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STEINHAUSEN, Switzerland - Offshore drilling contractor Transocean Ltd. (NYSE:RIG), currently trading at $2.55 and identified as undervalued by InvestingPro analysis, announced Wednesday it has secured new contracts and extensions valued at approximately $199 million, according to a quarterly Fleet Status Report.
The company reported that its Transocean Equinox secured two one-well options in Australia at a dayrate of $540,000, while the Transocean Spitsbergen received a two-well option in Norway at $395,000 per day. These contracts contribute to Transocean’s strong revenue growth of 24.47% over the last twelve months, generating $3.67 billion in revenue.
Additionally, the Deepwater Skyros was awarded a three-well contract in Ivory Coast, plus a one-well option at a dayrate of $361,000. The Deepwater Mykonos received a 60-day extension in Brazil, with options for up to an additional 120 days.
These new fixtures contribute to Transocean’s total backlog of approximately $7.2 billion as of July 16, 2025.
Transocean specializes in deepwater and harsh environment drilling services, operating a fleet of 32 mobile offshore drilling units. This fleet consists of 24 ultra-deepwater floaters and eight harsh environment floaters.
The company describes itself as a leading international provider of offshore contract drilling services for oil and gas wells, focusing on technically demanding sectors of the global offshore drilling business.
The information is based on a press release statement issued by the company.
In other recent news, Transocean Ltd. reported a first-quarter revenue of $906 million, surpassing analyst estimates of $884.8 million. This marks an 18.7% increase from the previous year’s same quarter. Despite this revenue success, the company faced an adjusted loss of $0.10 per share, slightly missing the expected $0.09 loss. The company’s revenue efficiency improved to 95.5%, up from 92.9% a year ago. Transocean also announced a $100 million contract extension for its Transocean Spitsbergen rig in Norway, set to begin in the first quarter of 2026. Additionally, Transocean plans to dispose of two rigs, resulting in an expected non-cash charge between $1.1 billion and $1.2 billion. The company has amended agreements related to its 4.0% Senior Guaranteed Exchangeable Bonds, setting a $2.50 limit price on bond-related share transactions. During its recent Annual General Meeting, shareholders approved several proposals, including amendments to its Long-Term Incentive Plan and Articles of Association. Ernst & Young LLP was re-elected as the company’s independent auditor for fiscal year 2025.
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