RIG Transocean

Offshore · Drillship / Semisub · 176 documents

Transocean's 27-vessel offshore fleet — 20 Drillship and 7 Semisub — should earn about $393,162 a day in 2026Q3.

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

Class	Company earned	Booked 2026Q3	Market now	8 weeks
Drillship · 20	$393,1622026Q2 · fleet avg	—none printed	—no open $/day series
Semisub · 7	$393,1622026Q2 · fleet avg	—none printed	—no open $/day series

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates every day is at your rate

Drillship 1,840 open days

$/d

Semisub 644 open days

$/d

2026Q3 P&L and cash

Model

Your scenario

Vessel-days, days modelled

Ships on the fleet list × the quarter's calendar days for drillship, semisub: no off-hire or drydock days are deducted there.

2,484

By class

Class	Days	Model $/day	Yours $/day
Drillship	1,840	393,162	393,162
Semisub	644	393,162	393,162

Fleet TCE, $/day assumed

393,162

Revenue (TCE basis), $m assumed

Vessel-days × fleet TCE.

976.6

Vessel opex, $m assumed

2026Q2: $608.0m over 2,484 vessel-days, held per day. Source (2026Q2)

(608.0)

G&A, $m assumed

2026Q2: $56.0m over 2,484 vessel-days, held per day. Source (2026Q2)

(56.0)

EBITDA, $m assumed

312.6

Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Interest expense, $m assumed

2026Q2: $114.0m over 2,484 vessel-days, held per day. Source (2026Q2)

(114.0)

Scheduled debt amortisation, $m stated

2026Q2: $101.2m over 2,484 vessel-days, held per day (the issuer’s scheduled principal). Source (2026Q2)

(101.2)

Drydock cost, $m

No separate drydock cash line on file.

—

Cash break-even, $/day assumed

Σ cash costs above ÷ vessel-days.

353,965

Cushion vs fleet TCE, $/day

39,197

Free cash flow to equity, $m assumed

Revenue − cash costs: the cash available for distribution.

97.4

Capex (memo), $m

As reported for 2026Q2. Not deducted: the model’s cash is opex, G&A, interest and scheduled principal. Source (2026Q2)

(24.0)

Dividend policy

No stated payout policy on file.

Output	Model	Your scenario	Δ
Estimated DPS, $/share	—
Forward yield, run-rate %	—

Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $5.62 close on 2026-10-16.

No dividend is modelled for 2026Q3: the company states no payout policy and no declared distributions are on file.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Why no forward dividend next step: payout behaviour

This page prices a fleet, takes off its cash costs and debt service, and measures what is left against the payout. The step it cannot take today: the company states no payout policy and no declared distributions are on file. A stated payout policy — or enough declared distributions to fit one — unblocks it.

What is on file:

27-vessel fleet — 20 Drillship and 7 Semisub
realized fleet TCE of $393,162/day in 2026Q2

Every company's position on the modelling chain, and what each page can and cannot answer yet: coverage.

Market context — rates, the dividend, and the price

Fleet rate

Realized fleet TCEModel

forecast →

$0k

$200k

$400k

2026Q2

2026Q3

2026Q4

Reported fleet TCE. This company declares no dividend, so there is nothing to pay out against it.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →

Where RIG departs from that

No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat — the revenue track record shows how that has done.

What drives it — fleet TCE, 2026Q3

Expected fleet TCE

$393,162/d

ASSUMED

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet

Realized TCE

$393,162/d 2026Q2

Declared DPS

—

TTM DPS

—

Coverage

—

Revenue

$966.0M

Opex

$608.0M

Net income

$170.0M

20× drillship · 7× semisub current

Fleet model — 2026Q3

Fleet model estimate — not issuer guidance.

Class	Ships	TC	Spot	% Fixed	Guided $/d	Spot $/d	Blended $/d	QTD rev $M	Modeled Q rev $M
Drillship	20	—	—	—	—	—	393,162	—	723.4
Semisub	7	—	—	—	—	—	393,162	—	253.2
Total	27						393,162	—	976.6

Guided rates are issuer-booked cover for 2026Q3 blended with the company's own realized rates for the open days.

