May. 12 at 12:42 PM
$RIG Q1 2026 KEY POINTS
Revenues
$1.08B due to strong revenue efficiency of 97.3%.
Net income
$71M or
$0.06 per diluted share.
Adjusted EBITDA
$440M, with margin exceeding 40%.
Net cash from operating activities
$164M; Free Cash Flow was
$136M.
Accelerated retirement of
$358M of 8.375% Senior Secured Notes due 2028 (Deepwater Titan Notes), reducing interest by
$40M.
Ended period with total liquidity of
$1.125B, including undrawn revolving credit facility.
Added
$1.6B in backlog at average day rate of about
$450,000.
“Transocean team delivered exceptional performance,” said Keelan Adamson, “During Q1, contracts on five rigs increased total backlog to
$7.1B, at average day rate of
$450,000.
We exceeded revenue expectations and achieved a strong adjusted EBITDA margin above 40%. We continue to accelerate debt retirement, reducing interest expense and simplifying our balance sheet.
