Transocean Ltd. (NYSE:RIG) is one of the 10 Stocks to Buy on a Pullback.
On April 15, 2026, Transocean Ltd. (NYSE:RIG) announced that its Deepwater Asgard secured a five-well contract in the Eastern Mediterranean with an undisclosed operator. The campaign is expected to run for about 390 days, starting in Q4, and add approximately $158M to backlog, excluding additional services and mobilization-related fees. Including recent awards for the Transocean Barents in Norway and the Deepwater Orion, Deepwater Aquila, and Deepwater Corcovado in Brazil, total backlog additions since the start of April are estimated at around $1.6B.
On April 14, 2026, Morgan Stanley raised its price target on Transocean to $7 from $5 while maintaining an Equal Weight rating. The firm said higher oil prices, beyond ongoing Middle East disruptions, could support increased upstream spending, adding that its 2027–2028 EBITDA estimates are now roughly 6% above consensus across its energy services coverage.
Earlier in the month, Transocean announced a series of contract awards and extensions totaling about $1.0B in incremental backlog. These include a 1,095-day contract for the Transocean Barents with Var Energi in Norway at a day rate of $450,000, expected to begin in mid-2027 and contribute roughly $490M. The contract also includes options that could extend operations through 2034. In Brazil, the Deepwater Orion received a 1,095-day extension with Petrobras worth about $420M, keeping the rig contracted through March 2030, while the Deepwater Aquila secured a 365-day extension valued at approximately $160M, extending its commitment through June 2028.
Transocean Ltd. (NYSE:RIG) provides offshore drilling services for oil and gas exploration and development worldwide.
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