RIG

Transocean Ltd. RIG reported a second-quarter 2026 adjusted earnings of 3 cents per share, beating the Zacks Consensus Estimate of 1 cent. The bottom line also improved from the year-ago quarter’s breakeven adjusted earnings. The outperformance was supported by exceptional performance of the Harsh environment floaters that delivered higher revenues, stronger fleet utilization, improved revenue efficiency and higher average daily revenues. The Switzerland-based offshore drilling contractor’s contract drilling revenues of $966 million surpassed the Zacks Consensus Estimate of $939 million by 2.9%. This was backed by higher-than-expected revenues from harsh environment floaters, which beat the consensus mark of $274.3 million. However, the top line decreased 2.2% from the year-ago quarter’s reported figure of $988 million due to lower revenues from the Ultra-deepwater floaters. Transocean Ltd. price-consensus-eps-surprise-chart | Transocean Ltd. Quote Adjusted EBITDA was $312 million, down from $344 million in the year-ago period and $440 million in the first quarter of 2026. However, the figure beat our model estimate of $260.9 million. Adjusted EBITDA margin was 32.2% compared with 34.9% in the year-ago quarter and 40.7% in the prior quarter. Ultra-deepwater floaters accounted for about 64.5% of total contract drilling revenues, while harsh environment floaters contributed the remaining 35.5%. Transocean’s ultra-deepwater floaters generated revenues of $623 million in the reported quarter, down from $699 million in the year-ago period and $748 million in the prior quarter. Moreover, the figure missed our model estimate of $665 million. Harsh environment floaters contributed $343 million, compared with $289 million in the year-ago quarter and $333 million in the first quarter of 2026. Moreover, the figure beat our model estimate of $274.3 million. Revenue efficiency was 97%, down from 97.3% in the previous quarter but up from 96.6% in the year-ago period. Ultra-deepwater revenue efficiency reduced to 95.7% from 96.7% a year ago, while harsh environment revenue efficiency came in at 99.5%, improving both sequentially and year over year. Average daily revenues increased to $472,500 from $458,600 in the year-ago quarter but decreased from $475,600 in the prior quarter. The figure beat our estimate of $443,900. Average daily revenues from ultra-deepwater floaters decreased to $455,500 from $457,200 a year ago. However, the figure beat our estimate of $446,800. The metric for harsh environment floaters increased to $510,000 from $462,400 in the prior-year quarter. The figure also beat our estimate of $437,200. Fleet utilization improved to 78.2% from 67.3% in the year-ago period. Ultra-deepwater utilization was 72.6%, while harsh environment utilization reached 94.2%. As of Aug. 5, 2026, Transocean’s total backlog was approximately $6.7 billion. Since its May 2026 fleet status report, the company added five new fixtures, representing nearly $292 million of incremental backlog at a weighted average day rate of about $461,000. The company reported costs and expenses of $812 million, which were 1.3% lower than the year-ago quarter’s level of $823 million. Additionally, depreciation and amortization costs decreased to $148 million from $175 million a year ago. The oil and gas drilling company spent $24 million on capital investments in the second quarter. Cash used in operating activities was $236 million. Cash and cash equivalents were $509 million as of June 30, 2026. Long-term debt amounted to $4.7 billion, with a debt-to-capitalization of 36.1% as of the same period. For the third quarter of 2026, this Zacks Rank #3 (Hold) company expects contract drilling revenues in the range of $920-$960 million. Fleet-wide revenue efficiency is projected at 96.5%. Operating and maintenance expenses are expected to be between $595 million and $625 million, while general and administrative expenses are projected at $45 million. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The company expects $113 million in interest expense, while interest income is projected to be $5 million to $10 million. Capital expenditures are estimated at $40 million to $50 million and cash taxes paid are expected to be between $25 million and $30 million during the same period. For the full-year 2026, RIG expects contract drilling revenues to be between $3900 million and $3975 million. Operating and maintenance expenses are projected between $2325 million and $2400 million, while general and administrative expenses are anticipated in the $170-$180 million range. Capital expenditures are expected to be around $150 million, while year-end liquidity is projected between $1.25 billion and $1.35 billion. Full-year cash taxes paid are expected to range from $55 million to $60 million. While we have discussed RIG’s second-quarter results in detail, let us take a look at three other key reports in this space. Expand Energy Corporation EXE reported second-quarter 2026 adjusted earnings per share of $1.33, beating the Zacks Consensus Estimate of $1.22. The company’s bottom line increased from the year-ago adjusted profit of $1.10 per share, fueled by strong production and lower operating