Transocean Ltd. filings document an offshore contract drilling issuer whose shares are registered on the New York Stock Exchange under RIG. Its Form 8-K reports furnish operating results, financial condition disclosures, Regulation FD fleet status reports and exhibits covering drilling rig status, contract information and backlog-related updates for ultra-deepwater drillships and harsh-environment semisubmersibles.
The company’s regulatory record also includes statutory consolidated financial statements, proxy and governance materials, shareholder voting matters, capital-structure disclosures and material-event reports related to rig awards, contract extensions, debt actions and registered share information.
Transocean Ltd. (RIG) reported third-quarter contract drilling revenue of $937 million versus $1.028 billion in 2025, and net income of $26 million versus a $1.923 billion net loss. The 2025 quarter included a $1.913 billion impairment loss; the 2026 quarter had none. For the first nine months, revenue was $2.984 billion versus $2.922 billion, net income was $267 million versus a $2.940 billion net loss, and operating cash flow was $574 million versus $400 million. Total debt principal was $4.975 billion at September 30, 2026, versus $5.686 billion at December 31, 2025.
Under a February 9, 2026 agreement, Transocean will acquire all Valaris shares for 15.235 Transocean shares per Valaris share, subject to the agreement's conditions; the combination takes effect when the Bermuda court's sanction order is filed. A credit agreement signed October 15, 2026, would raise revolving commitments to $750 million from $510 million and extend scheduled maturity to October 2031 from June 2028. Effectiveness depends on closing the combination and satisfying or waiving customary conditions; the commitments terminate automatically if those conditions are not met or waived by May 9, 2027.
Transocean Ltd. (RIG) reported third-quarter 2026 contract drilling revenue of $937 million, compared with $1.028 billion a year earlier, and net income of $26 million versus a $1.923 billion loss. Adjusted EBITDA, a non-GAAP measure, was $313 million versus $397 million; net cash from operating activities was $174 million versus $246 million, and free cash flow was $131 million versus $235 million.
At September 30, 2026, total debt principal was $4.975 billion. Transocean said cash flow enabled it to retire ahead of schedule the remaining $200 million of debt associated with the Deepwater Aquila notes. As of November 2, 2026, backlog was approximately $8.0 billion. Final Equinor approval was received for three harsh-environment semisubmersible rigs in Norway; approximately $1.0 billion in total contract value is now included in backlog, and aggregate incremental backlog associated with the firm fixtures is approximately $2.0 billion. All regulatory approvals for the proposed Valaris combination are in hand, and closing is expected; identified annual synergies are $200 million.
Transocean Ltd. (RIG) said its proposed acquisition of Valaris Limited would exchange 15.235 Transocean shares for each Valaris share, subject to the Business Combination Agreement’s terms and conditions.
Both companies’ shareholder meetings are scheduled for November 24, 2026. Transocean shareholders will consider transaction-related matters and a separate proposal to amend its Articles of Association; Valaris shareholders will vote on the Scheme of Arrangement and related matters. Subject to the required shareholder approvals, Valaris will apply to Bermuda’s Supreme Court for sanction of the scheme. The hearing is scheduled for November 26, 2026. If the court sanctions the scheme, Transocean anticipates the conditions will be satisfied and the transaction will close on or about December 1, 2026.
Transocean Ltd. (RIG) announced contract awards for two ultra-deepwater drillships in the U.S. Gulf, representing approximately $550 million in firm contract backlog. The Deepwater Proteus received a ten-well contract with an undisclosed operator; its estimated 700-day campaign is expected to contribute approximately $325 million in backlog and commence in the first quarter of 2027, directly continuing its current U.S. Gulf contract.
The Deepwater Conqueror received a five-well contract with an undisclosed operator. Its estimated 450 days of work are expected to contribute approximately $225 million in backlog, excluding mobilization fees, and commence in the third quarter of 2027, directly continuing its program in Equatorial Guinea. Transocean says it owns or has partial ownership interests in and operates 27 mobile offshore drilling units: 20 ultra-deepwater floaters and seven harsh-environment floaters. The company described the backlog contributions and start dates as estimates and stated that forward-looking statements are subject to uncertainties that could cause actual results to vary materially.
