Transocean has secured a contract extension with Petrobras valued at approximately $445m (SFr347.89m) for its ultra-deep-water drill-ship the Deepwater Corcovado.

The 1,156-day extension will commence immediately after the current engagement. This agreement with Petrobras will maintain the rig's operations until November 2030.

Between 1 April 2026 and the start of the new contract in September 2027, Transocean’s backlog will see a reduction of approximately $20m.

The Deepwater Corcovado is a dual-activity drill-ship of the Enhanced Samsung 10000 design. It was constructed at the Samsung Heavy Industries shipyard in South Korea and entered service in 2011.

Classified by ABS with multiple notations, the vessel can accommodate up to 205 personnel.

Registered under the Liberian flag, the drill-ship measures 748ft (228m) in length, with a beam of 137.8ft and a depth of 62.3ft.

Its operating displacement is approximately 105,822 short tonnes and its transit displacement is around 73,304 short tonnes.

The drill-ship can travel at speeds of up to 12 knots.

It is designed for a maximum water depth of 10,000ft and a maximum drilling depth of 35,000ft.

Transocean offers offshore contract drilling services for oil and gas wells worldwide, specialising in ultra-deep-water and harsh environment drilling.

The company operates a fleet of 27 mobile offshore drilling units, comprising 20 ultra-deep-water floaters and seven rigs designed for harsh environments.

Earlier this month, Transocean obtained around $1bn in new contract awards. These include a deal for the Transocean Barents semi-submersible rig in Norway and extensions for two drill-ships in Brazil.

In January 2026, the company won a new contract and extension for its Deepwater Mykonos and Transocean Enabler drilling rigs.