Transocean and Equinor Join Forces for New Drilling Campaign in the Norwegian Sea

In a move that underscores the ongoing strength of the North Sea energy sector, Transocean Ltd. (NYSE:RIG) has secured a new offshore drilling contract with Equinor ASA (NYSE:EQNR). Announced on June 27, the contract calls for Transocean’s Encourage rig to begin drilling operations in the Norwegian Sea this July.

This assignment isn’t just another routine job—it represents the next phase of exploration in one of the most technically advanced offshore markets in the world.

The Well: 6506/12-PB-3 H

Equinor recently received official approval from the Norwegian Offshore Directorate (NOD) to drill wellbore 6506/12-PB-3 H, a wildcat well located within production license PL 094. In offshore drilling, a wildcat well is an exploratory well drilled in an unproven area, with the goal of discovering new hydrocarbon reserves. These wells are high-risk but high-reward, often critical to extending the life of oil and gas basins.

Equinor is the operator of this license with a 40.95% stake, alongside co-venture partners:

• Var Energi

• Petoro

• TotalEnergies EP Norge

The Rig: Transocean Encourage

The drilling operations will be carried out using the Transocean Encourage, one of Transocean’s most capable harsh-environment semi-submersible rigs. Purpose-built for the Norwegian Continental Shelf (NCS), the Encourage is known for its advanced dynamic positioning, high-capacity blowout preventers, and ability to operate in deep waters with challenging weather conditions.

In 2023, Transocean secured a 9-well contract for the Encourage, including options for 6 additional wells. This latest Equinor assignment activates one of those contracted wells, ensuring the rig remains fully utilized.

Why This Matters: Norway’s Offshore Energy Push

The Norwegian Sea has long been a strategic cornerstone of Europe’s offshore oil and gas production. Despite global discussions around the energy transition, Norway continues to explore new fields while managing one of the world’s most progressive environmental and regulatory regimes.

Equinor, Norway’s state-backed energy major, has taken a balanced approach—investing heavily in offshore wind while continuing to pursue high-value oil and gas projects that support European energy security. Wildcat wells like 6506/12-PB-3 H are part of this strategy. Each successful discovery can unlock years of new production, supporting jobs, revenue, and energy supply at a time when the global market remains in flux.

About Transocean

Transocean Ltd. is a global leader in offshore drilling, specializing in harsh-environment and ultra-deepwater rigs. The company provides contract drilling services worldwide and maintains a strong presence in the North Sea, the Gulf of Mexico, and deepwater basins globally.

The Encourage rig is part of Transocean’s strategy to maintain a competitive edge in high-specification, high-margin markets where precision and operational excellence are non-negotiable.

Looking Ahead

While much of the global market is focused on AI and tech stocks, the offshore drilling sector remains a foundational piece of global energy infrastructure. This deal between Transocean and Equinor highlights the ongoing demand for advanced drilling services, particularly in complex regions like the Norwegian Sea where technical capability determines success.

With the Transocean Encourage now mobilizing for its next assignment, both companies are betting on continued offshore exploration to drive future supply—even as the energy industry evolves.