expenses. Expand Energy’s ‘natural gas, oil and NGL’ revenues of $1.8 billion missed the Zacks Consensus Estimate of $2 billion. The top line was also below the year-ago figure of $2 billion. As of June 30, 2026, the company had $663 million in cash and cash equivalents. Expand Energy had a long-term debt of $3.7 billion, reflecting a debt-to-capitalization of 16%. NOV Inc. NOV reported second-quarter 2026 adjusted earnings of 31 cents per share, which beat the Zacks Consensus Estimate of 16 cents. The bottom line also increased 6.9% from the year-ago quarter’s 29 cents, driven by outperformance of the Energy Equipment segment. The oil and gas equipment and services company’s total revenues of $2.1 billion beat the Zacks Consensus Estimate by $39 million. However, NOV’s revenues fell 2.5% from the year-ago quarter’s figure of $2.2 billion due to lower year-over-year revenues from the Energy Products and Services segment. As of June 30, 2026, the company had cash and cash equivalents of $1.2 billion and long-term debt of $1.7 billion with a debt-to-capitalization of 21.3%. The Williams Companies, Inc. WMB reported second-quarter 2026 adjusted earnings per share of 50 cents, which missed the Zacks Consensus Estimate of 52 cents. However, the bottom line increased from the year-ago period’s level of 46 cents, driven by better-than-expected performance of its Transmission, Power & Gulf, Northeast G&P and West segments. The Tulsa, OK-based oil and gas storage and transportation company’s revenues of $3 billion missed the Zacks Consensus Estimate by $2 million. The figure increased by 9.8% from the year-ago quarter’s reported revenues. This can be attributed to higher service revenues and increased product sales. As of June 30, 2026, the company had cash and cash equivalents of $203 million and long-term debt of $28.1 billion, with a debt-to-capitalization of 64.7%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Transocean Ltd. (RIG) : Free Stock Analysis Report Williams Companies, Inc. (The) (WMB) : Free Stock Analysis Report NOV Inc. (NOV) : Free Stock Analysis Report Expand Energy Corporation (EXE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Transocean Ltd.? Here are five stocks we like better. Strong Q2 performance: Transocean reported $966 million in revenue, a 32% adjusted EBITDA margin and $212 million in free cash flow, supported by 98% fleet uptime and lower operating expenses. Net debt fell to approximately $4.3 billion. Backlog and market demand expanded: The company added about $300 million in quarterly backlog and has secured $3.1 billion in contracts year to date, with active drillship coverage of 94% for the remainder of 2026 and 81% for 2027. Management expects deepwater utilization to approach 100% by the end of 2027. Valaris acquisition remains on track: Transocean expects to close its Valaris acquisition in the fourth quarter, with several regulatory approvals completed and remaining approvals in Brazil and the U.S. progressing as expected. Offshore Titans: Transocean Buys Valaris for $5.8B Transocean (NYSE:RIG) reported second-quarter results that exceeded its prior revenue and cost guidance, supported by 98% fleet uptime, contract additions and lower-than-expected operating expenses. The offshore drilling contractor also said it expects to close its acquisition of Valaris in the fourth quarter, pending remaining regulatory approvals. Chief Executive Officer Keelan Adamson said the company generated an adjusted EBITDA margin of 32% during the quarter and reduced net debt to about $4.3 billion at quarter-end, down nearly $1.7 billion over the past 18 months. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling 3 Stocks Trading Near $5 With Massive Earnings Upside “The Transocean team again delivered exceptional operational performance in the second quarter, beating our guidance on both revenue and cost,” Adamson said. Chief Financial Officer Thad Vega said second-quarter revenue totaled $966 million, at the upper end of the company’s guidance range. The result reflected the Deepwater Skyros working for the full quarter, one month longer than forecast, as well as additional recharge revenue and contractual cost-escalation provisions for certain rigs. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High This Insider Just Made a Massive Bet on Transocean's Comeback Operations and maintenance expense was $608 million, while capital expenditures were $24 million, both below the low end of Transocean’s guidance ranges. Vega attributed the lower spending primarily to the timing and deferral of maintenance and out-of-service expenditures. General and administrative expense was $56 million, above guidance, but included approximately $11 million of Valaris acquisition-related costs. Excluding those costs, G&A was approximately $45 million, Vega said. Adjusted EBITDA was $312 million, representing a 32% margin. Free cash flow totaled $212 million, or a 22% margin, aided by operating performance and favorable working-capital changes. Unrestricted cash rose sequentially to about $510 million from $330 million. Total liquidity, including the undrawn revolving credit facility, was about $1.3 billion. Trailing 12-month net debt to EBITDA, including