Transocean Ltd. announced that Petrobras awarded two of the Company’s ultra-deepwater drillships, the Ocean Rig Corcovado and Ocean Rig Mykonos, with a 629 day contract and 550 day contract, respectively. The estimated firm contract backlog, excluding mobilization, is approximately $123 million and $118 million, respectively. The rigs are expected to commence work in Brazil in November 2019 and the contracts include priced options for 680 days and 815 days, respectively.

“We are very pleased to have so quickly secured contracts for the Mykonos and Corcovado, two of the high-specification ultra-deepwater drillships acquired as part of the Ocean Rig transaction last December,” said President and Chief Executive Officer Jeremy Thigpen. “These contracts further solidify our long-standing partnership with Petrobras, and will expand our rig operations in the strategically important market of Brazil. With three rigs operating in the region, we intend to benefit from efficiencies that can only be derived from building scale in this market.”

About Transocean

Transocean (NYSE: RIG) 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 deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.

Transocean owns or has partial ownership interests in, and operates a fleet of 48 mobile offshore drilling units consisting of 31 ultra-deepwater floaters, 13 harsh environment floaters, and four midwater floaters. In addition, Transocean is constructing four ultra-deepwater drillships; and one harsh environment semisubmersible in which the company has a one-third interest.

About Petrobras

We have upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.