Transocean Ltd. (RIG)

Transocean Ltd. (RIG) stock has experienced several notable events and trends in the past six months. The stock price increased by 53.07% over the last six months. As of January 9, 2026, the share price was $4.25, representing a 5.46% increase from January 10, 2025. Over the last 12 months, the stock's price increased by 5.07%, with a year-to-date return of 2.29%, but decreased by 0.70% in the past month. The 52-week range for Transocean stock has been between $1.97 and $4.56. Recent positive news includes Transocean securing approximately $168 million in firm backlog through a new contract award and an extension for two of its drilling rigs in early January 2026. Additionally, in late 2025, Transocean secured a six-well contract for its drillship Deepwater Skyros, valued at around $130 million, set to begin in Q1 2027. The company also obtained approximately $89 million in new contract backlog through extensions for three rigs. Analysts expect the company to breakeven and turn a profit of US$159 million in 2026, growing 110% year-on-year on average.

The demand for Transocean Ltd.'s products and services is fundamentally tied to the global demand for deepwater oil and gas. The market for high-specification offshore drilling rigs has been described as "extremely" strong, with improving day rates and longer contract terms. Deepwater investment is projected to rise by 40% by 2030, supported by favorable economics at oil prices above $50 per barrel. While the overall demand for high-specification rigs is strong, the pace of signing new contracts moderated somewhat in early 2025 compared to the previous year. Despite this, Transocean expects numerous long-term contracts to be awarded at increasing day rates in the coming months. Petrobras' rig demand in Brazil is also anticipated to grow to over 30 active rigs by the end of 2025, maintaining strong demand into 2026. The economics of Transocean are driven by rig utilization and dayrates, with the current market tightening, leading to climbing dayrates for high-specification rigs. The company's fleet utilization for 2025 is projected to be near 100% for working rigs, with revenue efficiency near 96.5%.

Transocean Ltd. is a leading international provider of offshore contract drilling services for oil and gas wells, operating within the energy sector. The company contracts its mobile offshore drilling rigs, related equipment, and work crews on a dayrate basis to drill oil and gas wells globally. Its fleet specializes in technically demanding offshore drilling, focusing on ultra-deepwater and harsh environment drilling services, equipped with advanced drilling equipment, automated safety systems, and environmental controls. Transocean serves integrated energy companies, government-owned or controlled energy companies, and other independent energy companies.

Transocean Ltd. provides its offshore contract drilling services internationally, with operations spread across oil and gas exploration and development areas worldwide. The company maintains regional offices and operational centers in key oil and gas-producing regions, including the Gulf of Mexico, North Sea, Brazil, West Africa, and Asia-Pacific. Transocean also has offices in 20 countries, including Canada, the United States, Norway, the United Kingdom, India, Singapore, Indonesia, and Malaysia.

Transocean's long-term vision is to be the leading provider of offshore contract drilling services globally, setting industry standards for safety, operational excellence, customer satisfaction, environmental stewardship, and corporate responsibility. The company emphasizes its focus on safety and innovation. However, Transocean's reputation has been significantly impacted in the past by the Deepwater Horizon oil spill in 2010, where it was found partially responsible for the explosion. Another accident occurred in 2002 aboard the Transocean Leader drilling rig, resulting in a fatality. More recently, in May 2025, a competitor, Noble Corporation, was set to replace two of Transocean's drillships in the U.S. Gulf after their initial ten-year contracts with Shell ended, which could have a negative impact on brand reputation. Additionally, an unfavorable outcome of a customer dispute resulted in a $34 million non-cash charge in Q1 2025.

Transocean Ltd. has a diverse ownership structure consisting of institutional, individual, and retail investors. Institutional investors hold a significant portion of the company's stock, with approximately 68.02% or 63.65% of total shares outstanding. As of September 30, 2025, there were 693 institutional owners holding a total of 861,883,143 shares. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., Dimensional Fund Advisors Lp, Pilgrim Global Advisors LLC, American Century Companies Inc, State Street Corp, Morgan Stanley, and Goldman Sachs Group Inc. Frederik Wilhelm Mohn is the largest individual Transocean shareholder, owning 201.07 million shares, representing 18.26% of the company. Perestroika and Perestroika Cyprus Ltd are also significant individual/insider owners.