Transocean locks $550m Gulf backlog as drillships roll into 2027
Two ultra-deepwater drillships secure ten and five-well contracts in the US Gulf, adding $325m and $225m respectively.
Transocean has strengthened its contract backlog with two new deals for ultra-deepwater drillships in the US Gulf of Mexico, adding a combined $550 million in firm commitments.
The Swiss offshore drilling contractor secured a ten-well contract for its Deepwater Proteus, a 2016-built drillship. The agreement, awarded by an unnamed operator, is expected to span approximately 700 days and contribute $325 million to the company’s backlog. Operations are scheduled to begin in early 2027, directly following the rig’s existing two-well contract in the region, which concludes in November this year. The operator retains two optional one-well extensions that could keep the vessel under contract until January 2027.
Second drillship secures Gulf of Mexico work
The Deepwater Conqueror, another 2016-built drillship, was awarded a five-well contract in the US Gulf. The deal, also from an undisclosed client, is projected to last around 450 days and add roughly $225 million to backlog, excluding mobilization costs. Work is set to commence in the third quarter of 2027, immediately after the rig completes its current program in Equatorial Guinea.
Last month, the Deepwater Conqueror was contracted for a two-well campaign in Equatorial Guinea, expected to begin in 2027 and last approximately 170 days. This follows its ongoing US Gulf contract, which started in October 2025 at a day rate of $530,000.
Market response and sector outlook
The new contracts had an immediate impact on Transocean’s stock, which rose 2.32% in pre-market trading on the New York Stock Exchange, reaching $5.74 per share.
The agreements underscore the gradual recovery in offshore drilling activity, particularly in the US Gulf of Mexico. For Transocean, the deals provide revenue visibility through 2027, reinforcing its position in ultra-deepwater operations. Key milestones to watch include the Deepwater Proteus’s ten-well campaign starting in early 2027 and the Deepwater Conqueror’s five-well program beginning in the third quarter of the same year.
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