Every material Form 8-K Transocean Ltd. has filed with the SEC since October 19, 2026, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Transocean reported third quarter 2026 contract drilling revenue of $937 million, down from $966 million in the second quarter and $1.028 billion a year earlier. Net income was $26 million, or $0.02 per diluted share, down from $170 million in the prior quarter but up from a $1.923 billion loss a year earlier, which included an impairment charge. The company also reported contract backlog of approximately $8.0 billion and said the Valaris closing is expected on December 1, 2026.
Contract drilling revenue was $937 million, versus $966 million in 2Q26 and $1.028 billion in 3Q25.
Net income was $26 million ($0.02 per diluted share), versus $170 million in 2Q26 and a $1.923 billion loss in 3Q25.
Adjusted EBITDA was $313 million, a 33.4% margin, roughly flat with $312 million in 2Q26 and down from $397 million in 3Q25.
Fourth quarter 2026 contract drilling revenue guidance is $915 million to $965 million; the Valaris closing is expected December 1, 2026.
Transocean and Valaris filed a joint proxy statement on October 14, 2026 for shareholder votes on the planned Business Combination, under which Transocean would acquire all Valaris shares for 15.235 Transocean shares per Valaris share. Both shareholder meetings are scheduled for November 24, 2026, with a Bermuda court sanction hearing on November 26, and the companies expect the deal to close on or about December 1, 2026, if approvals are obtained.
Transocean and Valaris shareholder meetings are both scheduled for November 24, 2026.
Exchange ratio: 15.235 Transocean shares for each Valaris share.
Bermuda Supreme Court sanction hearing scheduled for Thursday, November 26, 2026.
Transocean expects the Business Combination to close on or about December 1, 2026, if conditions are met.
Transocean Ltd. announced contract awards for two ultra-deepwater drillships in the U.S. Gulf, with undisclosed operators, adding about $550 million in firm contract backlog. The Deepwater Proteus and Deepwater Conqueror awards are expected to begin in 2027, each directly continuing the rig's current work. The filing adds contracted future work for shareholders but includes no earnings or guidance figures.
Deepwater Proteus: ten-well contract, estimated 700-day campaign, about $325 million in backlog, starting in the first quarter of 2027
Deepwater Conqueror: five-well contract, estimated 450 days of work, about $225 million in backlog excluding mobilization fees, starting in the third quarter of 2027
Both awards are with undisclosed operators in the U.S. Gulf and follow directly on from each rig's existing program
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Transocean Ltd. filing is on SEC EDGAR ↗. 8-K briefs of other companies →