Quarterly ResultMay 4, 2026, 05:29 PM
Transocean Q1 Revenue $1.08B, Net Income $71M; Backlog $7.1B
AI Summary
Transocean Ltd. reported strong financial results for the first quarter of 2026, with contract drilling revenues of $1.08 billion and net income of $71 million, or $0.06 per diluted share. The company achieved an Adjusted EBITDA of $440 million, with a margin over 40%, and significantly enhanced its financial flexibility by accelerating the retirement of $358 million in senior secured notes. Transocean also added $1.6 billion to its contract backlog, bringing the total to $7.1 billion, and expressed confidence in a multi-year upcycle for offshore drilling services.
Key Highlights
- Net income was $71 million, or $0.06 per diluted share.
- Contract drilling revenues were $1.08 billion, up from $906 million YoY.
- Adjusted EBITDA reached $440 million, with a margin exceeding 40.7%.
- Added $1.6 billion in contract backlog, increasing total backlog to $7.1 billion.
- Accelerated retirement of $358 million principal amount of 8.375% Senior Secured Notes due 2028.
- Net cash provided by operating activities was $164 million; Free Cash Flow was $136 million.
- Ended the period with total liquidity of $1.125 billion.
- Q2 2026 revenue guidance is $930-$970 million.