Welcome to our dedicated page for Transocean Ltd. SEC filings (Ticker: RIG), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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. and Valaris Limited have agreed to combine by a court‑sanctioned scheme of arrangement. Under the Business Combination Agreement, each Valaris common share will be exchanged for 15.235 Transocean Shares, with cash paid in lieu of fractional shares.
After closing and related Transocean share capital increases, the parties expect pro forma ownership of the Combined Company to be approximately 53% Transocean and 47% Valaris on a fully diluted basis (assuming conversion of Transocean’s exchangeable bonds due 2029). Completion requires Transocean and Valaris shareholder approvals, court sanction in Bermuda and customary regulatory clearances. The parties currently anticipate closing in the second half of 2026.
Transocean Ltd. director and CEO Keelan Adamson reported routine equity compensation activity involving restricted share units. On May 1, 2026, one third of a prior grant of restricted units vested, giving him 180,931 registered shares under the company’s long-term incentive plan. On May 4, 2026, 71,556 of these shares were delivered to satisfy tax obligations associated with the vesting. After these transactions, Adamson directly holds 1,600,884 registered shares.
Transocean Ltd. reported sharply improved results for the quarter ended March 31, 2026, driven by higher activity and pricing in offshore drilling. Contract drilling revenues rose to $1.081 billion from $906 million, as operating days, average dayrates and revenue efficiency all increased.
Operating income jumped to $287 million from $64 million, and net income reached $71 million versus a loss of $79 million a year earlier, or $0.06 per diluted share. Cash from operations improved to $164 million, while the company used $556 million to repay debt, including early redemption of $358 million of 8.375% senior secured notes due 2028.
The company ended the quarter with $330 million of unrestricted cash, $285 million of restricted cash and total debt with a carrying amount of $5.274 billion. Transocean also agreed to acquire Valaris Limited in an all-share business combination, at an exchange ratio of 15.235 Transocean shares for each Valaris share, and subsequently issued 9.7 million shares in April 2026 to settle exercised warrants. Fleet fundamentals strengthened, with total average daily revenue rising to $475,600, revenue efficiency at 97.3% and overall rig utilization at 86.7%.
Transocean Ltd. reports that the U.S. Department of Justice has issued a “Second Request” for additional information under the Hart-Scott-Rodino Act in connection with its proposed business combination with Valaris Limited. Under the agreement, Transocean will acquire all Valaris common shares in exchange for 15.235 Transocean shares per Valaris share.
The Second Request extends the HSR waiting period until 30 days after both companies have substantially complied with the DOJ’s information requests, unless that period is further extended by agreement or terminated earlier by the DOJ. Transocean and Valaris state they are continuing to work cooperatively with the DOJ and highlight numerous risks and uncertainties that could affect the timing, completion and benefits of the transaction.
Transocean Ltd. reported a solid turnaround in the first quarter of 2026, with contract drilling revenues rising to $1.081 billion from $906 million a year earlier and net income improving to $71 million from a prior-year loss of $79 million. Adjusted EBITDA increased to $440 million, with an adjusted EBITDA margin of 40.7%, reflecting strong fleet performance and revenue efficiency of 97.3%. Free cash flow was $136 million, and the company reduced total debt (principal amount) to $5.137 billion from $5.686 billion at year-end 2025, strengthening its balance sheet. Transocean’s total contract backlog reached approximately $7.1 billion, including about $1.6 billion of incremental backlog from new or extended contracts on five rigs. For 2Q26, the company guides contract drilling revenues to $930–$970 million and for full-year 2026 to $3.8–$3.9 billion, with expected fleet-wide revenue efficiency of 96.5% and year-end total liquidity between $1.25–$1.35 billion.
Transocean Ltd. reported a new five-well contract for its ultra-deepwater drillship Deepwater Asgard in the Eastern Mediterranean Sea with an undisclosed operator. The estimated 390-day campaign is expected to start in the fourth quarter of 2026 and add approximately $158 million to contract backlog, excluding extra services and mobilization or demobilization payments.
Including this award and recently announced fixtures for the Transocean Barents in Norway and the Deepwater Orion, Deepwater Aquila and Deepwater Corcovado in Brazil, total backlog additions are about $1.6 billion since the beginning of April. Transocean highlights its focus on technically demanding ultra-deepwater and harsh environment projects, supported by a fleet of 27 high-specification floating units.
Transocean Ltd. reported that its ultra-deepwater drillship Deepwater Corcovado received a 1,156-day contract extension from Petrobras, expected to add approximately $445 million in incremental backlog and keep the rig working through November 2030.
Between April 1, 2026 and the start of the new contract in September 2027, the company’s existing backlog will be reduced by approximately $20 million, reflecting revised terms ahead of the extension period. Transocean notes it operates a fleet of 27 high-specification offshore drilling units focused on ultra-deepwater and harsh environments.
Transocean Ltd. announced new offshore drilling contracts that add approximately $1.0 billion in incremental firm contract backlog, including a harsh environment semisubmersible in Norway and extensions for two ultra-deepwater drillships in Brazil. The company also fully retired its 8.375% Senior Secured Notes due 2028 with an outstanding principal of $358 million, using cash on hand and a debt service reserve account, generating about $39 million of interest expense savings to maturity. Including this transaction, Transocean currently expects to retire a total of $0.75 billion of debt in 2026 as part of its strategy to accelerate deleveraging and simplify its balance sheet.
Transocean Ltd. is asking shareholders to approve routine annual items and highlight its planned all-stock acquisition of Valaris at the 2026 Annual General Meeting on May 22 in Zug, Switzerland. The company reports a strong 2025, with more than 90% of its ultra-deepwater and harsh-environment fleet committed and a $6.1 billion contract backlog that it aims to turn into free cash flow.
Management cites a record-low total recordable incident rate of 0.19 and 97.7% fleet uptime as evidence of operational strength. The Valaris deal is described as transformative, targeting over $200 million in cost synergies on top of about $250 million in standalone savings and creating a combined pro forma backlog of nearly $11 billion. Shareholders will also vote on director elections, capital authorization for up to 240,801,936 new shares, auditor ratification, and both advisory and binding compensation votes.