Earnings Releases·Nov 2, 2026, 4:39 PM ET

Transocean Ltd. — Third Quarter 2026 Earnings Summary

**Financial Performance:** Net income turned positive at $26 million ($0.02/share) versus a $1.9 billion loss in Q3 2025, while adjusted EBITDA of $313 million (33.4% margin) declined 33.4% year-over-year but rose slightly sequentially; free cash flow reached $131 million and total debt decreased $1.3 billion year-over-year to $4.975 billion.
**Guidance Outlook:** Q4 2026 contract drilling revenue is guided at $915–$965 million, with full-year 2026 revenue guidance set at $3.90–$3.95 billion and preliminary 2027 revenue guidance at $3.85–$4.00 billion; liquidity is projected to reach $1.3 billion by year-end 2026 and $1.5–$1.7 billion in 2027.
**Strategic Developments:** Contract backlog grew $2.0 billion to approximately $8.0 billion with 2027 coverage at 95%, while the company retired $200 million of debt early and is proceeding with integration planning for the Valaris Limited business combination closing on December 1, 2026, targeting $200 million in annual synergies.