Transocean has secured an agreement with Equinor, pending licensing approvals, to deploy three of its harsh environment semi-submersible rigs on the Norwegian shelf.
The deal, which spans seven rig years, is valued at over $1 billion in contract backlog, excluding additional services.
According to a statement from Transocean, the base rate for the contract is set at $399,000 daily, though adjustments applied before the start date are projected to push the effective day rate past $400,000.
These terms apply to three "Cat D" rigs specifically designed for Norwegian winter conditions and originally purpose-built for Equinor.
The offshore drilling firm reported that the Transocean Enabler is expected to begin a three-year programme in the first quarter of 2028 in direct continuation of its current contract. Similarly, the Transocean Encourage is scheduled to commence a two-year programme during the same quarter.
The third vessel, the Transocean Endurance, is to embark on a two-year programme in the second quarter of 2027 following its mobilisation back to Norway from Australia.