Transocean Ltd. (NYSE: RIG) today announced awards for its ultra-deepwater drillships, Deepwater Corcovado and Deepwater Orion, for work offshore Brazil with a national oil company. Together the two contracts represent approximately $1.04 billion in firm backlog.
Deepwater Corcovado was awarded a four-year contract, which contributes an estimated $583 million in backlog and is expected to begin in the third quarter of 2023 in direct continuation of the rig’s current contract.
Deepwater Orion was awarded a three-year contract, which contributes an estimated $456 million in backlog and is expected to commence during the fourth quarter of 2023.