Transocean adds $445 million backlog with Petrobras drillship extension

(WO) — Transocean has secured a long-term contract extension with Petrobras for its ultra-deepwater drillship Deepwater Corcovado, adding approximately $445 million to the company’s backlog.

The 1,156-day extension will begin in direct continuation of the rig’s current work offshore Brazil and is expected to keep the drillship contracted through November 2030. The award reflects continued demand for high-specification ultra-deepwater drilling capacity in Brazil’s offshore sector.

Ahead of the new contract term, Transocean noted that its existing backlog will be reduced by approximately $20 million during a bridging period from April 2026 to September 2027, as the rig transitions into the extended program.

The Deepwater Corcovado is one of several high-spec drillships operating in Brazil, where Petrobras continues to advance development and exploration activity across pre-salt and deepwater assets. Long-term contract extensions such as this highlight ongoing operator commitment to offshore drilling programs in the region.

The award further strengthens Transocean’s backlog visibility and underscores the strategic importance of Brazil as a core market for ultra-deepwater drilling activity.