Transocean secures $490 million contract for Transocean Barents rig with Vår Energi

Transocean has secured a 1,095-day contract for its Transocean Barents semisubmersible rig with Vår Energi in Norway. The contract, valued at approximately $490 million in backlog excluding additional services, is set to commence by mid-second quarter 2027. This agreement highlights Vår Energi's commitment to offshore exploration and production activities, securing essential drilling capacity for an extended period. Options exist to potentially extend the rig's work into 2034, underscoring the long-term operational needs of Vår Energi in the Norwegian sector.

Counterparts (2)

Offtaker

Vår Energi

company

Vår Energi is a leading independent upstream oil and gas company on the Norwegian Continental Shelf, focusing on exploration, development, and production of oil and gas. The company operates approximately 1300 employees and aims for significant production targets, with a strong focus on value creation and reduced emissions.

Developer

Transocean

company · 1 deals

Transocean is an offshore drilling contractor providing rig-based well construction services worldwide. They focus on technically demanding environments and aim to be the premier offshore drilling company.