Quarterly ResultAug 5, 2026, 05:14 PM
Transocean Q2 Net Income $170M, Revenue $966M; Adds $292M Backlog
AI Summary
Transocean Ltd. reported strong second-quarter 2026 financial results, with net income of $170 million and contract drilling revenues of $966 million. The company achieved 97.0% revenue efficiency and generated $212 million in free cash flow, ending the period with over $1.3 billion in liquidity. Additionally, Transocean secured $292 million in new contract backlog and announced a conditional $1.0 billion agreement with Equinor for three harsh environment semisubmersibles, bringing total backlog to $6.7 billion.
Key Highlights
- Q2 2026 net income was $170 million ($0.04 per diluted share).
- Contract drilling revenues reached $966 million with 97.0% revenue efficiency.
- Adjusted EBITDA was $312 million, reflecting a 32.2% margin.
- Generated $212 million in free cash flow from $236 million operating cash flow.
- Ended the quarter with total liquidity exceeding $1.3 billion.
- Added $292 million in new contract backlog at a weighted average dayrate of $461,000.
- Announced a conditional $1.0 billion agreement with Equinor for three rigs.
- Total contract backlog stands at approximately $6.7 billion (excluding conditional Equinor deal).
Price Impact
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