIG, one-minute prices, three sessions
Transocean has won contracts worth a combined $550 million in backlog for two of its ultra-deepwater drillships working in the U.S. Gulf.
The Deepwater Proteus was awarded a ten-well campaign expected to run about 700 days, worth approximately $325 million in backlog. The work starts in the first quarter of 2027 and follows directly on from the rig's current U.S. Gulf contract.
The Deepwater Conqueror was awarded a five-well contract covering an estimated 450 days, worth approximately $225 million in backlog before mobilization fees. That campaign begins in the third quarter of 2027, once the rig finishes its current program in Equatorial Guinea.
Both awards extend firm commitments on the two rigs into 2027, adding to a backlog build that has continued alongside, rather than instead of, Transocean's acquisition of Valaris. That deal has now cleared its major antitrust reviews, and Transocean upsized its credit facility to $750 million ahead of closing. With contracted cash flow on its legacy rigs now locked in further out and the balance sheet capacity in place to absorb Valaris's fleet, the combined company is set to enter its fourth-quarter 2026 close with firmer revenue visibility than when the deal was first signed.