Transocean Ltd. Reports Third Quarter 2026 Results
Key Highlights
- ➤Contract drilling revenue $937M, down $91M year-over-year
- ➤Net income $26M, or $0.02 per diluted share
- ➤Added $2.0B backlog at approximately $423,000 weighted average dayrate
- ➤Backlog reached approximately $8.0B, with 2027 coverage near 95%
- ➤Valaris closing expected December 1; $200M annual synergies identified
Expert Statements
Keelan Adamson, CEO of Transocean
“Since our last report, we delivered solid operating results and significantly strengthened forward contract visibility.”
Keelan Adamson, CEO of Transocean
“Strong cash flow enabled us to retire the remaining $200 million of debt associated with the Deepwater Aquila notes, ahead of schedule.”
Keelan Adamson, CEO of Transocean
“New deepwater and harsh-environment awards increased our backlog to approximately $8.0 billion and improved 2027 contract coverage to approximately 95%.”
Keelan Adamson, CEO of Transocean
“Our priorities remain safe and reliable customer service, maximizing conversion of backlog into cash flow, and reducing debt.”
Keelan Adamson, CEO of Transocean
“With all regulatory approvals now in hand and the Valaris closing expected on December 1, we are focused on integration planning and capturing $200 million in identified annual synergies.”
STEINHAUSEN, Switzerland, Nov. 02, 2026 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today reported financial results for the third quarter of 2026. The Company will host a conference call and webcast at 9 a.m. EST, 3 p.m. CET, on Tuesday, November 3, 2026, with participation details included in this release. Supplemental schedules have been posted to the Investors section of the Company’s website at www.deepwater.com.
THIRD QUARTER 2026 KEY POINTS * Contract drilling revenues were $937 million with strong revenue efficiency((1)) of 96.8%. * Net income was $26 million or $0.02 per diluted share. * Adjusted EBITDA was $313 million, implying a 33.4% margin. * Net cash provided by operating activities was $174 million; net of capital expenditures of $43 million, free cash flow was $131 million. * Ended the period with total liquidity of $1.3 billion, including the existing $510 million undrawn revolving credit facility. * Added $2.0 billion in contract backlog((2)) at a weighted average dayrate of about $423,000. “Since our last report, we delivered solid operating results and significantly strengthened forward contract visibility,” said Keelan Adamson, Transocean’s CEO. “Strong cash flow enabled us to retire the remaining $200 million of debt associated with the Deepwater Aquila notes, ahead of schedule. New deepwater and harsh-environment awards increased our backlog to approximately $8.0 billion and improved 2027 contract coverage to approximately 95%.
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