restricted cash primarily designated for debt repayment, improved to 2.8 times from 5.2 times at the start of 2025. → No Hangover: Revisiting Microsoft One Week After Earnings Transocean plans to call the remaining $200 million principal amount of its 8% Deepwater Aquila notes at the end of the third quarter, after the next reduction in the call premium. Vega said the early retirement is expected to save about $22 million in interest expense through maturity. The company expects to finish 2026 with less than $4.8 billion in gross debt and total liquidity of $1.25 billion to $1.35 billion. Vega said Transocean increased its 2026 revenue guidance to reflect contract extensions for rigs previously expected to roll off this year and the Deepwater Proteus contract. Full-year cost guidance was also increased slightly due to the additional activity, while full-year G&A guidance remained unchanged at $170 million to $180 million, excluding transaction-related costs. Adamson said Transocean added about $300 million of backlog during the quarter for assets with near-term availability. The amount excludes approximately $1 billion in prospective backlog awarded by Equinor that remains subject to partner approval, which the company expects in the third quarter. Including the pending Equinor work, Transocean has added $3.1 billion in contracts so far this year. All active drillships other than the KG2, which is being bid on multiple opportunities, are under contract or mobilizing to new work, according to Adamson. The company’s active drillship coverage stands at 94% for the remainder of 2026 and 81% for 2027. In the U.S. Gulf of Mexico, the Deepwater Conqueror was extended with its existing customer at the same rate, while the Deepwater Proteus secured work and began operations after a brief idle period. Both rigs are expected to continue working in the region into early 2027. The Deepwater Skyros was extended for appraisal work tied to a recently announced discovery in Ivory Coast. The additional work is expected to enable a direct transition to its next Australia contract with limited off-hire time for preparation and mobilization. Transocean cited growing demand for high-specification, harsh-environment assets, particularly in Norway. The Transocean Norge received a five-well contract from Harbour Energy, adding about $149 million of backlog and expected to begin in the first quarter of 2028. The company also reached an agreement with Equinor for seven years of work on the Transocean Enabler, Transocean Encourage and Transocean Endurance. The Endurance will be relocated from Australia to Norway. Adamson said the base day rate on those contracts, excluding third-party services, will likely exceed $400,000 per day at commencement due to escalation provisions. Transocean said the Transocean Spitsbergen is now its only harsh-environment semi-submersible available in Norway before 2029, with its current contract ending in late 2027. In Australia, the Transocean Equinox received a two-well Santos contract expected to begin in the second quarter of 2027, adding approximately $36 million of backlog. Management said it expects deepwater utilization to approach 100% by the end of 2027, citing nearly 100 rig years of awards year to date, according to S&P Petrodata, and roughly 40 open tenders representing another 75 to 80 rig years. Adamson said Africa is becoming a major source of incremental demand, with the regional rig count projected to rise from roughly 15 units to at least 20 to 25 units over the next 18 months. Transocean also pointed to prospective multi-year activity in Ghana, Mozambique, Namibia and Nigeria, as well as expanding potential demand in Southeast Asia and India beginning in 2027. During the question-and-answer session, Chief Commercial Officer Roddie Mackenzie said Africa represented the largest growth region in the company’s outlook, with more than 12 prospective multi-year developments requiring rigs and at least six long-term tenders underway. Mackenzie said contract activity is being supported by operators’ long-term project economics rather than elevated commodity prices. He said the more than $3 billion of Transocean contract awards this year were based on project breakevens in the $30-to-$40-per-barrel range. Transocean continues to target a fourth-quarter close for its proposed Valaris acquisition. The companies remain separate while integration planning advances, Adamson said. The company received clearance from the Committee on Foreign Investment in the United States in June. It has also received approvals from Saudi Arabia, Trinidad and Tobago, Egypt, Australia and Angola. Regulatory approvals remain pending in Brazil and the U.S., which Adamson said are progressing as expected. Vega added that Transocean had received credit-rating upgrades from S&P Global Ratings and Moody’s to B- and B2, respectively, and has positive outlooks for further upgrades pending the Valaris transaction’s completion. Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean's fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects. The company's core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Transocean Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Transocean (RIG) just posted second quarter 2026 earnings that swung from a loss a year ago to net income of US$170 million. That kind of shift tends to refocus attention on the stock. See our latest analysis for Transocean. Even with the Q2 earnings swing and revenue and EPS coming in ahead of market expectations, Transocean’s share price has been under pressure in recent months. The 90 day share price return fell 16.69%, while the 1 year total shareholder return of 69.64% shows that the longer term picture has been much stronger. If this kind of earnings driven move has your attention, it could be a good time to broaden your search and check out 37 power grid technology and infrastructure stocks Transocean’s share price has slipped in the short term while earnings have moved into profit, and analyst targets sit higher than today’s US$5.14. So where does a reasonable view of fair value really land now? Transocean’s most followed narrative pegs fair value at about $9.88 per share, well above the last close at $5.14, which is why it attracts attention after a swing back into profit. Read the complete narrative. Want to see why this narrative leans on a richer margin profile and a punchy future earnings line to support that $9.88 figure? The full story connects contract visibility, projected profitability and a premium future earnings multiple into one valuation roadmap. The fair value estimate in this narrative is built using a discount rate of 8.48%, applied to analyst forecasts that expect Transocean to move from large losses today to meaningful earnings over the next few years. It assumes profits scale faster than revenue, helped by higher expected net margins and operating leverage as more of the offshore fleet is contracted. Those projections are paired with a relatively high future P/E multiple on the 2029 earnings estimate, which is above the current P/E level for the wider US Energy Services industry. The result is a fair value that sits well above both the current share price and the consensus analyst price target, reflecting the more optimistic cohort of analyst models that underpin this narrative. Result: Fair Value of $9.88 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, investors still need to factor in Transocean’s high debt load and refinancing risk, as well as the potential drag from any prolonged downturn in deepwater drilling demand. Find out about the key risks to this Transocean narrative. The bullish Transocean narrative leans on future earnings and a rich P/E assumption, but the current P/S ratio tells a different story. At about 1.4x sales, the stock trades above the estimated fair ratio of 1.3x and the US Energy Services industry at 1.2x, while sitting below the 1.6x peer average. That mix suggests investors face both upside potential and valuation risk tied to how sentiment shifts around revenue and margin delivery. For a closer look at what the numbers imply about today’s price compared with that fair ratio and peers, See what the numbers say about this price — find out in our valuation breakdown. If the mix of optimism and concern around Transocean leaves you unsure, now is a good time to review the details and decide where you stand. To see both sides set out clearly, take a close look at our 2 key rewards and 2 important warning signs If Transocean has sharpened your focus, this is a great moment to widen your watchlist and line up your next potential opportunities using focused screeners. Target strong fundamentals by scanning companies with resilient finances through the solid balance sheet and fundamentals stocks screener (50 results). Hunt for potential mispricings by reviewing companies that screen as attractively valued in the 51 high quality undervalued stocks. Spot early stage opportunities with upside potential by sifting through the 19 elite penny stocks with strong financials. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include RIG. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Transocean (RIG) came out with quarterly earnings of $0.03 per share, beating the Zacks Consensus Estimate of $0.01 per share. This compares to break-even earnings per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +200.00%. A quarter ago, it was expected that this offshore oil and gas drilling contractor would post earnings of $0.07 per share when it actually produced a loss of $0.03, delivering a surprise of -142.86%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Transocean, which belongs to the Zacks Oil and Gas - Drilling industry, posted revenues of $966 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.87%. This compares to year-ago revenues of $988 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Transocean shares have added about 26.4% since the beginning of the year versus the S&P 500's gain of 13%. While Transocean has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Transocean was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.04 on $854.12 million in revenues for the coming quarter and $0.13 on $3.75 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Drilling is currently in the bottom 19% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Borr Drilling (BORR), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This oilfield services company is expected to post quarterly loss of $0.11 per share in its upcoming report, which represents a year-over-year change of -178.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Borr Drilling's revenues are expected to be $249 million, down 7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Transocean Ltd. (RIG) : Free Stock Analysis Report Borr Drilling Limited (BORR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

