Transocean Ltd. Provides Quarterly Fleet Status Report

Rhea-AI Summary

Transocean (NYSE: RIG) released a quarterly Fleet Status Report detailing 10 new fixtures across its offshore rig fleet, including multi-well contracts and exercised options in Romania, Brazil, Australia and Norway.

The incremental backlog from these fixtures is approximately $610 million, bringing total backlog to about $6.1 billion as of Feb 19, 2026.

Positive

• Aggregate incremental backlog of $610 million from 10 fixtures
• Total company backlog of approximately $6.1 billion as of Feb 19, 2026
• Multiple multi‑well awards and exercised options across Brazil, Australia, Norway, Romania

Negative

• New fixtures are fixed‑term and do not reduce exposure to future dayrate volatility

Key Figures

Incremental backlog: $610 million Total backlog: $6.1 billion Transocean Barents dayrate: $480,000 +5 more

8 metrics

Incremental backlog $610 million Aggregate incremental backlog from 10 fixtures in latest fleet report

Total backlog $6.1 billion Company total backlog as of February 19, 2026

Transocean Barents dayrate $480,000 One-well option exercised in Romania

Transocean Enabler dayrate $455,000 Three fixtures totaling seven wells in Norway

Transocean Encourage dayrate $416,000 Seven-well extension in Norway

Transocean Endurance dayrate $419,000 Three-well option exercised in Australia

Transocean Equinox dayrate $540,000 One-well option exercised in Australia

Skyros option days 900 days Optional incremental days tied to six-well contract in Australia

Market Reality Check

Price: $6.36 Vol: Volume 65,999,619 is roug...

normal vol

$6.36 Last Close

Volume Volume 65,999,619 is roughly in line with the 66,736,517 20-day average, suggesting no unusual trading activity ahead of the backlog update. normal

Technical Shares at $6.36 trade above the $3.56 200-day MA and about 3.19% below the $6.57 52-week high, placing the stock near the top of its annual range.

Peers on Argus

RIG gained 2.25% while momentum data show only HP in the scanner, moving -2.74%....

1 Down

RIG gained 2.25% while momentum data show only HP in the scanner, moving -2.74%. Broader peer quotes in drilling are modestly positive, but scanner activity diverges from RIG’s upside, indicating a more stock-specific reaction to contract and backlog updates.

Historical Context

5 past events · Latest: Feb 18 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 18	Shareholder review news	Neutral	+1.3%	Article questioned whether several companies obtained fair deals for shareholders.
Feb 11	Contract awards	Positive	+10.3%	Norway contracts added about $184 million to firm backlog for two rigs.
Feb 09	Shareholder review news	Neutral	+5.9%	Piece assessing fairness of deals involving STKL, VAL, and RIG.
Feb 09	Acquisition announcement	Positive	+5.9%	All-stock acquisition of Valaris valued around $5.8 billion with $10B backlog.
Jan 23	Earnings date set	Neutral	+2.8%	Announced Q4 2025 earnings release and fleet status report schedule.

Pattern Detected

Recent company-specific news on contracts and the Valaris transaction often coincided with positive share reactions, suggesting investors have rewarded backlog growth and strategic moves.

Recent Company History

Over the last month, Transocean has reported several notable developments. On Jan 23, it scheduled its Q4 2025 earnings and fleet report. On Feb 9, it announced the Valaris acquisition and related filings, tied to a pro forma backlog of about $10 billion. On Feb 11, it disclosed new Norway contracts adding about $184 million in backlog. Today’s fleet status report, with roughly $610 million of incremental backlog and total backlog near $6.1 billion, extends this backlog-building trajectory.

Market Pulse Summary

This announcement detailed new fixtures and options across several rigs, adding roughly $610 million...

Analysis

This announcement detailed new fixtures and options across several rigs, adding roughly $610 million of incremental backlog and bringing total backlog to about $6.1 billion. It follows earlier contract wins and the proposed Valaris combination, which emphasized building an industry-leading backlog. Investors may watch how future fleet status reports, execution on these high dayrate contracts, and progress on the acquisition shape overall backlog durability and utilization levels.

Key Terms

fleet status report, offshore drilling rigs, dayrate, backlog

4 terms

fleet status report technical

"issued a quarterly Fleet Status Report that provides the current status"

A fleet status report is an update on the condition, availability and operational performance of a company’s group of vehicles, aircraft or vessels, including items like active units, downtime for maintenance, incidents and utilization rates. Investors use it like a health-and-capacity check: it signals whether the company can meet demand, face unexpected repair costs or suffer revenue disruptions, so changes can affect cash flow, delivery reliability and valuation.

offshore drilling rigs technical

"the company’s fleet of offshore drilling rigs."

