Transocean reported third quarter 2026 revenue of $937 million and diluted EPS of $0.02, both trailing consensus estimates. Despite the slight financial miss, the company demonstrated operational momentum by securing $2.0 billion in new contract fixtures at a weighted average dayrate of $423,000, bringing its total backlog to $8.0 billion. Management confirmed the pending Valaris merger has received all regulatory approvals and is scheduled to close on December 1, 2026.
Key Highlights
- Contract backlog reached $8.0 billion as of November 2026, supported by nine new fixtures that significantly improved 2027 contract coverage to 95%.
- Adjusted EBITDA was $313 million with a 33.4% margin, driven by a high revenue efficiency rate of 96.8% across the fleet.
- Strong free cash flow of $131 million allowed the company to retire the remaining $200 million of Deepwater Aquila notes ahead of schedule.
- Integration planning for the Valaris combination is targeting $200 million in annual synergies following the expected December close.