Transocean signs $1B+ Equinor contract for three rigs; CFIUS clears Valaris merger

Transocean Ltd.

Agreement with Equinor for three Cat D rigs valued at over $1B in contract backlog over seven rig years.
Base day rate $399,000; effective day rate exceeds $400,000 at commencement.
Enabler: 3-yr from Q1 2028; Encourage: 2-yr from Q1 2028; Endurance: 2-yr from Q2 2027 after Australia mobilization.
CFIUS approval received for Valaris acquisition; HSR Second Request outstanding; parties committed not to certify before July 31, 2026.
Transaction expected to close in H2 2026 subject to remaining regulatory approvals and shareholder votes.

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