Petrobras extends contracts for two drillships offshore Brazil

Petrobras has extended two rig contracts with Transocean for work offshore Brazil.

The operator is extending its use of the Deepwater Orion drillship by 1,095 days. The extension, in direct continuation of its current activity, is expected to contribute about $420 million in incremental backlog for Transocean, committing the rig through March 2030.

Prior to the extension period, from Apr. 1, 2026, until the start of the new contract extension in March 2027 (about 340 days), the existing backlog will be reduced by about $20 million, Transocean said in a release Apr. 2.

Petrobras also let a contract extension for use of the Deepwater Aquila drillship. The 365-day contract extension is in direct continuation of its current activity and is expected to contribute about $160 million in incremental backlog. The extension commits the rig through June 2028.

Prior to the extension period, from Apr. 1, 2026, until the commencement of the new contract extension in June 2027 (about 450 days), the existing backlog will be reduced by about $10 million.