Transocean Ltd (RIG) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Transocean published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Transocean reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Transocean reports one line of revenue, contract drilling revenues, and splits it by rig type in its fleet operating statistics.
• Q3 2025 included a $1,913 million loss on impairment of assets, which produced that quarter's diluted loss of $2.00 a share.
• Adjusted diluted EPS for Q3 2026 is printed as a dash (zero) in the release: adjusted net income was $1 million.

Source: Transocean Q3 2026 results, November 2, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Transocean splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Transocean's Ultra-deepwater floaters revenue was $590 million in Q3 2026, down 15% from $696 million in Q3 2025, 63% of total revenue.
• Transocean's Harsh environment floaters revenue was $347 million in Q3 2026, up 5% from $332 million in Q3 2025, 37% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Transocean gives its outlook as a table. The revenue row lists Q4 2026, full-year 2026 and preliminary full-year 2027 ranges, in that order, in millions of dollars.

In its Q3 2026 release, Transocean said:

“Contract drilling revenues $915-965 $3,900-3,950 $3,850-4,000”

“New deepwater and harsh-environment awards increased our backlog to approximately $8.0 billion and improved 2027 contract coverage to approximately 95%.”

“With all regulatory approvals now in hand and the Valaris closing expected on December 1, we are focused on integration planning and capturing $200 million in identified annual synergies.”

Source: Transocean Q3 2026 release, Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the RIG forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Contract drilling revenues and GAAP diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Transocean's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 2, 2026

Transocean reported Q3 2026 contract drilling revenues of $937 million, against $966 million in Q2 2026 and $1,028 million a year earlier. Transocean said the sequential decline was primarily due to an expected decrease in rig utilization. Fleet utilization was 74.7%, against 78.2% in Q2 and 76.0% a year earlier. (Transocean Q3 2026 release, Nov 2, 2026)

Ultra-deepwater floaters, the drillships, earned $590 million, against $696 million, with utilization falling to 67.6% from 71.0% and average daily revenue of $442,100. Harsh environment floaters, the semisubmersibles, earned $347 million, against $332 million, at 95.1% utilization and average daily revenue of $504,300. Transocean owns or partly owns and operates 27 rigs: 20 ultra-deepwater drillships and seven harsh environment semisubmersibles. (Transocean Q3 2026 release, Nov 2, 2026)

By country, the U.S. contributed $327 million in the quarter, against $400 million, Brazil $160 million, against $223 million, Norway $185 million and Australia $107 million. Norway is all harsh environment work, and Transocean describes it as the largest market for those rigs. (Transocean Form 10-Q, Q3 2026, Nov 3, 2026)

Transocean's revenue comes from a few large oil companies. In 2025 Petrobras and Shell each accounted for 22% of consolidated operating revenues and Equinor for 12%. (Transocean Form 10-K, 2025, Feb 23, 2026)

Since its August 2026 report Transocean added nine new fixtures with about $2.0 billion of backlog at a weighted average dayrate of about $423,000, taking total contract backlog to about $8.0 billion as of November 2, 2026. That total includes about $1.0 billion from Equinor's final approval of contracts for Transocean Enabler, Transocean Encourage and Transocean Endurance in Norway. (Transocean Q3 2026 release, Nov 2, 2026; Transocean Fleet Status Report, November 2026, Nov 2, 2026)

Transocean reported Q3 2026 net income of $26 million, or $0.02 per diluted share, against a net loss of $1,923 million, or $2.00 per share, a year earlier, when it recorded a $1,913 million impairment. Adjusted net income was $1 million, so adjusted diluted EPS rounded to zero, against $0.06. (Transocean Q3 2026 release, Nov 2, 2026)

Two items pulled GAAP and adjusted results in opposite directions. Transocean recorded a non-cash loss of $101 million ($62 million, or $0.05 per diluted share, net of tax) on settling benefit plan obligations, which adjusted results exclude. Discrete tax items were a benefit of $93 million, or $0.08 a share, which adjusted results also remove. Acquisition and restructuring costs were $10 million. (Transocean Q3 2026 release, Nov 2, 2026; Transocean Form 10-Q, Q3 2026, Nov 3, 2026)

Interest expense was $134 million; excluding the $22 million effect of the bifurcated exchange feature of its 4.625% Exchangeable Bonds due 2029, it was $112 million. Diluted weighted-average shares rose to 1,127 million from 961 million a year earlier, and principal debt fell to $4,975 million from $6,297 million. (Transocean Q3 2026 release, Nov 2, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Transocean gives a numeric outlook in its release for the next quarter, the full year and, this time, a preliminary next year. It expects Q4 2026 contract drilling revenues of $915 million to $965 million, full-year 2026 revenues of $3,900 million to $3,950 million, and preliminary 2027 revenues of $3,850 million to $4,000 million, each assuming fleet-wide revenue efficiency of 96.50%. (Transocean Q3 2026 release, Nov 2, 2026)

The outlook also covers costs: Q4 2026 operating and maintenance expense of $550 million to $600 million and full-year 2026 capital expenditures of $145 million. Transocean expects its business combination with Valaris, under which it issues 15.235 of its shares for each Valaris share, to close on December 1, and is targeting $200 million in identified annual synergies. (Transocean Q3 2026 release, Nov 2, 2026; Transocean Form 10-Q, Q3 2026, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Transocean, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Transocean's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning RIG is on is RIG a buy or a sell?, what analysts expect next is on the RIG forecast, and what the company does is on the Transocean Ltd (RIG) stock page.

Every number on this page can be traced to a document Transocean published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.