(RTTNews) - Transocean Ltd. (RIG), a drilling company, on Tuesday announced that it has secured a 1,156-day contract extension for the Deepwater Corcovado rig with Petróleo Brasileiro S.A.(PBR), expected to add approximately $445 million in incremental backlog.
The extension will keep the rig contracted through November 2030 in direct continuation of its current operations.
The company said the backlog will be reduced by approximately $20 million.
The reduction relates to the period from April 1 until the commencement of the extension in September 2027.
The net additional backlog from the extension is approximately $425 million.
In the pre-market trading, Transocean 0.08% higher at $6.64 on the New York Stock Exchange.
In the pre-market trading, Petrobras 0.75% lesser at $21.81 on the New York Stock Exchange.
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