For the quarter ended June 2026, Transocean (RIG) reported revenue of $966 million, down 2.2% over the same period last year. EPS came in at $0.03, compared to $0 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $939.06 million, representing a surprise of +2.87%. The company delivered an EPS surprise of +200%, with the consensus EPS estimate being $0.01. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Transocean performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Utilization - Total fleet average rig utilization: 78.2% versus 79.6% estimated by three analysts on average. Utilization - Ultra-Deepwater Floaters: 72.6% versus 74.7% estimated by three analysts on average. Average Daily Revenue - Harsh Environment Floaters: $510 thousand versus the three-analyst average estimate of $447.64 thousand. Average Daily Revenue - Total fleet average daily revenue: $472.5 thousand versus the three-analyst average estimate of $453.5 thousand. Average Daily Revenue - Ultra Deepwater Floaters: $455.5 thousand compared to the $456.03 thousand average estimate based on three analysts. Utilization - Harsh Environment Floaters: 94.2% versus the three-analyst average estimate of 95%. Contract drilling revenues- Ultra-Deepwater Floaters: $623 million compared to the $633.57 million average estimate based on two analysts. The reported number represents a change of -10.9% year over year. Contract drilling revenues- Harsh Environment Floaters: $343 million versus the two-analyst average estimate of $265.54 million. The reported number represents a year-over-year change of +18.7%. View all Key Company Metrics for Transocean here>>> Shares of Transocean have returned +4% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Transocean Ltd. (RIG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

STEINHAUSEN, Switzerland, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current activity and contractual status of the Company’s fleet of offshore drilling rigs. UPDATES This quarter’s report includes the following updates: Deepwater Conqueror – Awarded a two-well contract extension by an unnamed operator in the U.S. Gulf. Deepwater Proteus – Awarded a two-well contract with two one-well options by an unnamed operator in the U.S. Gulf. Deepwater Skyros – Awarded a one-well extension by Murphy in Ivory Coast. Transocean Norge – Awarded a five-well contract with three one-well options by Harbour Energy in Norway. Transocean Equinox – Awarded a two-well contract with five one-well options by Santos in Australia. The aggregate incremental backlog associated with these firm fixtures is approximately $292 million. In addition, Equinor executed an agreement, conditional upon receipt of approvals from license partners, for three harsh environment semisubmersible rigs on the Norwegian shelf: Transocean Enabler – Three-year program in direct continuation of the rig’s current program. Transocean Encourage – Two-year program in direct continuation of the rig’s current program. Transocean Endurance – Two-year program after conclusion of her current program and mobilization back to Norway from Australia. The total value of the Equinor agreement is approximately $1.0 billion. As of August 5, 2026, the total backlog is approximately $6.7 billion. This figure excludes $1.0 billion of backlog for work with Equinor, which will be added subject to receipt of approvals from license partners. The report can be accessed on the Company’s website: www.deepwater.com. ABOUT TRANSOCEAN Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world. Transocean owns or has partial ownership interests in and operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters. FORWARD-LOOKING STATEMENTS The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “approximately” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and in many cases, cannot be predicted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. Factors that could cause actual results to differ materially include, but are not limited to, the level of activity in offshore oil and gas exploration and development, exploration success by producers, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including our expectations regarding the timing, completion and anticipated benefits of the proposed business combination with Valaris Limited, an exempted company limited by shares incorporated under the laws of Bermuda, and other risks discussed in the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2025, and in the Company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. All subsequent written and oral forward-looking statements attributable to the Company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the Company’s website at www.deepwater.com. This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved, when making any investment decision involving Transocean securities. ANALYST CONTACT: Sarah Davidson +1 713-232-7217 MEDIA CONTACT: Kristina Mays+1 713-232-7734

