Transocean

RIG

Market cap $6.81B

STEINHAUSEN, Switzerland, April 14, 2026 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced that the Deepwater Corcovado was awarded a 1,156-day contract extension with Petrobras in direct continuation of its current activity. The extension is expected to contribute approximately $445 million in incremental backlog and commit the rig through November 2030. Prior to the extension period, from April 1, 2026, until the commencement of the new contract in September 2027 (approximately 525 days), the existing backlog will be reduced by approximately $20 million.

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RIG boosts backlog by $1B with new contracts in Norway and Brazil, strengthening long-term visibility in ultra-deepwater drilling.

STEINHAUSEN, Switzerland, April 02, 2026 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced awards of a contract for a harsh environment semisubmersible in Norway and contract extensions for two ultra-deepwater drillships in Brazil. In aggregate, the fixtures represent approximately $1.0 billion in incremental firm contract backlog, as follows.

Conflict in the Middle East is driving up oil and gas prices. Energy stocks can be safe havens during supply shocks.

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Transocean is positioned as a structural beneficiary of a secular offshore drilling upcycle, driven by deep supply-demand imbalances. A decade of underinvestment and rig retirements has halved global offshore rig capacity, locking supply until 2030 and shifting pricing power to RIG. The Valaris merger creates a dominant player with $200M+ in annual synergy potential, high-grade assets, and operating leverage.

Baker Hughes (NASDAQ:BKR), Halliburton (NYSE:HAL), and Transocean (NYSE:RIG) are all trading 4% to 5% higher Tuesday as crude oil's continued strength lifts the entire oilfield services complex.

The de facto closure of the Strait of Hormuz amid the Iran conflict sent oil prices surging, before a dramatic reversal when President Donald Trump said the conflict might end. Stocks fell as oil prices surged amid concerns that rising energy costs could fuel inflation, reducing the odds of near-term interest rate cuts. Companies that stand to benefit from oil supply disruptions include integrated energy giants and companies involved in oil exploration, production, and shipping.

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