STEINHAUSEN, Switzerland, Aug.  20, 2026  (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE:RIG) (&#34;Transocean&#34;) today announced a two-year binding Letter of Award for the Dhirubhai Deepwater KG2 with ONGC in India. The

Transocean Ltd. Announces $300 Million Contract For Ultra-Deepwater Drillship

Transocean lands $300 million India drill contract with options to 2031

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>STEINHAUSEN, Switzerland, Aug.  20, 2026  (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE:RIG) (&amp;#34;Transocean&amp;#34;) today announced a two-year binding Letter of Award for the Dhirubhai Deepwater KG2 with ONGC in India. The</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Transocean announced a two-year binding LOA with ONGC for the Dhirubhai Deepwater KG2, starting in Q1 2027 and valued at roughly $300 million, with two priced options that could extend activity to early 2031. The award boosts Transocean&#039;s backlog and utilization visibility and references a potential Transocean-Valaris combination, signaling strategic considerations for offshore drillers amid a consolidating sector.</p>
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  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Transocean secures a two-year LOA for Dhirubhai Deepwater KG2.</li><li>Commencement planned for Q1 2027; contract value about $300 million.</li><li>Two-year term includes priced options extending operations to 2031.</li><li>Forward-looking notes reference a potential Transocean-Valaris combination.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Transocean Ltd (RIG)</strong>: Wins binding LOA from ONGC for Dhirubhai Deepwater KG2; boosts backlog and visibility.</li><li><strong>Oil and Natural Gas Corporation (ONGC)</strong>: Indian state-owned buyer; contract indicates active offshore drilling demand in India.</li><li><strong>Valaris Limited (VAL)</strong>: Forward-looking statements reference potential Transocean-Valaris combination; possible industry consolidation impact.</li></ul>
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  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments. The release describes a new major contract award and hints at strategic M&amp;A considerations, which can influence backlog, utilization, and perceived competitive dynamics in offshore drilling.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>India contract adds to Transocean backlog, supporting utilization.</li><li>Contract value around $300 million with a 2027 start date.</li><li>Two-year term with options extending to 2031.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>LOA duration: two years; contract value about $300 million.</li><li>Commencement: Q1 2027.</li><li>Two years of priced options to extend to 2031.</li><li>Transocean fleet: 27 units (20 ultra-deepwater, 7 harsh-environment).</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish near-term for RIG on backlog growth and visibility; monitor Valaris deal progress (0-12 months).</p>
  </section>
</section>


<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link><p align="justify">STEINHAUSEN, Switzerland, Aug.  20, 2026  (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/RIG">RIG</a>) ("Transocean") today announced a two-year binding Letter of Award for the <em>Dhirubhai Deepwater KG2</em> with ONGC in India. The campaign is expected to commence in the first quarter of 2027 and contribute approximately $300 million in contract value, inclusive of additional services and mobilization fees. The contract includes two years of priced options that, if fully exercised, would result in the drillship working in India into early 2031.</p>  <p align="justify"><strong>About Transocean</strong></p>  <p align="justify">Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.</p>  <p align="justify">Transocean owns or has partial ownership interests in and operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters.</p>  <p align="justify"><strong>Forward-Looking Statements</strong></p>  <p align="justify">The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as "expected," "approximately," "if," or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and in many cases, cannot be predicted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. Factors that could cause actual results to differ materially include, but are not limited to, the level of activity in offshore oil and gas exploration and development, exploration success by producers, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including our expectations regarding the timing, completion and anticipated benefits of the proposed business combination with Valaris Limited, an exempted company limited by shares incorporated under the laws of Bermuda, and other risks discussed in the Company&#39;s most recent Annual Report on Form 10-K for the year ended December 31, 2025, and in the Company&#39;s other filings with the SEC, which are available free of charge on the SEC&#39;s website at: www.sec.gov. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the Company’s website at <a href="https://www.globenewswire.com/Tracker?data=0YIFCJErXdjjzH-Hf-MQyBD847xloPwvlANTwYYnF1ENv1P8lnlXC-GsYRzLh9pk5Sk2SQZad7vaZnoaOnBNUKoOd1i7BNU1ayMhrxwByQY=" rel="nofollow" target="_blank">www.deepwater.com</a>.</p>  <p align="justify">This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act ("FinSA") or advertising within the meaning of the FinSA. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved, when making any investment decision involving Transocean securities.</p>  <p align="justify"><strong>Analyst Contact:</strong><br></br>Sarah Davidson<br></br>+1 713-232-7217</p>  <p align="justify"><strong>Media Contact:</strong><br></br>Kristina Mays<br></br>+1 713-232-7734</p> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=OTgxMzQyMiM3Nzg0OTg4IzIwMDk3MjM="></img> <br></br><img alt="" src="https://ml.globenewswire.com/media/Y2NiYjY5NjctNGQ1YS00MDMyLThmMWItMmYwMWQyMWRiYTA0LTEwMjEyOTYtMjAyNi0wOC0yMC1lbg==/tiny/Transocean-Inc-.png" referrerpolicy="no-referrer-when-downgrade"></img>

Transocean announced a two-year binding LOA with ONGC for the Dhirubhai Deepwater KG2, starting in Q1 2027 and valued at roughly $300 million, with two priced options that could extend activity to early 2031. The award boosts Transocean's backlog and utilization visibility and references a potential Transocean-Valaris combination, signaling strategic considerations for offshore drillers amid a consolidating sector.

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Transocean Ltd. Announces $300 Million Contract For Ultra-Deepwater Drillship

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Key facts

Corporate Developments