Harbour Energy PLC

Subsea7 S.A. has announced a sizeable contract award from LLOG Exploration Company LLC, a subsidiary of Harbour Energy, for the Who Dat East development in the US Gulf of Mexico. The project, located in lease MC 509-1 at a water depth of approximately 1,300 metres, involves the fabrication, transportation, and installation of a 29-kilometre steel catenary riser and pipe-in-pipe to the Who Dat floating production system, along with the installation of umbilical and subsea controls. Project management and engineering will begin immediately at Subsea7's Houston, Texas office, with offshore activities expected to start in 2028. Subsea7 defines a sizeable contract as being between $50 million and $150 million.

Harbour Energy reported record first-half production of 509,000 barrels per day, exceeding guidance and driven by strong performance in Norway and the US. The company increased its full-year free cash flow outlook to $1.8 billion, up from $1.4 billion, reflecting strong operational execution and higher commodity prices. Harbour also accelerated shareholder returns with a new $250 million share buyback and a 22% increase in total distributions year-over-year. The company completed strategic acquisitions of Log and Waldorf, adding high-margin, oil-weighted assets, and maintained leverage below its 1x target despite a $3.2 billion deal. However, second-half production is expected to decline due to planned maintenance and a placeholder for potential hurricane impacts in the Gulf of America, while cash tax payments are heavily weighted to the second half, which will pressure free cash flow.

Transocean Ltd. issued its quarterly fleet status report, revealing approximately $292 million in aggregate incremental backlog from new contract fixtures. The fixtures include a two-well extension for the Deepwater Conqueror and a two-well contract with two one-well options for the Deepwater Proteus, both in the U.S. Gulf, a one-well extension for the Deepwater Skyros with Murphy in Ivory Coast, a five-well contract with three one-well options for the Transocean Norge with Harbour Energy in Norway, and a two-well contract with five one-well options for the Transocean Equinox with Santos in Australia. Additionally, Equinor executed a conditional agreement for three harsh environment semisubmersible rigs on the Norwegian shelf, with a total value of approximately $1.0 billion, covering a three-year program for the Transocean Enabler, a two-year program for the Transocean Encourage, and a two-year program for the Transocean Endurance after its return from Australia. As of August 5, 2026, Transocean's total backlog stands at approximately $6.7 billion, excluding the $1.0 billion Equinor backlog pending license partner approvals.

Transocean Ltd. has secured approximately $185 million in firm contract backlog from two new offshore drilling awards. Harbour Energy awarded the Transocean Norge a five-well contract in Norway, contributing about $149 million and set to begin in the first quarter of 2028 immediately after its current program, with three one-well options included. Santos awarded the Transocean Equinox a two-well contract in Australia, contributing around $36 million and expected to start in the second quarter of 2027, with five one-well options. The deals strengthen Transocean's revenue visibility and fleet utilization in key regions.