STEINHAUSEN, Switzerland, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today reported financial results for the second quarter of 2026. The Company will host a conference call and webcast at 9 a.m. EDT, 3 p.m. CEST, on Thursday, August 6, 2026, with participation details included in this release. Supplemental schedules have been posted to the Investors section of the Company’s website at www.deepwater.com. SECOND QUARTER 2026 KEY POINTS Contract drilling revenues were $966 million with strong revenue efficiency(1) of 97.0%. Net income was $170 million or $0.04 per diluted share. Adjusted EBITDA was $312 million, reflecting a margin of 32.2%. Net cash provided by operating activities was $236 million; net of capital expenditures of $24 million, free cash flow was $212 million. Ended the period with total liquidity of more than $1.3 billion, including the undrawn revolving credit facility. Added $292 million in contract backlog(2) at a weighted average dayrate of about $461,000. “Transocean delivered a strong second quarter, supported by 97% revenue efficiency and solid adjusted EBITDA margins, resulting in excellent cash flow and improved liquidity,” said Keelan Adamson, Transocean’s CEO. “Our performance reflects our ongoing commitment to create value through the cycle by optimizing the value of our differentiated fleet, generating industry-leading free cash flow, and enhancing our capital structure. “We expect to see demand for our highest specification rigs increase in the coming years with industry utilization for deepwater and harsh environment assets projected to move well into the 90% range during 2027. Our recent contract awards across Norway, Australia, the U.S. Gulf, and the Ivory Coast, together with the $1.0 billion Equinor agreement for three harsh environment semisubmersibles, show that customers continue to secure rig capacity. With our differentiated fleet, strong execution capabilities, and improving financial flexibility, we believe Transocean is well positioned to deliver long-term value for our shareholders.” 2Q26 FINANCIAL SUMMARY Contract drilling revenues were lower sequentially, primarily due to the expected decrease in rig utilization for this quarter. Interest expense, excluding the $134 million effect of the bifurcated exchange feature of the 4.625% Exchangeable Bonds due 2029, was $114 million compared to the $123 million in the prior quarter. Cash taxes paid, net of tax refunds of $22 million, were $10 million. FLEET STATUS REPORT AND CONTRACT BACKLOG The Company today issued its Fleet Status Report. Since its May 2026 report, the Company added five new fixtures with an aggregate incremental backlog of approximately $292 million and a weighted average dayrate of about $461,000. As of August 5, 2026, the total backlog is approximately $6.7 billion. This figure excludes $1.0 billion of backlog for work with Equinor, which will be added subject to receipt of approvals from license partners. The Fleet Status Report can be accessed on the Company’s website: www.deepwater.com. 2026 THIRD QUARTER AND FULL YEAR OUTLOOK The following table includes guidance on key items for the third quarter and full year of 2026: CONFERENCE CALL INFORMATION Transocean will host a conference call at 9 a.m. EDT, 3 p.m. CEST, on Thursday, August 6, 2026. To participate, dial +1 785-424-1222 approximately 15 minutes prior to the scheduled start time and refer to conference code 715943. The call will be webcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. Supplemental materials that may be referenced during the call will be available on the Company’s website at: www.deepwater.com, by selecting Investors, Financial Reports. A replay of the call will be available after 12 p.m. EDT, 6 p.m. CEST, on Thursday, August 6, 2026. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-7239, passcode 715943. The replay will also be available on the Company’s website. NON-GAAP FINANCIAL MEASURES We present our financial statements in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). We believe certain financial measures, such as Adjusted Net Income, EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our financial statements presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP. All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the Company’s website at: www.deepwater.com. ABOUT TRANSOCEAN Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world. Transocean owns or has partial ownership interests in and operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater drillships and seven harsh environment semisubmersibles. For more information about Transocean, please visit: www.deepwater.com. FORWARD-LOOKING STATEMENTS The statements described herein or in the Fleet Status Report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “believe,” “primarily,” “should,” “outlook,” “future,” “schedule,” “progress,” “possible,” “will,” “expect,” “estimate,” “may,” “approximate,” “could,” “plan,” or other similar expressions. Forward-looking statements in the Fleet Status Report include, but are not limited to, statements involving estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, and the cost and timing of mobilizations and reactivations. