MEXICO CITY, March 9, 2026, 13:29 CST.
Woodside Energy said on Monday it had launched the Trion drilling campaign in the Gulf of Mexico using Transocean’s Deepwater Thalassa, bringing the offshore driller onto a major Mexican project. An April 2025 Transocean fleet report had shown the job running from March 2026 to March 2029 at a $480,000 dayrate, or daily rig fee. 1
The timing matters for Transocean. The driller is trying to turn stronger offshore demand into steadier cash flow while cutting debt and pursuing its $5.8 billion all-stock purchase of rival Valaris. Last month, Transocean said backlog — future revenue tied to signed contracts — stood at about $6.1 billion after debt principal fell to $5.686 billion. 2
If the Valaris deal closes in the second half of 2026, the combined company would have 73 rigs and about $10 billion of backlog, widening Transocean’s reach across deepwater, harsh-environment and shallow-water work. Chief Executive Keelan Adamson said in February the deal was set up for a “multi-year offshore drilling upcycle” and faster debt reduction. 3
Woodside said Trion, operated with Mexico’s state oil company Pemex, calls for 24 wells on the seabed feeding a floating production vessel with nameplate capacity of about 100,000 barrels per day. First oil is still targeted for 2028, and Woodside said the project could deliver more than $10 billion in taxes and royalties to Mexico. 4
Acting CEO Liz Westcott called the start “a milestone for the Trion Project.” Stephane Drouaud, Woodside’s vice president for Trion, said the team was “safely and systematically moving the project forward.” 4
Transocean’s February results show the financial backdrop. Adamson said the company took “significant strides” in 2025 as contract drilling revenue reached $3.965 billion and free cash flow hit $626 million. Fourth-quarter interest expense fell as debt came down, and the company said it added $839 million of backlog last year at a weighted average dayrate of $453,000. 2
Leslie Cook, principal analyst at Wood Mackenzie, said the Valaris tie-up would cement Transocean’s lead in the most capable deepwater rigs and that “acquiring new backlog makes sense” in a market with little room for organic growth. 5
In New York trading, Transocean shares rose 24 cents to $6.17 and Valaris gained $3.58 to $91.09. Noble rose $1.46 to $45.16, while Seadrill added $1.22 to $43.24.
Still, the setup is not clean. Transocean is still working down $5.686 billion of debt, and the Valaris transaction needs regulatory and shareholder approval. Merger documents warn that some Valaris customers could seek to amend or terminate contracts after a change of control, while Transocean’s fleet report says contract dates, dayrates and revenue can slip because of delays, suspensions and rig downtime. 2
The same fleet report showed the Thalassa moving from Shell work in the U.S. Gulf of Mexico through February 2026 into the Woodside job in Mexico from March. Monday’s launch marks the start of that handoff. 6
