Each one in plain English, with the numbers worked through for a shareholder.
1 July 2026contract award▲ GoodMajor
Transocean announced on June 30, 2026 an agreement with Equinor, conditional on license approvals, for three harsh-environment rigs in Norway worth over $1 billion of backlog over seven rig years (base day rate $399,000, effective rate expected to exceed $400,000 at start): Enabler 3 years and Encourage 2 years, both from Q1 2028 straight after current programs, and Endurance 2 years from Q2 2027 after moving back from Australia. Separately, the filing says the CFIUS (US foreign-investment review) condition for the Valaris merger was satisfied on June 29, 2026; the DOJ antitrust review (Second Request from May 4) is still open, with the companies committed not to certify compliance before July 31, 2026 and not to close until 60 days after both certify, and they still expect to complete in the second half of 2026.
On June 16, 2026, Transocean announced two harsh-environment rig awards totaling about $185 million of firm backlog: Transocean Norge with Harbour Energy in Norway (five wells, ~300 days from Q1 2028, ~$149 million, directly after its current program, plus three one-well options) and Transocean Equinox with Santos in Australia (two wells, ~90 days from Q2 2027, ~$36 million, plus five one-well options). This continues the run of new backlog additions earlier in 2026.
On May 19, 2026, Transocean and Valaris filed a preliminary joint proxy statement (not final; meeting dates still blank) for the Valaris merger. Transocean shareholders will vote on issuing the new shares (15.235 per Valaris share), a share capital band for Valaris incentive awards and warrants, the NYSE 20% issuance rule, and electing Dick Fagerstal and Kristian Johansen to the board plus two compensation committee members, all effective only if the deal closes. Existing Transocean holders are expected to own about 53% and Valaris holders about 47% of the combined company on a fully diluted basis (assuming the 2029 exchangeable bonds convert). The board unanimously recommends a yes vote; share issuance approval is a closing condition. It also includes an unrelated proposal to remove an obsolete article (Article 38) from the articles of association.
On May 19, 2026, Transocean agreed with Famatown Finance Limited and Kristian Johansen (plus related parties) to nominate Mr. Johansen to its board at the special shareholder meeting, with his election conditional on a shareholder vote and the Valaris acquisition closing. Famatown gets re-nomination rights for two years after that meeting, an observer right if no Famatown nominee is on the board, and agrees to standstill and voting covenants; the agreement ends if Famatown holds under 3.5% of Transocean's shares or breaches its commitments. This adds a board seat tied to the pending Valaris deal.
On May 4, 2026, the US Department of Justice sent Transocean and Valaris a 'Second Request' for more information on their planned merger (15.235 Transocean shares per Valaris share, signed Feb 9, 2026). This extends the US antitrust waiting period until 30 days after both companies have substantially complied, so the deal's timing is now less certain; the companies say they are working cooperatively with the DOJ. Transocean had withdrawn its original March 2 filing on April 1 and refiled on April 3.
On April 16, 2026, Transocean announced a five-well, ~390-day contract for the Deepwater Asgard in the Eastern Mediterranean with an undisclosed operator, starting in Q4 2026 and adding about $158 million of backlog. The company says April's awards (Barents, Orion, Aquila, Corcovado and this one) total about $1.6 billion of additions since the start of the month.
On April 14, 2026, Transocean announced a 1,156-day Petrobras extension for the Deepwater Corcovado, adding about $445 million of backlog and committing the rig through November 2030. Existing backlog drops by about $20 million over roughly 525 days before the new term starts in September 2027. It continues the run of Brazil extensions from early April.
On April 2, 2026, Transocean announced about $1.0 billion of new firm backlog: Transocean Barents with Vår Energi in Norway (1,095 days at $450,000/day, ~$490 million, starting by mid-Q2 2027), Deepwater Orion with Petrobras (1,095-day extension, ~$420 million, through March 2030) and Deepwater Aquila with Petrobras (365-day extension, ~$160 million, through June 2028). Existing backlog on Orion and Aquila falls by about $20 million and $10 million before the extensions start. Separately, the company repaid its 8.375% Titan senior secured notes in full on March 20, 2026 ($358 million principal plus call premium and interest, paid from cash and a reserve account), saving about $39 million of interest to maturity, and expects to retire $0.75 billion of debt in 2026 including this. This closes out one of the notes listed in earlier debt.
On Feb 11, 2026, Transocean announced about $184 million of firm backlog on two Norway rigs. The Transocean Encourage got a seven-well, ~365-day extension starting Q1 2027 (~$152 million), and two one-well options were exercised on the Transocean Enabler (70 days, ~$32 million), committing it through December 2027. Both continue work already under way, extending the Enabler's commitment from September 2027 set in January.
