Transocean Ltd. 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.