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the level of activity in offshore oil and gas exploration and development, exploration success by producers, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including our expectations regarding the timing, completion and anticipated benefits of the proposed business combination with Valaris Limited, an exempted company limited by shares incorporated under the laws of Bermuda, and those and other risks discussed in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2025, and in the Company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or the other consequences of such a development worsen, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the Company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements, each of which speaks only as of the date of the particular statement. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean. NOTES (1) Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. See the accompanying schedule entitled “Revenue Efficiency.” (2) Contract backlog is defined as the maximum contractual operating dayrate multiplied by the number of days remaining in the firm contract period, including certain performance-based provisions for which achievement is probable, and excluding provisions for mobilization, demobilization, contract preparation, other incentive provisions or reimbursement revenues, which are not expected to be material to our contract drilling revenues. The contract backlog represents the maximum contract drilling revenues that can be earned considering the reported operating dayrate in effect during the firm contract period. ANALYST CONTACT: Sarah Davidson+1 713-232-7217 MEDIA CONTACT: Kristina Mays+1 713-232-7734

The second-quarter 2026 earnings season is shaping up to be one of the strongest in recent years for the Energy sector. According to the latest Earnings Trends, the sector is expected to deliver earnings growth of 127.7% from the year-ago quarter, the highest among all 16 Zacks sectors. The anticipated improvement reflects a much stronger commodity-price environment, disciplined spending and better operating conditions across several parts of the energy industry. Based on our exclusive research and unique market insight, we present four stocks — Calumet CLMT, Western Midstream Partners, LP WES, Helmerich & Payne HP and Transocean Ltd. RIG — to take advantage of the positive post-announcement price reaction. The second quarter was marked by considerable volatility in crude oil prices. According to data from the U.S. Energy Information Administration, the average monthly WTI crude price increased from $100.32 per barrel in April to $102.13 in May. Prices then declined to $84.81 in June as some supply concerns eased. Despite the month-to-month pullback, WTI remained substantially above the corresponding 2025 levels of $63.54 in April, $62.17 in May and $68.17 in June. The stronger year-over-year pricing backdrop likely supported revenues and cash flows for oil producers, drilling contractors and other companies tied to exploration and production activity. Natural gas prices followed a steadier upward path. Henry Hub spot prices averaged $2.77 per MMBtu in April, increased to $2.94 in May and reached $3.15 in June. This represented three consecutive months of improvement during the quarter. Higher power-sector consumption, LNG demand and tighter market conditions likely contributed to the upward movement. The improving pricing environment may have benefited natural gas producers as well as midstream companies that transport, process and store the commodity. The combination of higher year-over-year oil prices and improving natural gas prices has created a favorable setting for the sector. Companies with strong operational execution, disciplined cost structures and exposure to improving industry activity could deliver particularly encouraging results. However, a positive industry backdrop alone does not guarantee an earnings beat. Investors should also look for company-specific indicators that suggest reported results may exceed current expectations. The Energy sector has made a solid start to the second-quarter earnings season. So far, companies representing 18.5% of the sector's market capitalization have reported results. Among them, 66.7% have exceeded earnings estimates, while an equal 66.7% have topped revenue expectations. The companies that have reported so far have also delivered 13.9% year-over-year earnings growth and 8.5% revenue growth, suggesting that the favorable commodity-price environment has translated into healthy operating performance. This encouraging start comes against the backdrop of stronger oil and natural gas prices during the quarter and reinforces the view that companies with favorable earnings characteristics may have a higher probability of delivering positive surprises. With several energy firms thronging the investment space, it is by no means an easy task for investors to