Transocean Ltd. (RIG)

[Mother Lode]

This quarter’s report includes the following updates:

Seventh Generation Ultra-Deepwater Drillship (Deepwater Invictus, Deepwater Thalassa, or
Deepwater Proteus) – Awarded a 1,080-day contract in Mexico at a rate of $480,000.

Transocean Equinox – Awarded a five-well contract, plus a one-well option in Australia at a rate of
$455,000.

Transocean Equinox – Awarded a sixteen-well contract in Australia at a rate of $485,000, plus 21
one-well options at rates between $485,000 and $540,000.

Transocean Endurance – Awarded a two-well contract in Norway at a rate of $385,000.

Transocean Barents – Awarded a one-well contract in Lebanon at a rate of $365,000, plus 3 onewell options at rates that may vary between $350,000 and $390,000.

Transocean Encourage – Customer exercised six one-well options in Norway at a current rate of
$464,000.

Transocean Norge – Customer exercised a one-well option in Norway at a current rate of $365,000
and 3 one-well options at a current rate of $420,000.

Transocean Barents – Customer exercised a one-well option in the East Mediterranean Sea at a rate
of $370,000.

The aggregate incremental backlog associated with these fixtures is approximately $1.2 billion. As of July19, 2023, the company’s total backlog is approximately $9.2 billion. Assuming all contract options are exercised, the potential incremental backlog associated with the contract options is approximately $480 million to $500 million.