Transocean

What Transocean does

Transocean Ltd. (NYSE: RIG), founded in 1925 and headquartered in Steinhausen, Switzerland with primary operations administered from Houston, Texas, is one of the world's largest pure-play offshore contract drilling companies serving oil and gas exploration and production operators. The company operates a fleet of 27 mobile offshore drilling units as of 2026 — comprising 20 ultra-deepwater drillships and 7 harsh-environment semi-submersibles — including two eighth-generation newbuilds (Deepwater Titan and Deepwater Atlas) featuring industry-first 1,700-ton hoisting systems, 20,000-psi well control, and 10,000-psi mud systems. The fleet is deployed across virtually every major offshore basin globally, including the U.S. Gulf of Mexico, Brazil's pre-salt, the Norwegian and UK North Sea, West Africa, the Mediterranean, the Middle East, India, Australia, and Southeast Asia, supported by 12+ regional offices.

Transocean generates revenue primarily through long-term usage-based dayrate contracts with national oil companies (Petrobras, Equinor) and international super-majors (Chevron, Woodside). Full-year 2025 contract drilling revenues reached $3.965 billion (+13% YoY) with Q1 2026 at $1.08 billion (+19.3% YoY). The company maintains an industry-leading backlog of approximately $7.1 billion as of May 2026, with implied average dayrates exceeding $450,000. Notable patented technologies include drilling automation, hybrid power generation, BOP controls, subsea energy storage, riser robotics, and advanced generator protection. A pending all-stock merger with Valaris Limited (announced February 2026, ~$5.8B equity value) would create a combined 73-rig entity with ~$10B backlog and ~$17B enterprise value, re-entering Transocean into the jackup market for the first time since 2017.

Name

Transocean

Legal name

Transocean Ltd.

Website

https://deepwater.com

Company type

Public

Founded year

1925

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Transocean Ltd. (NYSE: RIG) is a Swiss-incorporated, Houston-administered offshore contract drilling company operating ultra-deepwater drillships and harsh-environment semi-submersibles under long-term dayrate contracts with national oil companies and international super-majors globally.

Ownership category

akta.pro rank

Product category

Offshore Contract Drilling Services

NAICS

Drilling Oil and Gas Wells (213111), Support Activities for Oil and Gas Operations (213112), Oil and Gas Field Machinery and Equipment Manufacturing (333132)

SIC

Drilling Oil & Gas Wells (1381), Oil & Gas Field Machinery & Equipment (3533)

akta.pro industry

PRIMARYEUALABAA

Drilling & Workover Rigs (Land & Offshore)

Energy, Utilities & Environment/Oil & Gas (Upstream, Midstream, Downstream and Refining)/Oilfield Services & Drilling (OFS)

SECONDARYEUALABAI

Subsea Services & Equipment (Subsea Trees, Umbilicals, Installation, IMR)

Energy, Utilities & Environment/Oil & Gas (Upstream, Midstream, Downstream and Refining)/Oilfield Services & Drilling (OFS)

SECONDARYEUALAAAJ

Well Intervention, Workover & Integrity Management

Energy, Utilities & Environment/Oil & Gas (Upstream, Midstream, Downstream and Refining)/Upstream Exploration & Production (E&P)

Keywords

• Offshore drilling services
• Ultra-deepwater drilling
• Harsh environment drilling
• Contract drilling rigs
• Offshore oil and gas drilling

Headquarters

HQ city

Zug

HQ country

Switzerland

HQ region

Europe

Offices13 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Contract Drilling Services: Transocean earns revenue by contracting its offshore drilling rigs to oil and gas companies under long-term dayrate contracts. Revenue is generated through daily charter rates (dayrates) charged for the use of rigs, with rates varying by rig type, water depth capability, and contract duration. Contract drilling revenues represented $1.08 billion in Q1 2026 and $3.965 billion in full-year 2025. The company also generates ancillary revenue from mobilization/demobilization fees, contract preparation, and reimbursable costs, though these are excluded from the headline backlog figure.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Transocean provides offshore contract drilling services for oil and gas wells under long-term dayrate agreements, deploying a fleet of 20 ultra-deepwater drillships and 7 harsh-environment semi-submersibles capable of operating in water depths up to 12,000 feet. Revenue is earned primarily through daily charter rates (dayrates) charged for use of the rigs, supported by mobilization, contract preparation, and reimbursable fees. The company also delivers ancillary well-construction services including high-pressure/high-temperature (HPHT) well control, drilling automation, and emissions abatement.

Product overview

Transocean operates a fleet of 27 mobile offshore drilling units comprising 20 ultra-deepwater floaters (drillships) and 7 harsh environment semi-submersibles. The company offers offshore contract drilling services for oil and gas wells in technically demanding sectors with a focus on ultra-deepwater and harsh environment operations. The fleet includes two eighth-generation newbuild drillships (Deepwater Titan and Deepwater Atlas) as the most technically capable vessels, featuring 1,700-ton hoisting systems and 20,000-psi well control systems. The company operates globally across major offshore drilling provinces including Norway, Brazil, the U.S. Gulf of Mexico, Australia, and other regions.