arrive at stocks that have the potential to deliver better-than-expected earnings. While it is impossible to be sure about such outperformers, our proprietary methodology makes it fairly simple. Our research shows that for stocks with the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), the chance of a positive earnings surprise is as high as 70%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Earnings ESP is our proprietary methodology for determining stocks that have the best chances to surprise with their next earnings announcement. It is the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate. One might start with Calumet, which produces specialty products and renewable fuels through an integrated platform serving varied industries. CLMT, with an Earnings ESP of +169.57% and a Zacks Rank #2, is scheduled to release second-quarter earnings on Aug. 7. Calumet beat the Zacks Consensus Estimate in two of the last four quarters and missed in the other two. You can see the complete list of today’s Zacks #1 Rank stocks here. Calumet, Inc. price-eps-surprise | Calumet, Inc. Quote Western Midstream Partners also deserves mention. The partnership has a Zacks Rank of 2 and an Earnings ESP of +1.19%. Western Midstream Partners provides natural gas, crude oil, NGL and produced-water gathering, processing and transportation services across major U.S. basins. WES beat earnings estimates twice in the last four quarters, met in one and missed in the other. Western Midstream Partners is set to release results on Aug. 5. Western Midstream Partners, LP price-eps-surprise | Western Midstream Partners, LP Quote You may consider Helmerich & Payne, too, which is #3 Ranked, with an Earnings ESP of +2.08%. The Tulsa, OK-based company is engaged in the contract drilling of oil and gas wells in the United States and internationally. HPis scheduled to release earnings on Aug. 5. It beat the Zacks Consensus Estimate for earnings once in the last four quarters but missed three times. Helmerich & Payne, Inc. price-eps-surprise | Helmerich & Payne, Inc. Quote Finally, we have Transocean, the world’s largest offshore drilling contractor and leading provider of drilling management services. Transocean, with an Earnings ESP of +38.89% and a Zacks Rank #3, is scheduled to release earnings on Aug. 5. RIG surpassed earnings estimates in two of the trailing four quarters but missed in the other two. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Transocean Ltd. (RIG) : Free Stock Analysis Report Helmerich & Payne, Inc. (HP) : Free Stock Analysis Report Western Midstream Partners, LP (WES) : Free Stock Analysis Report Calumet, Inc. (CLMT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Transocean has had an impressive run over the past six months as its shares have beaten the S&P 500 by 13.7%. The stock now trades at $5.39, marking a 23.1% gain. This was partly thanks to its solid quarterly results, and the run-up might have investors contemplating their next move. Is now the time to buy Transocean, or should you be careful about including it in your portfolio? Check out our in-depth research report to see what our analysts have to say, it’s free. We’re happy investors have made money, but we’re cautious about Transocean. Here are three reasons why there are better opportunities than RIG, plus one stock we’d rather own. A company’s long-term performance can give signals about its business quality. Even a bad business, especially in a cyclical industry, can shine for a year or so, but a top-tier one should exhibit resilience through cycles. Regrettably, Transocean’s sales grew at a sluggish 6.2% compounded annual growth rate over the last five years. This fell short of our benchmark for the energy upstream and integrated energy sector. In any given year, energy gross margins are heavily influenced by prices, hedging, and cost inflation, but over a full cycle these gross margins reveal which producers are structurally advantaged through superior “rock” quality, infrastructure access, and cost position. Transocean, which averaged 37.9% gross margin over the last five years, exhibits poor unit economics in the sector. It means the company will struggle more at lower commodity prices than peers with better gross margins. Free cash flow isn’t a prominently featured metric in company financials and earnings releases, but we think it’s telling because it accounts for all operating and capital expenses, making it tough to manipulate. Cash is king. Transocean has shown weak cash profitability relative to peers over the last five years, giving the company fewer opportunities to return capital to shareholders. Its free cash flow margin averaged 4.6%, below what we’d expect for an upstream and integrated energy business. We cheer for all companies serving everyday consumers, but in the case of Transocean, we’ll be cheering from the sidelines. With its shares outperforming the market lately, the stock trades at 26.7× forward P/E (or $5.39 per share). This valuation tells us a lot of optimism is priced in - you can find more timely opportunities elsewhere. Let us point you toward one of our all-time favorite software stocks. ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.