Transocean Ltd.
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- Transocean Ltd. is a leading international provider of offshore contract drilling services for oil and gas wells. The company owns and operates a high-specification fleet of approximately 27-32 mobile offshore drilling units, primarily consisting of ultra-deepwater floaters capable of operating in water depths up to 12,000 feet; harsh environment floaters designed for extreme conditions up to 10,000 feet; and select deepwater and midwater floaters, including prominent rigs such as Deepwater Atlas, Deepwater Conqueror, Ocean Rig Apollo, Transocean Norge, Transocean Barents, and Transocean Equinox. These assets are contracted on a dayrate basis to major integrated oil companies, national oil companies, and independent exploration and production firms for technically demanding drilling programs. Transocean traces its origins to predecessor companies founded in 1953, with the modern entity emerging from key mergers in 1996, and maintains its corporate headquarters in Steinhausen, Switzerland. Operations span global offshore regions, including North America (U.S. Gulf of Mexico), South America (Brazil), Norway, UK North Sea and Northern Europe, Black Sea, Mediterranean, North and Sub-Saharan Africa, Middle East, South Asia, Australia, and Southeast Asia, supported by offices in 20 countries. The company focuses on ultra-deepwater and harsh environment segments, where it holds a premier position with the world's largest such fleet by revenue. In recent developments, Transocean secured 22 new contract awards in 2024 adding $2.4 billion to backlog and achieving 96% active fleet utilization for 2025 at industry-leading dayrates; announced exercised options totaling $89 million across Brazil, Norway, and Romania in November 2025; reported exercised options worth $243 million for two ultra-deepwater drillships in October 2025, contributing to a backlog of approximately $6.7 billion; and launched contracts and extensions including a 365-day Deepwater Atlas agreement with bp worth $232 million for the U.S. Gulf of Mexico starting 2028, Deepwater Skyros with Murphy Oil in Ivory Coast, Deepwater Mykonos extension with Petrobras, and Transocean Equinox options in Australia. Third quarter 2025 results showed contract drilling revenues of $1.03 billion, up sequentially, with adjusted EBITDA of $397 million and revenue efficiency of 97.5%, alongside ongoing fleet high-grading and debt management initiatives such as a $1.175 billion senior secured notes offering secured by rig liens and a 100 million share public offering.
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