Equinor exercises $100m option for Transocean semisub

Norwegian energy major Equinor has exercised a two-well option for one of Transocean’s semisubs.

The option, exercised for the 2010-built Transocean Spitsbergen, will contribute approximately $100m in backlog, excluding additional services.

The work on the two wells in Norway is expected to begin in the first quarter of 2026 in direct continuation of the rig’s current program.

The rig has been working for Equinor since November 2023. After an extension for the rig was won in late October 2025, the rig was supposed to be employed until August 2027.

However, the latest fleet status report claimed that there was a priced option period between February 2026 and November 2026, while the rest was already firmed up. The period is around 270 days, which equates to around $100m under a $381,000 dayrate disclosed in the report.