Transocean reported second-quarter 2026 adjusted earnings of 3 cents per share, beating the Zacks Consensus Estimate of 1 cent, and its shares have risen 16.7% since the report, outperforming the S&P 500. Contract drilling revenues of $966 million surpassed the consensus estimate of $939 million, driven by strong performance from harsh environment floaters, though total revenues declined 2.2% year over year to $988 million. The company's ultra-deepwater floaters, which accounted for 64.5% of total contract drilling revenues, generated $623 million, down from $699 million a year ago, while harsh environment floaters contributed $343 million, up from $289 million. Adjusted EBITDA fell to $312 million from $344 million a year ago, but beat the model estimate of $260.9 million. As of August 5, 2026, Transocean's total backlog was approximately $6.7 billion, with five new fixtures adding nearly $292 million in incremental backlog. For the third quarter, the company expects contract drilling revenues between $920 million and $960 million, and for the full year, revenues are projected between $3.9 billion and $3.975 billion. Since the earnings release, the consensus estimate has shifted downward by 35.19%, and Transocean holds a Zacks Rank #3 (Hold).
Transocean LtdBeat Q2 earnings and revenue estimates, raised backlog, shares up 16.7%
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