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Transocean Secures $100M Contract with Equinor for Spitsbergen Rig

Jun 13, 2025 (24 hr ago)
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Transocean Ltd. (RIG) has secured a $100 million contract with Equinor ASA to extend drilling operations at the Spitsbergen rig in Norway, enhancing its operational presence.

Contract Extension with Equinor ASA

  • Transocean Ltd. (RIG) secured a $100 million contract with Equinor ASA to extend drilling operations at the Spitsbergen rig in Norway1
  • The program is expected to begin in the first quarter of the year, continuing the rig's current operations1
  • The Transocean Spitsbergen, a sixth-generation dual-derrick rig built in 2010, is capable of drilling high-pressure and high-temperature formations1

Financial Performance

  • RIG reported a net loss of $79 million in the first quarter, compared to a net income of $98 million in the same period last year2
  • Contract drilling revenues increased by 18.7% to $906 million year-over-year2

Revenue Growth and Outlook

  • RIG's revenue grew by 24% last year and 38% over three years, demonstrating strong growth3
  • Analysts expect RIG's revenue to grow at a 3.2% annual rate over the next three years3

Balance Sheet Analysis

  • RIG's balance sheet is considered adequate, with the company being viewed as undervalued despite risks3
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