This is the formal filing of the Valaris deal announced on Feb 9, 2026. Transocean will acquire all Valaris shares at 15.235 Transocean shares per Valaris share, by a Bermuda court-approved scheme of arrangement. After closing, existing Transocean shareholders would own about 53% and Valaris shareholders about 47% of the combined company, so current holders would be diluted to 53%. Completion needs approval from both companies' shareholders, Bermuda court sanction, NYSE listing of the new shares and regulatory clearances, with an outside date of Feb 9, 2027 (extendable). Termination fees are $195m payable by Transocean and $173m payable by Valaris in specified cases, and expense reimbursement of up to $65m (Transocean) or $58m (Valaris) applies if a party's shareholders vote it down. Two Valaris directors would join Transocean's board, and Valaris warrants would be assumed by Transocean. This fills in the exchange ratio missing from the earlier notice.
On February 9, 2026, Transocean and Valaris Limited (Bermuda) signed a Business Combination Agreement under which Transocean will acquire all Valaris shares in exchange for Transocean shares, via a court-approved Bermuda scheme of arrangement. The filing (a cover-box 'soliciting material' notice with press release and investor presentation) gives no exchange ratio or price in the text shown; completion needs regulatory and shareholder approvals, and a joint proxy statement is to follow. This is a major new thread and, if completed, would issue more shares to Valaris holders (an inference).
On January 5, 2026, Transocean announced about $168 million of firm backlog: a new bp contract for the Deepwater Mykonos (about 302 days from Q3 2026, about $120 million) and three one-well options on the Transocean Enabler (105 extra days, about $48 million, committing it through September 2027). The Mykonos award follows its Petrobras option extensions and gives it work after those.
On November 18, 2025, Transocean announced about $89 million of firm backlog from exercised options: Petrobras took a 90-day option on the Deepwater Mykonos (about $33 million, continuing its current program), a two-well option on the Transocean Enabler was exercised at $453,000 per day, and OMV Petrom exercised a one-well option on the Transocean Barents at $480,000 per day. This extends the Mykonos' Petrobras work beyond the 30-day option exercised in October.
The $500 million offering launched September 30 closed October 15, 2025 as 7.875% Senior Priority Guaranteed Notes due October 15, 2032, issued by Transocean International Limited and guaranteed unsecured by Transocean Ltd. and subsidiaries (Truist Bank trustee). Transocean also raised its tender offer for the 7.35% 2041 and 7.00% 2028 notes from $50 million to $100 million: $88,998,000 of 2041 notes were accepted in full and $120,628,000 of 2028 notes tendered were accepted pro rata (about 13.17%, $15,767,000 accepted), with settlement October 16. This resolves the pricing and tender questions open since September 30; the filing does not itself state the repayment of the 8.00% 2027 notes or the 6.875% secured notes.
Transocean published its routine October 15, 2025 fleet status report, listing 20 ultra-deepwater drillships and 7 harsh-environment semisubmersibles (27 units, matching the September press releases). It shows contract dates and dayrates per rig, with estimated average contract dayrates of $458,000 for ultra-deepwater and $424,000 for harsh environment in Q4 2025, rising to $468,000 and $443,000 by Q3 2026. Examples: Aquila's dayrate is shown at $456,000 (previously $450,000) and Titan's at $462,000 (previously $464,000).
On October 1, 2025, bp exercised a 365-day option for the Deepwater Atlas, adding about $232 million of backlog, and Petrobras exercised a 30-day option for the Deepwater Mykonos, adding about $11 million. Total new firm backlog is about $243 million. Both options continue the rigs' existing contracts directly.
On September 30, 2025, subsidiary Transocean International Limited launched a $500 million offering of Senior Priority Guaranteed Notes due 2032. Together with released restricted cash, the money is meant to repay the rest of the 8.00% notes due February 2027 (after a $415 million redemption noticed September 26) and the 6.875% secured notes due 2027, and to fund a tender offer of up to $50 million for 7.35% 2041 and 7.00% 2028 notes. This continues the push to refinance 2027 debt that the share offering started.
Transocean signed the underwriting agreement on September 24, 2025 for the 125,000,000-share offering at $3.05 per share, with Citigroup and Morgan Stanley as representatives. The underwriters exercised in full their option for 18,750,000 more shares on September 25, bringing the total to 143,750,000 shares (arithmetic from the filing's figures). Closing is expected September 26, with proceeds intended for debt repayment including part of the 2027 8.00% notes.
The share offering was priced on September 24, 2025 and upsized to 125,000,000 shares at $3.05 each, for expected gross proceeds of about $381.25 million, closing expected September 26. Underwriters have an option for up to 18,750,000 more shares. Proceeds are intended for repaying or redeeming debt, including part of the 8.00% notes due February 2027. Existing shareholders are diluted.