Transocean Ltd., through its wholly owned subsidiary Transocean International Limited, entered into an amended and restated revolving credit agreement. It becomes effective only upon closing Transocean Ltd.’s previously announced acquisition of all issued and outstanding common shares of Valaris Limited and satisfaction or waiver of customary conditions for a secured credit facility. If those conditions are not satisfied or waived by May 9, 2027, lender commitments automatically terminate; the existing agreement remains in force until the new agreement takes effect.
Upon effectiveness, total revolving commitments increase to $750 million from $510 million, and scheduled maturity moves from June 2028 to October 2031; covenants and other terms are also modified. Transocean Ltd. and certain subsidiaries continue as guarantors, with certain drilling rigs and related collateral securing the facility. Separately, Transocean retired its 8.00% Senior Secured Notes due 2028 in full on October 1, 2026. The $165 million outstanding principal, plus a call premium and accrued but unpaid interest, was settled using cash on hand and funds from the associated debt service reserve account; interest expense savings to maturity are approximately $22 million.
Transocean Ltd. (RIG) and Valaris Limited entered into a Business Combination Agreement on February 9, 2026. The agreement provides that Transocean will acquire all issued and outstanding Valaris common shares for 15.235 Transocean shares per Valaris share, subject to the agreement’s terms and conditions.
On October 13, 2026, Brazil’s competition authorities (CADE) determined that the combination may proceed without restrictions. Publication is expected October 15 or October 16, starting a 15-day waiting period before the decision becomes final; once final, all regulatory approval conditions will be satisfied. A joint definitive proxy statement was filed and distributed to both companies’ shareholders seeking approval of their respective transaction proposals. The companies currently anticipate closing in the fourth quarter of 2026, subject to satisfaction or waiver of the remaining closing conditions.
Transocean Ltd. (RIG) is seeking shareholder approval for its proposed acquisition of Valaris Limited through a court-sanctioned scheme of arrangement. Under the agreement, each eligible Valaris share is expected to be exchanged for 15.235 Transocean shares, subject to customary adjustments before the Effective Time; fractional shares will be settled in cash. The share issuance resolution caps the new shares issued for the exchange at 1,163,640,159.
Transocean is also seeking authority to issue up to 126,490,949 shares for specified equity awards and Valaris warrants. Following completion, existing Transocean and Valaris shareholders are expected to own approximately 53% and 47%, respectively, on a fully diluted basis, assuming conversion of Transocean’s exchangeable bonds due 2029. The meetings are scheduled for November 24, 2026. The parties anticipate completion during the second half of 2026, subject to required shareholder approvals, court sanction, share registration, listing approval and certain regulatory approvals; they state they cannot be certain when or if all conditions will be met.
Transocean Ltd. (RIG) announced a new award from A/S Norske Shell representing approximately $62 million in firm contract backlog and final approval of its previously announced Equinor agreement, whose approximately $1.0 billion contract value is now included in backlog. The announcement described approximately $1.1 billion in contract backlog, including the fully approved Equinor agreement.
The Transocean Norge was awarded a two-well contract with an estimated 120 days of work, expected to commence in direct continuation of its previously awarded programs in Norway. The approximately $62 million backlog contribution excludes additional services, and the contract includes one single-well option. Final approval was received in late September for the Equinor agreement covering three harsh environment semisubmersible rigs: Transocean Enabler, Transocean Encourage and Transocean Endurance.
Transocean Ltd. (symbol: RIG) is the issuer of record for a Form 8-K filing submitted to the SEC.
Transocean Ltd. (RIG) disclosed that its ultra-deepwater drillship Deepwater Conqueror has been awarded a two-well contract in Equatorial Guinea with an undisclosed operator. The work is an estimated 170-day campaign expected to commence in 2027 in direct continuation of the rig’s current contract in the U.S. Gulf.
The new contract is expected to contribute approximately $80 million in backlog, excluding any additional services and mobilization or demobilization compensation. Transocean describes itself as a leading offshore drilling contractor, operating a fleet of 27 mobile offshore drilling units, including 20 ultra-deepwater floaters and seven harsh environment floaters, focused on technically demanding offshore projects.