Transocean shares rose after the company said its Deepwater Conqueror was awarded a two-well contract for work in Equatorial Guinea with an undisclosed operator.

The stock was 7% higher, at $5.81, in midday trade, it is up 75% in the past 12 months.

The contract drilling-services company said the estimated 170-day campaign is expected to begin in 2027 in direct continuation of the rig's current contract in the U.S Gulf, and contribute $80 million in backlog, excluding additional services and compensation for mobilization and demobilization.

Transocean owns or has partial ownership interests in and operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters.