Transocean lands seven-year, $1 billion Equinor rig deal

(WO) — Transocean has secured a drilling agreement with Equinor valued at more than $1 billion in contract backlog for the continued use of three harsh-environment semisubmersible rigs on the Norwegian Continental Shelf. 

The agreement, which remains subject to license approvals, covers seven rig-years of work for the Transocean Endurance, Transocean Enabler and Transocean Encourage. The contract value excludes additional services.

The Transocean Endurance is scheduled to begin a two-year drilling program in the second quarter of 2027 following its mobilization from Australia to Norway. The Transocean Enabler will commence a three-year program in the first quarter of 2028 upon completion of its current contract, while the Transocean Encourage will begin a two-year campaign during the same period in direct continuation of its existing work.

The three Cat D semisubmersibles were purpose-built for Equinor and are designed for year-round operations in the harsh environmental conditions of the Norwegian Continental Shelf.

The agreement carries a base day rate of $399,000, with contractual adjustment provisions expected to increase the effective day rate to more than $400,000 before operations begin.

"This agreement for seven rig years demonstrates the strength and resilience of Norway's high-specification harsh environment market and our strong relationship with Equinor," said Keelan Adamson, Transocean's chief executive officer. "Together with Equinor, we will continue to drive rig efficiency, improve the cost-effectiveness of wells, and prioritize safe and reliable operations."

The award further strengthens Transocean's backlog while underscoring continued demand for high-specification harsh-environment drilling rigs in the North Sea.