Quarterly ResultAug 7, 2026, 06:08 AM
Transocean Q2 Net Income $170M; Valaris Acquisition Progresses
AI Summary
Transocean Ltd. reported a net income of $170 million for the second quarter of 2026, a significant improvement from a net loss of $938 million in the prior year. Contract drilling revenues for the quarter were $966 million. The company also provided an update on its planned acquisition of Valaris Limited, which has been unanimously approved by both boards and will result in Valaris becoming a wholly-owned subsidiary. Additionally, Transocean completed the sale of several drilling units and redeemed $358 million in senior secured notes.
Key Highlights
- Q2 2026 net income of $170 million, compared to a $938 million net loss in Q2 2025.
- Q2 2026 contract drilling revenues were $966 million, down from $988 million in Q2 2025.
- Basic EPS for Q2 2026 was $0.15, a significant improvement from -$1.06 in Q2 2025.
- Net cash provided by operating activities for H1 2026 was $400 million, up from $154 million in H1 2025.
- Acquisition of Valaris Limited approved by both boards; Valaris to become wholly-owned subsidiary.
- Incurred $17 million in acquisition costs for the Valaris merger in H1 2026.
- Completed sale of Deepwater Champion and Discoverer India for $27 million net cash proceeds.
- Redeemed $358 million of 8.375% senior secured notes, incurring an $11 million loss.
Price Impact
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