Transocean Secured New Contracts

As of July 25, 2017, Transocean (RIG) had a backlog of $10.2 billion—compared to $10.8 billion in April 2017.

Sue Goodridge - Author

Nov. 20 2020, Updated 3:06 p.m. ET


Transocean’s backlog

As of July 25, 2017, Transocean (RIG) had a backlog of $10.2 billion—compared to $10.8 billion in April 2017. A company’s backlog helps you gauge how and where its future revenue might stand.

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Backlog breakup

Out of the $10.2 billion backlog, $9.2 billion is contributed by the Ultra-Deepwater Segment. The remaining backlog comes from Transocean’s contracts on its harsh environment floaters, deepwater floaters, mid-water floaters, and high specification jack-ups. Transocean’s contracts extend to 2028.


The following are the contracts that Transocean secured in the second quarter:

  • Transocean secured an ultra-deepwater semisubmersible, the GSF Development Driller, and a three-well contract for work in Australia. The contract also includes two one-well options. The contract is expected to start in 1Q18.
  • The ultra-deepwater drillship Deepwater Asgard secured a two-well contract in the US Gulf of Mexico.
  • The ultra-deepwater semisubmersible, Development Driller III, was awarded a two-well contract.
  • Customers for Transocean’s rig, Dhirubhai Deepwater, exercised two one-well options in Myanmar.
  • Customers of the Paul B Loyd rig and Transocean’s Artic both exercised one-well options.

Since the beginning of the year, Transocean has secured 12 new contracts or extensions. It added ~$221 million to its backlog. Transocean secured two new contracts when it released its fleet status report on July 25, 2017. Its deepwater rig, Deepwater Nautilus, secured a four-well contract in Asia. The contract will start in 4Q17. Transocean’s rig, Paul Loyd, secured a two-well contract that will start in April 2018.


Not all of the offshore drillers (OIH) have released their earnings for the quarter ending June 30, 2017. To learn how Transocean’s backlog in the previous quarter compares to Seadrill (SDRL), Noble (NE), Diamond Offshore (DO), Rowan Companies (RDC), and Atwood Oceanics’ (ATW) backlogs, read Offshore Drillers: A Key Comparison of Backlogs in 2017.


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