An equipment containment and transport assembly (20) includes an open-top equipment-receiving primary bag (22) having upstanding sidewall structure (26) equipped with lifting lug opening pairs (30, 32), and a bottom wall (28). The assembly (20) further has a flexible sleeve (24), which is secured to the sidewall structure (26) and is shiftable between a ready position surrounding the sidewall structure (26) and a deployed position extending upwardly for closure or the assembly (20). When deployed, the sleeve (24) covers the lug opening pairs (30, 32). The assembly (20) is particularly useful for containment and shipping of electrical transformers.