(WO) - Transocean has been awarded a $158 million contract for its Deepwater Asgard drillship to support a five-well campaign in the Eastern Mediterranean.

The offshore drilling program is expected to span approximately 390 days, with operations scheduled to begin in the fourth quarter of 2026. The award will contribute to Transocean’s contract backlog, excluding additional revenues from services and mobilization.

The contract reflects continued demand for high-specification ultra-deepwater drilling units, particularly in emerging and underexplored basins such as the Eastern Mediterranean, where operators are advancing exploration and appraisal programs.

The latest award adds to a series of recent contract wins for Transocean, including work secured for rigs in Norway and Brazil. The company said total backlog additions have reached approximately $1.6 billion since the beginning of April, underscoring improving market conditions in the offshore drilling sector.