Transocean Ltd. (NYSE:RIG) said its Deepwater Corcovado drillship has secured a 1,156-day contract extension with Petrobras, adding an estimated $445 million to the company’s backlog and extending the rig’s commitment through November 2030.
The new agreement is set to begin in September 2027, immediately following the completion of the vessel’s current contract. During the interim period from April 1, 2026, to the start of the extension—around 525 days—the existing backlog is expected to decrease by approximately $20 million.
Transocean currently operates a fleet of 27 mobile offshore drilling units, including 20 ultra-deepwater floaters and seven harsh-environment rigs. The company specializes in offshore contract drilling services for oil and gas exploration, with a focus on technically complex deepwater and harsh-condition projects.
The contract extension comes amid a trend of longer-term agreements in the offshore drilling sector, as global energy demand continues to support investment in exploration and production. Petrobras, Brazil’s state-controlled oil producer, has been actively expanding its deepwater drilling operations in recent years.
Headquartered in Steinhausen, Switzerland, Transocean positions itself as a global provider of offshore drilling services, operating a fleet of high-specification floating rigs designed for challenging environments.