Transocean Ltd.

Transocean Ltd. shareholders approved a general capital authorization at the 2026 Annual General Meeting, allowing the issuance of up to 240,801,936 shares. This led to an amendment in the Articles of Association, reflecting a new total issued share capital of $130,400,968.10. Additionally, the Board of Directors approved the dissolution of the Finance Committee, effective July 1, 2026. Shareholders also approved the 2025 Annual Report, compensation reports, and elected all 11 nominated directors.

Transocean Ltd. has entered into a support agreement with Famatown Finance Limited and Kristian Johansen. Under the agreement, Transocean will nominate Mr. Johansen for election to its board of directors, contingent on the approval of Transocean's acquisition of Valaris Limited. The agreement grants Famatown parties the right to nominate a director for a two-year period and an observer right if their nominee is not on the board, while also imposing standstill and voting covenants on Famatown. The agreement will terminate under specified conditions, including Famatown's shareholding falling below 3.5%.

Transocean Ltd. announced a Business Combination Agreement to acquire Valaris Limited, exchanging 15.235 Transocean shares for each Valaris share, a deal unanimously approved by both boards. For the first quarter of 2026, the company reported a significant turnaround, achieving net income of $71 million, compared to a net loss of $79 million in the prior year, on contract drilling revenues of $1.08 billion, up 19.3%. Operating income surged to $287 million from $64 million, and net cash from operations increased substantially to $164 million. The company also retired $358 million in debt and saw 22.2 million warrants exercised.

Transocean Ltd. and Valaris Limited announced that the Department of Justice (DOJ) issued a Second Request for additional information regarding their proposed business combination on May 4, 2026. This request extends the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act until 30 days after both companies substantially comply. The companies had previously filed HSR Act notifications on March 2, 2026, with Transocean withdrawing and refiling its notification in early April 2026. The parties continue to cooperate with the DOJ's review of the transaction, which involves Transocean acquiring Valaris for 15.235 shares of Transocean per Valaris Share.

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.

Transocean Ltd. announced significant contract awards and extensions for several of its offshore drilling rigs, adding approximately $1.6 billion to its backlog. These new fixtures include a 1,095-day contract for the Transocean Barents with Vår Energi ASA and extensions for three Deepwater rigs with Petrobras in Brazil. As a result, the company's total contract backlog now stands at approximately $7.1 billion.

Transocean Ltd. announced that its ultra-deepwater drillship, Deepwater Asgard, secured a five-well contract in the Eastern Mediterranean Sea. This campaign is estimated to be 390 days long, commencing in the fourth quarter of 2026, and is expected to add approximately $158 million to the company's backlog. Including other recent fixtures, Transocean's total backlog additions since the beginning of April now stand at approximately $1.6 billion, indicating strong demand for its drilling services.

Transocean's Deepwater Asgard secured a five-well contract in the Eastern Mediterranean Sea, expected to add approximately $158 million to its backlog. The 390-day campaign is slated to begin in the fourth quarter of 2026. This new award contributes to Transocean's total backlog additions of approximately $1.6 billion since the beginning of April, highlighting strong demand for its ultra-deepwater drilling services.

Transocean Ltd. announced that its ultra-deepwater drillship, Deepwater Corcovado, secured a 1,156-day contract extension with Petrobras. This extension is a direct continuation of its current activity and is expected to add approximately $445 million to the company's backlog, committing the rig through November 2030. However, the existing backlog will see a reduction of about $20 million for the period from April 1, 2026, until the new contract commences in September 2027, resulting in a net additional backlog of approximately $425 million.

Transocean Ltd. announced a 1,156-day contract extension for its Deepwater Corcovado drillship with Petrobras. This extension, which begins in September 2027 and runs through November 2030, is expected to add approximately $445 million to the company's backlog. However, an existing backlog reduction of $20 million will occur from April 2026 until the new contract starts, resulting in a net additional backlog of $425 million.