Transocean Ltd.

Transocean Ltd. (NYSE: RIG) is a leading international provider of offshore contract drilling services for oil and gas wells. The company operates through a single global operating segment focused on contracting mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells worldwide. Transocean specializes in technically demanding regions of the global offshore drilling business, with particular emphasis on ultra-deepwater and harsh environment drilling services. The company's website is www.deepwater.com.

As of February 2026, Transocean owned or had partial ownership interests in and operated 27 mobile offshore drilling units, consisting of 20 ultra-deepwater drillships and seven harsh environment semisubmersibles. The fleet represents one of the most versatile in the industry, with advanced capabilities including dynamic positioning systems, dual-activity technology enabling simultaneous drilling tasks, and high-pressure mud pumps capable of drilling in water depths of 4,500 feet or greater. The company's drillships feature greater deck load and storage capacity than semisubmersible rigs, providing logistical efficiency benefits, while semisubmersibles are known for stability in rough sea conditions and year-round operations in harsh environments such as the Norwegian continental shelf.

Transocean operates globally with a workforce of approximately 5,600 individuals representing 67 nationalities distributed across 20 countries on six continents. The company maintains operations in the U.S. Gulf of America, Brazil, the Norwegian North Sea, Australia, and other key offshore drilling regions. Drilling contracts are individually negotiated on a dayrate basis, typically extending over periods covering single wells, groups of wells, or stated terms. At December 31, 2025, the company reported a contract backlog of $6.29 billion.

The company is a Swiss corporation with registered offices in Steinhausen, Canton of Zug. In February 2026, Transocean entered into a Business Combination Agreement to acquire all issued and outstanding common shares of Valaris Limited in an all-stock transaction. The company celebrates 100 years of drilling history and maintains a long track record of technological innovation, including pioneering the first dynamically positioned drillship and achieving numerous water depth world records.