With largest annual backlog since before 2014 woes hit industry, Transocean envisages ‘multi-year upcycle’

Offshore drilling contractor Transocean has been busy during 2022, securing the largest annual backlog since before the downturn, which hit the oil and gas industry and the offshore drilling market in 2014. As a result, the rig owner is anticipating further growth in rig demand over the coming years, which will bring higher day rates and fleet utilisation.