On September 24, 2025, Transocean announced plans to sell 100,000,000 new shares in an underwritten public offering, with a 30-day option for 15,000,000 more. Proceeds are intended to repay or redeem debt, including part of the $655 million of 8.00% Senior Notes due February 2027. This is a new, larger equity raise than the earlier bond swaps and would dilute existing shareholders.
The August 11 bond-for-share swap closed on August 19, 2025: about $39.7 million of 4.0% exchangeable bonds due 2025 were exchanged for about 13.9 million shares plus an immaterial cash payment for accrued interest. About $37.3 million of those bonds remain outstanding, down from about $77 million after the July closing. This completes the deal and adds shares for existing holders.
On August 11, 2025, holders of about $39.7 million of the 4.0% exchangeable bonds due 2025 agreed to swap them for Transocean shares, with the share count set by trading prices over five trading days. At $3.10 (the August 8 close) that would be about 13.3 million shares; the swaps pause below a $2.50 limit price. This continues the June 2025 bond-for-share swaps and means more shares for existing holders.
22 July 2025capital raising announcement● NeutralMajor
The June bond-for-share exchange closed on July 22, 2025: holders swapped about $157 million of 4.0% exchangeable bonds due 2025 for about 59 million new shares, plus an immaterial cash payment for accrued interest. About $77 million of those bonds remain outstanding. This completes the deal announced in June and cuts debt, at the cost of more shares for existing holders.
The July 16, 2025 fleet status report now lists 24 ultra-deepwater drillships and 8 harsh-environment semisubmersibles. Stacked rigs Development Driller I and Discoverer Luanda no longer appear, and the filing does not say why. Skyros gains a Murphy contract in the Ivory Coast, Dec-25 to Mar-26 at $361,000 a day. Mykonos gets a further Petrobras firm period to Dec-25 with options to Apr-26. The Mexico contract with Woodside is now shown starting Apr-26.
On July 3, 2025, the terms of the June bond-for-share exchange agreements were amended so the price below which daily exchanges pause is lowered from $2.63 to $2.50 per share, starting July 7. This is a small change to the existing deal; no new amounts are given.
20 June 2025capital raising announcement● NeutralMajor
On June 19, 2025, holders of about $157 million of the 4.0% exchangeable bonds due 2025 agreed to swap them for Transocean shares, with the share count set by trading prices over 15 trading days from June 20. At $3.09 (the June 18 close) that would be about 53 million shares. The swaps pause if the share price falls below $2.63. This continues the company's earlier bond-for-share exchanges, and means more shares outstanding for existing holders.
The April 16, 2025 fleet status report keeps the fleet at 34 rigs. Invictus now shows as working for bp from Apr-25 at $485,000 a day, and Conqueror's Chevron contract end moved to May-25 ahead of its Oct-25 to Sep-26 contract at $530,000. Several dayrates were revised upward, such as Aquila to $442,000. Barents' OMV Petrom start is shown as Mar-25 and Spitsbergen's Equinor work resumes May-25 after a 65-day out-of-service period.
Transocean's Feb 12, 2025 fleet status report again lists 34 rigs (26 ultra-deepwater, 8 harsh-environment). Notable entries: Invictus is out of service for contract preparation Jan-25 to Apr-25 before its bp contract at $485,000 a day; Thalassa's Mar-26 to Mar-29 Mexico contract is now shown with Woodside as customer at $480,000, which settles the earlier open question of which rig (Asgard, Proteus or Thalassa) serves Mexico; Skyros is extended with TotalEnergies in Angola at $400,000 to Jul-25.
Transocean published its regular October 24, 2024 fleet status report. It now shows 26 ultra-deepwater floaters (25 drillships and one semisubmersible) and eight harsh environment, versus 28 ultra-deepwater in July. The bp contracts for Atlas (Jun-28 to May-29 at $635,000) and Invictus (Apr-25 to Apr-28 at $485,000) appear, along with Conqueror's new Oct-25 to Sep-26 contract at $530,000, and Reliance Industries for KG1 from May-26 at $410,000. Estimated average dayrates are $442,000 for ultra-deepwater in Q4 2024 and $403,000 for harsh environment. The Mexico contract now lists Asgard, Proteus or Thalassa as candidates, no longer Invictus or Conqueror. Development Driller III and Discoverer Inspiration no longer appear in the list; the filing does not say why.
Transocean announced a one-year contract for Deepwater Conqueror with an undisclosed operator in the U.S. Gulf of Mexico, expected to start in October 2025 and add about $193m of backlog including additional services. This follows Conqueror's current Chevron contract, which runs to April 2025.
