A contractor that runs a fleet of ultra-deepwater drillships and harsh-environment semisubmersibles, renting them out by the day to oil and gas companies worldwide. Its biggest vessels, like the Deepwater Atlas and Deepwater Titan, drill in waters too deep for fixed platforms, and it has agreed to acquire rival Valaris. The name traces to a 1926 rig-hand named "Stoney" Stoneman, who bought his first drilling rig with a personal check; his company later merged into today's Transocean.
Transocean signs $1B+ Equinor deal for three harsh-environment rigs; CFIUS clears Valaris merger
Transocean entered a conditional agreement with Equinor for three harsh-environment semisubmersible rigs on the Norwegian shelf, worth over $1 billion in backlog over seven rig years.
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The base day rate is $399,000, with adjustments expected to push the effective day rate above $400,000 at commencement.
The three Cat D rigs are the Transocean Enabler (3-year program starting Q1 2028), Transocean Encourage (2-year program starting Q1 2028), and Transocean Endurance (2-year program starting Q2 2027).
CFIUS approved the Transocean-Valaris business combination on June 29, 2026, satisfying a key closing condition.
The companies are still awaiting DOJ antitrust review, with a commitment not to close until 60 days after certifying substantial compliance with the Second Request, and expect completion in H2 2026.
7.01 Regulation FD Disclosure · 8.01 Other Events · 9.01 Financial Statements and Exhibits
Transocean announces $185M in contract awards for two harsh environment semisubmersibles.
The Transocean Norge received a five-well contract with Harbour Energy in Norway, expected to start in Q1 2028 and contribute about $149 million in backlog, with three one-well options.
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Transocean Ltd. (NYSE: RIG) disclosed contract awards totaling approximately $185 million in firm backlog for two harsh environment semisubmersibles.
The Transocean Equinox received a two-well contract with Santos in Australia, expected to start in Q2 2027 and contribute about $36 million in backlog, with five one-well options.
The disclosure was made under Item 7.01 Regulation FD, with the press release attached as Exhibit 99.1.
7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Transocean shareholders approve share issuance authorization and elect 11 directors at 2026 AGM
At the May 22, 2026 Annual General Meeting, shareholders approved an amendment to the Articles of Association permitting issuance of up to 240,801,936 shares, par value $0.10 each, expiring May 22, 2027.
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The company issued 100,000,000 shares into treasury under the new authorization, increasing total issued share capital to $130,400,968.10 across 1,304,009,681 registered shares.
The treasury share issuance was exempt from registration under Section 4(a)(2) of the Securities Act as a transaction not involving a public offering.
The Board of Directors approved dissolving the Finance Committee, effective July 1, 2026, via an amendment to the Organizational Regulations.
Shareholders approved all proposals, including the 2025 annual report, compensation reports, discharge of directors and executive management, appropriation of accumulated losses, election of 11 directors, and ratification of Ernst & Young as auditor.
3.02 Unregistered Sales of Equity Securities · 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year · 5.07 Submission of Matters to a Vote of Security Holders · 9.01 Financial Statements and Exhibits
Transocean enters support agreement to nominate Kristian Johansen to its board
On May 19, 2026, Transocean Ltd. entered into a support agreement with Famatown Finance Limited, Kristian Johansen, and other parties.
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Transocean agreed to nominate Mr. Johansen for election to its board at the extraordinary general meeting, conditioned on shareholder approval and consummation of the Valaris acquisition.
The nomination right extends through a Re-Nomination Period ending two years after the extraordinary general meeting, with possible extensions.
Famatown parties have rights to nominate a replacement director and designate a board observer under certain conditions.
The support agreement includes standstill and voting covenants, and terminates if Famatown parties own less than 3.5% of Transocean shares or breach commitments.
1.01 Entry into a Material Definitive Agreement · 9.01 Financial Statements and Exhibits
Transocean and Valaris receive DOJ Second Request in HSR review of proposed business combination
The Second Request extends the HSR waiting period until 30 days after both parties substantially comply, unless extended voluntarily or terminated earlier by the DOJ.
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On May 4, 2026, Transocean and Valaris each received a Second Request from the DOJ under the HSR Act regarding their proposed business combination.
The proposed transaction, announced February 9, 2026, involves Transocean acquiring all Valaris shares in exchange for 15.235 Transocean shares per Valaris share.
Transocean withdrew its HSR filing on April 1, 2026, and refiled on April 3, 2026; both parties originally filed on March 2, 2026.
The parties state they are cooperating with the DOJ's review of the transaction.
Transocean reports Q1 2026 net income of $71 million on revenues of $1.08 billion
Adjusted EBITDA was $440 million with an adjusted EBITDA margin of 40.7%.
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Contract drilling revenues were $1.08 billion in Q1 2026, up from $906 million in Q1 2025.
Net income was $71 million, or $0.06 per diluted share, compared to a net loss of $79 million in the prior-year quarter.
The company added $1.6 billion in contract backlog at a weighted average dayrate of about $410,000, bringing total backlog to approximately $7.1 billion.
For Q2 2026, the company guides contract drilling revenues of $930–970 million and full-year 2026 revenues of $3.8–3.9 billion.
2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits