Offshore drilling contractor Transocean has secured new contracts for two of its harsh-environment semisubmersibles, adding approximately $185m in firm contract backlog, according to the company.
Transocean Norge: Harbour Energy Deal
The 2019-built Transocean Norge was awarded a five-well contract with Harbour Energy in Norway. The estimated 300 days of work is expected to commence in the first quarter of 2028, in direct continuation of the rig’s current program, and will contribute approximately $149m in backlog, excluding mobilisation and additional services. The contract also includes three one-well options.
The rig is currently working for Harbour Energy and OMV in Norway. It started work in January 2026 and is set to complete work in November 2027. Its dayrate under the current deal is $456,000 per day.
Transocean Equinox: Santos Contract in Australia
The 2015-built Transocean Equinox was awarded a 90-day contract by Santos for two wells in Australia. Work will begin in the second quarter of 2027 and contribute approximately $36m to the company’s backlog, excluding mobilisation and additional services. The contract also includes five one-well options.
The Transocean Equinox is already in Australia. It has been working for an undisclosed operator since April 2025 under a $485,000-per-day deal set to conclude in August 2026. Immediately after that, the rig will start a $540,000-per-day deal from September through November 2026, with the operator again unnamed.
Contract Summary Table
| Rig | Operator | Location | Wells | Duration | Dayrate | Backlog Contribution | Start Date |
|---|---|---|---|---|---|---|---|
| Transocean Norge (2019) | Harbour Energy | Norway | 5 wells (+3 options) | ~300 days | $456,000 (current) | ~$149m | Q1 2028 (expected) |
| Transocean Equinox (2015) | Santos | Australia | 2 wells (+5 options) | 90 days | $485,000 (preceding) / $540,000 (subsequent) | ~$36m | Q2 2027 |
Market Implications
These contract awards highlight continued demand for harsh-environment drilling capacity in the North Sea and offshore Australia. The dayrates—ranging from $456,000 to $540,000 per day—reflect robust pricing power for high-specification semisubmersible rigs. For commodity traders and energy analysts, such fixture activity serves as a leading indicator of upstream investment in oil and gas exploration, particularly in mature basins like Norway where operators like Harbour Energy are maintaining development programs.
Transocean’s backlog growth of $185m from these two deals alone suggests sustained operator appetite for deepwater and harsh-environment drilling, even as global energy transition discussions continue. The contracts also demonstrate the strategic positioning of Transocean’s fleet in key producing regions.
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