Equatorial Guinea Business: New $80 Million Offshore Drilling Deal

MALABO, Equatorial Guinea — Equatorial Guinea's offshore energy sector has received a new business boost after international drilling company Transocean announced a contract valued at approximately $80 million in backlog for work in the country.

The company's Deepwater Conqueror ultra-deepwater drillship has been awarded a contract covering two wells with an operator that was not publicly identified. Transocean said the campaign is estimated to last 170 days and is expected to start in 2027 after the rig completes its current work in the U.S. Gulf of Mexico.

The agreement is expected to contribute about $80 million to Transocean's backlog, excluding additional services and compensation related to mobilization and demobilization.

The announcement highlights continued commercial activity around Equatorial Guinea's offshore oil and gas sector, which remains an important part of the country's economy. The U.S. State Department's latest investment-climate assessment says the oil and gas sector accounts for a significant share of government revenues, while the country is also seeking greater economic diversification.

The 2027 drilling campaign could bring additional offshore services and business activity, although the contract's wider economic impact on Equatorial Guinea has not been quantified.