Offshore drilling rigs are large ships or platforms placed at sea to drill into the seabed and bring up oil or natural gas; they function like mobile factories that reach fuel deposits beneath the ocean floor. They matter to investors because building, owning or leasing rigs requires substantial upfront spending, determines how much energy a company can produce, and creates exposure to weather, technical and environmental risks that can quickly change revenue and share prices as energy markets move.

dayrate financial

"option in Romania at a dayrate of $480,000."

Dayrate is the agreed fee charged for each day of use of an asset or for daily provision of a service—commonly applied to things like drilling rigs, ships, heavy equipment, or specialist contractors. For investors it matters because dayrates determine short‑term revenue and operating margins: rising dayrates boost cash earned per working day and signal strong demand, while falling dayrates reduce income and can indicate weaker market conditions, similar to how a hotel’s nightly rate affects its nightly revenue.

backlog financial

"The aggregate incremental backlog associated with these 10 fixtures"

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

AI-generated analysis. Not financial advice.

STEINHAUSEN, Switzerland, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs.

UPDATES

This quarter’s report includes the following updates:

• Transocean Barents – Customer exercised a one-well option in Romania at a dayrate of $480,000.
• Deepwater Mykonos – Awarded a three-well contract with bp in Brazil.
• Deepwater Mykonos – Customer exercised a 90-day option in Brazil.
• Deepwater Skyros – Awarded a six-well contract in Australia plus options up to an incremental 900 days.
• Transocean Enabler – Customer awarded three fixtures for a total of seven wells in Norway at a dayrate of $455,000.
  
• Transocean Encourage – Awarded a seven-well extension in Norway at a dayrate of $416,000.
• Transocean Endurance – Customer exercised a three-well option in Australia at a dayrate of $419,000.
• Transocean Equinox – Customer exercised a one-well option in Australia at a dayrate of $540,000.

The aggregate incremental backlog associated with these 10 fixtures is approximately $610 million. As of February 19, 2026, the company’s total backlog is approximately $6.1 billion.

The report can be accessed on the company’s website: www.deepwater.com.

ABOUT TRANSOCEAN

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters.

FORWARD-LOOKING STATEMENTS

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “estimated,” “approximately,” “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and in many cases, cannot be predicted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, the cost and timing of mobilizations and reactivations, operating hazards and delays, weather-related risks, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the impact of governmental laws and regulations, the effects of contagious illnesses including the spread of and mitigation efforts by governments, businesses and individuals, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2024, and in the company’s other filings with the United States Securities and Exchange Commission (the “SEC”), which are available free of charge on the SEC’s website at: www.sec.gov. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at www.deepwater.com.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved, when making any investment decision involving Transocean securities.

ANALYST CONTACT:

Sarah Davidson
+1 713-232-7217

MEDIA CONTACT:

Kristina Mays
+1 713-232-7734

FAQ

What contracts did Transocean (RIG) announce in the Feb 19, 2026 fleet status report?

Transocean announced 10 fixtures including multi‑well awards and exercised options across four regions. According to the company, contracts include awards and options in Romania, Brazil, Australia and Norway covering development and exploration wells for multiple customers.

How much incremental backlog did Transocean (RIG) add from the February 2026 fixtures?

The company reported approximately $610 million of incremental backlog from the 10 fixtures. According to the company, this figure aggregates the contract value tied to the newly awarded wells and exercised options.

What is Transocean's (RIG) total backlog after the Feb 19, 2026 update?

Transocean's total backlog is approximately $6.1 billion as of Feb 19, 2026. According to the company, this total reflects committed work across the fleet, including the recent incremental $610 million from new fixtures.

Which rigs and dayrates were highlighted in Transocean's Feb 2026 fleet report (RIG)?

Notable rigs and dayrates include Barents at $480,000 and Equinox at $540,000. According to the company, other cited rates include Enabler at $455,000, Encourage at $416,000 and Endurance at $419,000.

Which customers or locations appear in Transocean's Feb 19, 2026 fleet update for RIG?

The report references work in Romania, Brazil, Australia and Norway, and a multi‑well award with bp in Brazil. According to the company, these fixtures involve various customers executing options and awarding new contracts.

Where can investors find the full Transocean (RIG) fleet status report released Feb 19, 2026?

Investors can access the full fleet status report on the company's website at the provided investor materials section. According to the company, the report is available online at www.deepwater.com for detailed contract listings.