Differentiator

Problem solved

Functional benefit

Products and services

• Offshore Contract Drilling Services Technically demanding offshore contract drilling services for oil and gas exploration and production companies, delivered through a global fleet of ultra-deepwater and harsh-environment drilling rigs under multi-year dayrate contracts.
• Ultra-Deepwater Floaters (Drillships) Fleet of 20 ultra-deepwater drillships capable of operating in water depths up to 12,000 feet, including pre-salt basins in Brazil, Gulf of Mexico deepwater, West Africa, and Southeast Asia. Most rigs feature dual-activity capability and HPHT well control.
• Harsh Environment Floaters (Semi-Submersibles) Seven harsh-environment semi-submersible drilling rigs designed for cold, windy, high-seas environments with propulsion systems, dynamic positioning, and advanced power management. Some include dual-activity and emissions-abatement (Abate) capability.
• Deepwater Titan Eighth-generation ultra-deepwater drillship — among the first in the world equipped with a 1,700-ton hoisting system, 20,000-psi well-control system, and 10,000-psi mud system for HPHT operations.
• Deepwater Atlas Eighth-generation ultra-deepwater drillship, sister vessel to Deepwater Titan, featuring the first 1,700-ton hoisting and 20,000-psi well-control systems deployed globally for HPHT and ultra-deepwater drilling.

Quantifiable outcome

• Fleet utilization improved from 60% in 2024 to 86.7% in Q1 2026, demonstrating operational efficiency gains and tightening market conditions.
• +4 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature11 records

Partnerships

Three partnerships are on record, tiered core and flagship.

• Daewoo Shipbuilding & Marine Engineering (DSME)coreTechnology or Integration · 16 April 2026DSME is the shipbuilder for Transocean's newbuild drillships, including the Deepwater Titan, Deepwater Atlas (eighth-generation), and Hull 3623 (acquired via the Liquila Ventures JV). DSME constructed both Transocean Encourage and Transocean Enabler semisubmersibles referenced in contract awards. DSME is a key technology and manufacturing partner for Transocean's fleet expansion.
• Valaris LimitedflagshipStrategic or Co-development Partner · 9 February 2026Transocean announced a definitive all-stock merger agreement to acquire Valaris Limited for approximately $5.8 billion in equity value plus ~$1.1 billion in assumed debt. The transaction, unanimously approved by both boards, would create a combined company with 73 offshore drilling rigs (33 ultra-deepwater drillships, 9 semisubmersibles, 31 jackups), ~$10 billion in backlog, and pro forma enterprise value of ~$17 billion. Valaris shareholders would receive 15.235 Transocean shares per Valaris share, owning ~47% of the combined entity, with Transocean shareholders retaining ~53%. The deal is expected to close in H2 2026, subject to regulatory and shareholder approvals. Expected to generate $200M+ in annual cost synergies and reduce Transocean's leverage to ~1.5x EBITDA within 24 months.
• Liquila Ventures Ltd. (joint venture with Perestroika A.S. and Lime Rock Management L.P.)coreStrategic or Co-development Partner · 17 November 2022Transocean formed a joint venture, Liquila Ventures Ltd., together with Perestroika A.S. (controlled by board member Frederik W. Mohn) and Lime Rock Management L.P., to acquire Hull 3623 (renamed), a seventh-generation dual-activity ultra-deepwater drillship formerly known as West Aquila, from Daewoo Shipbuilding & Marine Engineering (DSME) for approximately $200 million. Transocean made a $15 million non-controlling investment and holds exclusive rights to market and manage the rig's operations. The vessel was delivered in Q3 2023.

Scale indicators16 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Valaris Limited: Valaris is one of the largest offshore drilling contractors globally with a fleet of ultra-deepwater drillships, semisubmersibles, and jackups. It is the direct counterpart to Transocean in the announced all-stock merger and operates a comparable fleet serving the same NOC and IOC customers.
• Diamond Offshore Drilling: Diamond Offshore operates a fleet of ultra-deepwater drillships and harsh-environment semisubmersibles, competing directly with Transocean for the same ultra-deepwater and harsh-environment contracts with international oil companies and national oil companies.
• Noble Corporation: Noble Corporation is a leading offshore drilling contractor with a fleet of drillships and semisubmersibles operating in deepwater and ultra-deepwater basins worldwide. It competes with Transocean for ultra-deepwater contracts in Brazil, the Gulf of Mexico, and West Africa.
• Seadrill: Seadrill operates a fleet of ultra-deepwater drillships and harsh-environment semisubmersibles, providing offshore drilling services to oil and gas companies globally. It is a direct competitor in the ultra-deepwater segment serving the same customer base as Transocean.
• Stena Drilling: Stena Drilling is a privately held offshore drilling contractor operating harsh-environment semisubmersibles and drillships, particularly strong in the North Sea market. It competes directly with Transocean for harsh-environment contracts in Norway and the UK.
• Borr Drilling: Borr Drilling is a premium jackup drilling contractor with a modern fleet of high-specification jackup rigs. It will become a direct peer of Transocean post-Valaris merger when Transocean re-enters the jackup segment.
• Shelf Drilling: Shelf Drilling is a leading jackup contractor focused on shallow-water drilling in the Middle East, India, Southeast Asia, and Mediterranean. It will overlap with the combined Transocean-Valaris jackup fleet post-merger.

Broad incumbents

• Saipem: Saipem is a large, diversified energy services company offering offshore drilling services alongside engineering, procurement, construction, and installation. It competes with Transocean in ultra-deepwater drilling as part of a broader services portfolio.
• KCA Deutag: KCA Deutag is a privately held international drilling and engineering contractor operating land rigs and offshore platform drilling operations. It has overlap with Transocean in harsh-environment platform drilling in the North Sea.
• Helmerich & Payne: Helmerich & Payne is the largest U.S. land drilling contractor with a global footprint. While primarily focused on U.S. land drilling rather than offshore, it is a comparable large-cap drilling services company competing for oilfield services capital.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/transocean
• Xx.com/TRANSOCEANICLTD
• Facebookfacebook.com/Transoceanicltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds6 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Transocean