Offshore drilling contractor Transocean has secured another long-term contract in Australia for a semi-
submersible rig that has been in idle mode since October 2022, when it wrapped up its Norwegian assignment
with Equinor.

According to Transocean, the new 16-well binding award for the Transocean Equinox semi-submersible rig in
Australia with a consortium of four operators is expected to start in the first quarter of 2025 in direct continuation
of the rig's previously announced five-well, 300-day commitment in Australia with an undisclosed, ”major”
operator, currently expected to start in the first quarter of 2024.

The rig's new assignment is estimated to be a 380-day campaign, which will contribute approximately $184
million in backlog, excluding full compensation for mobilisation and demobilisation. In addition, this deal comes
with options, which if fully exercised, could keep the Transocean Equinox rig working in Australia into 2028.

The 2015-built Transocean Equinox semi-submersible rig is of GVA 4000 NCS design. Constructed by DSME,
the rig can accommodate 130 people. With a maximum drilling depth of 8,500 metres, it can operate in water
depths of up to 500 metres.

This new award comes after Transocean announced deals with an aggregate incremental backlog of around
$546 million, which raised the offshore drilling giant's total backlog to approximately $8.6 billion.