Transocean Strengthens Backlog With Equinor's Contract Extension

Transocean Inc. RIG, a leading global offshore drilling contractor, has won a contract extension for its semi-submersible rig, Transocean Spitsbergen, offshore Norway. Equinor ASA EQNR has exercised a two-well option, extending the semi-submersible rig’s existing program with the company in the Norwegian Continental Shelf (“NCS”).The work for this extension is expected to start in the first quarter of 2026 in direct continuation of the rig’s current program. The contract extension will add $100 million to Transocean's current backlog, excluding additional services. Transocean’s fleet status report from April 2025 mentioned that its current backlog was $7.9 billion.The Transocean Spitsbergen semi-submersible rig boasts an Aker H-6e design. The rig is capable of operating in high-pressure and harsh environments. The rig can operate in water depths of up to 10,000 feet and has a maximum drilling depth of 30,000 feet. The rig can accommodate 140 people and has been under contract with Equinor for several years.Zacks Rank & Key PicksBoth RIG and EQNR currently carry a Zacks Rank #3 (Hold).Some better-ranked stocks from the energy sector are Flotek Industries Inc. FTK and Energy Transfer ET. While Flotek Industries sports a Zacks Rank #1 (Strong Buy) at present, Energy Transfer carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Flotek Industries specializes in green chemistry, which provides innovative solutions aimed at reducing the environmental impact of the energy industry. Flotek develops specialty chemicals tailored for both domestic and international energy producers, as well as oilfield service companies. These chemicals not only help reduce the environmental impact of hydrocarbon production but also lower operational costs.Energy Transfer is a midstream player that owns and operates one of the most diversified portfolios of energy assets in the United States. Boasting a pipeline network extending more than 130,000 miles, its network spans over 44 states. With a presence in all the major U.S. production basins, ET’s outlook seems positive.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Transocean Ltd. (RIG): Free Stock Analysis Report Energy Transfer LP (ET): Free Stock Analysis Report Flotek Industries, Inc. (FTK): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks