Transocean Ltd. reports developments in offshore contract drilling services for oil and gas wells. The company operates in technically demanding offshore markets, with a focus on ultra-deepwater drilling and harsh-environment semisubmersible operations. Its updates commonly address drillship and semisubmersible contracts, customer options, fleet status reports, operating uptime, dayrate trends, and contract backlog across regions such as Brazil, Norway and Australia.
Recurring news for Transocean also covers quarterly and annual financial results, cash flow, liquidity, debt retirement and other capital-structure actions tied to its offshore rig fleet and long-term drilling contracts.
Transocean (NYSE: RIG) reported third-quarter 2026 net income of $26 million as contract drilling revenue declined sequentially and year over year. Diluted earnings were $0.02 per share, while revenue fell to $937 million from $966 million in the second quarter and $1,028 million a year earlier. Adjusted EBITDA was $313 million, and operating cash flow was $174 million.
Nine new contracts added approximately $2.0 billion in backlog, bringing backlog to approximately $8.0 billion as of November 2. Total debt principal ended the quarter at $4,975 million, down from $5,107 million sequentially. Transocean expects the Valaris closing on December 1, with all regulatory approvals obtained, and is targeting $200 million in identified annual synergies. The company forecasts 2026 revenue of $3,900–3,950 million and preliminary 2027 revenue of $3,850–4,000 million.
Transocean (NYSE: RIG) reported approximately $2.0 billion in incremental backlog from firm fixtures in its quarterly fleet status update. Total backlog was approximately $8.0 billion as of November 2, 2026.
Deepwater Conqueror received two-well and five-well contracts in Equatorial Guinea and the U.S. Gulf, respectively. Deepwater Proteus received a ten-well U.S. Gulf contract, and its client exercised an optional well. Dhirubhai Deepwater KG2 announced a two-year binding Letter of Award with ONGC in India. Transocean Norge received a two-well Shell contract in Norway with one single-well option; Transocean Equinox's client exercised an optional well. Equinor gave final approval in late September for an agreement covering three rigs in Norway, adding approximately $1.0 billion to backlog.
Transocean (NYSE: RIG) announced contract awards for two ultra-deepwater drillships in the U.S. Gulf, adding approximately $550 million in firm backlog.
Deepwater Proteus secured a ten-well contract with an undisclosed operator. Transocean expects the estimated 700-day campaign to contribute approximately $325 million in backlog and begin in the first quarter of 2027, directly following its current U.S. Gulf contract.
Deepwater Conqueror secured a five-well contract with an undisclosed operator. The company expects the estimated 450 days of work to contribute approximately $225 million in backlog, excluding mobilization fees, and begin in the third quarter of 2027, directly following its Equatorial Guinea program.
Transocean (RIG) announced an amended credit agreement through its wholly owned subsidiary, Transocean International, to expand its revolving credit facility. Upon effectiveness, revolving commitments will rise from $510 million to $750 million, and scheduled maturity will extend from June 2028 to October 2031. Effectiveness depends on closing Transocean’s previously announced Valaris acquisition and customary conditions; certain covenants and other terms will also change.
Separately, Transocean fully retired its 8.00% Senior Secured Notes due 2028 on October 1, 2026. It settled $165 million of principal, plus a call premium and accrued unpaid interest, using cash on hand and the associated debt service reserve account. Interest expense savings to maturity are approximately $22 million.
Transocean (NYSE: RIG) will release third-quarter 2026 earnings and a fleet status report after trading closes on November 2, 2026.
The company will hold a teleconference on November 3, 2026, at 9 a.m. EST / 3 p.m. CET. A listen-only webcast will be available on its website. A replay will be available after 12 p.m. EST / 6 p.m. CET that day and archived for approximately 30 days.
Transocean (NYSE: RIG) announced approximately $1.1 billion in contract backlog additions through a new Shell award and final Equinor approval.
Transocean Norge received a two-well contract with A/S Norske Shell, adding approximately $62 million in firm backlog, excluding additional services. The estimated 120 days of work is expected to begin directly after the rig's previously awarded programs in Norway. The contract includes one single-well option.
Equinor's final approval, received in late September, converted approximately $1.0 billion in previously announced contract value into firm backlog. The agreement covers Transocean Enabler, Transocean Encourage and Transocean Endurance, three harsh environment semisubmersible rigs in Norway.
Transocean (RIG) secured a two-well ultra-deepwater drilling contract for the Deepwater Conqueror in Equatorial Guinea, adding an estimated $80 million to backlog.
The campaign is expected to last about 170 days and begin in 2027 as a direct continuation of the rig’s current U.S. Gulf contract. The backlog figure excludes any additional services and mobilization or demobilization compensation.
Transocean (NYSE: RIG) announced a binding two-year Letter of Award with ONGC in India for its ultra-deepwater drillship Dhirubhai Deepwater KG2. The campaign is expected to begin in Q1 2027 and deliver about $300 million in contract value, including additional services and mobilization fees. The deal also provides two years of priced options that could extend operations in India into early 2031.
Transocean (NYSE: RIG) reported second quarter 2026 contract drilling revenues of $966 million, with revenue efficiency of 97.0%. Net income was $170 million, or $0.04 diluted EPS, and adjusted EBITDA was $312 million, a 32.2% margin. Operating cash flow reached $236 million, yielding free cash flow of $212 million after $24 million of capex, and total liquidity exceeded $1.3 billion, including an undrawn revolver.
The company added about $292 million of new contract backlog at a weighted average dayrate of roughly $461,000, bringing total backlog to approximately $6.7 billion, excluding a conditional $1.0 billion Equinor agreement. Total debt (principal) ended the quarter at $5.1 billion, down from $6.7 billion a year earlier. For 3Q26, Transocean guides contract drilling revenues of $920–960 million and full‑year 2026 revenues of $3.9–3.975 billion, with expected fleetwide revenue efficiency of 96.5%.
Transocean (NYSE: RIG) reported its latest quarterly Fleet Status Report, highlighting new offshore drilling contracts and extensions across multiple regions. Firm awards include work for Deepwater Conqueror and Deepwater Proteus in the U.S. Gulf, Deepwater Skyros with Murphy in Ivory Coast, Transocean Norge with Harbour Energy in Norway, and Transocean Equinox with Santos in Australia, adding approximately $292 million of incremental backlog.
According to Transocean, Equinor also executed a conditional agreement for three harsh environment semisubmersibles on the Norwegian shelf, valued at about $1.0 billion. As of August 5, 2026, total backlog is approximately $6.7 billion, excluding the conditional Equinor backlog.