Transocean Reports Q3 2026 Results with $8 Billion Contract Backlog and Valaris Merger Progress
Transocean (RIG) reported third-quarter contract drilling revenues of $937 million, a slight sequential decrease from the previous quarter due to lower rig utilization. Despite this, the company achieved net income of $26 million ($0.02 per diluted share) and maintained an Adjusted EBITDA margin of 33.4%. The company's liquidity remains strong at $1.3 billion as it continues its strategic focus on debt reduction, having retired $2 billion in total debt over the last 24 months. The company is seeing significant momentum in long-term contract security, with a stand-alone backlog of $8 billion and a pro-forma backlog of $12.7 billion following the anticipated merger with Valaris. Contract coverage for 2027 has improved to 95%, up from previous years. Management also highlighted an increase in average contract duration to 380 days, signaling a shift toward longer-term stability in deepwater drilling demand.
Topics: contract drilling revenue earnings report free cash flow merger backlog
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Part of the story Transocean Reports Q3 2026 Results with $8 Billion Contract Backlog and Valaris Merger Progress (5 articles)