Revenue if rates hold

$976.6M

Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate — no market index covers this fleet, so there is no peak-index Bull case.

Expected DPS suppressed: no verbatim payout policy located in the corpus — the cash walk cannot derive a DPS without a payout policy.

Expected DPS suppressed: no verbatim payout policy located in the corpus.

Model gaps & assumptions

drillship: no index and no guidance — priced at the issuer's own last realized fleet rate $393,162/day (2026Q2, derived: revenue per vessel-day — contract drilling revenues 966m / (27 x 91)), held flat (owner ruling 2026-09-26) · semisub: no index and no guidance — priced at the issuer's own last realized fleet rate $393,162/day (2026Q2, derived: revenue per vessel-day — contract drilling revenues 966m / (27 x 91)), held flat (owner ruling 2026-09-26) · one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (R² < 0.5) · DPS chain unscoreable — missing: payout ratio (no quantified policy, no payout multiple in the quarter files)

Profit statement highlights

Line	2026Q2	2026Q1	YoY Δ
Revenue	$966.0M	$1,081.0M	-2.2%
Opex	$608.0M	—	—
Net income	$170.0M	$71.0M	n/m

Full P&L grid — 6 quarters

Line item	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1
Revenue $M	966.0	1,081.0	1,043.0	1,028.0	988.0	906.0
Voyage expenses $M	—	—	—	—	—	—
Vessel opex $M	608.0	—	—	—	—	—
G&A $M	56.0	—	—	—	—	—
Depreciation $M	148.0	—	—	—	—	—
Interest expense, gross $M	114.0	276.0	—	154.0	112.0	116.0
Net income $M	170.0	71.0	25.0	−1,923.0	−938.0	−79.0
Declared DPS	—	—	—	—	—	—

Realized vs benchmark

Benchmark index — monthly average

Contracted backlog revenue model reconciliation

Forward revenue from issuer's unit-by-unit fleet status contracts. Backlog $6,700M as of 2026Q2 · implied dayrate $517,494/day.

Quarter	Contracted rig-days	Revenue $M
2026Q3	1,900	$983.2M
2026Q4	1,993	$1,031.4M
2027Q1	1,831	$947.5M
2027Q2	1,820	$941.8M
2027Q3	1,656	$857.0M
2027Q4	1,564	$809.4M
2028Q1	1,334	$690.3M
2028Q2	849	$439.4M

23 contracted · 4 stacked (excluded)

Rig fleet status

Backlog $6,700M · economic utilization 78.2%

Rig	Class	Dayrate $/day	Contracted to	Source
Deepwater Titan	drillship	463,000	2028-04	print
Deepwater Atlas	drillship	580,000	2030-06	print
Deepwater Aquila	drillship	438,000	2028-06	print
Deepwater Poseidon	drillship	501,000	2028-02	print
Deepwater Pontus	drillship	499,000	2027-10	print
Deepwater Conqueror	drillship	530,000	2027-01	print
Deepwater Proteus	drillship	—	2026-11	print
Deepwater Thalassa	drillship	495,000	2029-02	print
Deepwater Asgard	drillship	—	2027-12	print
Deepwater Invictus	drillship	485,000	2028-04	print
Deepwater Skyros	drillship	361,000	2028-03	print
Deepwater Corcovado	drillship	379,000	2030-11	print
Deepwater Mykonos	drillship	—	2027-06	print
Deepwater Orion	drillship	375,000	2030-03	print
Dhirubhai Deepwater KG2	drillship	—	—	print
Petrobras 10000	drillship	416,000	2029-08	print
Dhirubhai Deepwater KG1	drillship	410,000	2028-03	print
Ocean Rig Apollo	drillship	—	—	print
Ocean Rig Athena	drillship	—	—	print
Ocean Rig Mylos	drillship	—	—	print
Transocean Norge	semisub	472,000	2028-11	print
Transocean Spitsbergen	semisub	413,000	2027-11	print
Transocean Barents	semisub	482,000	2030-07	print
Transocean Enabler	semisub	436,000	2028-03	print
Transocean Encourage	semisub	511,000	2028-05	print
Transocean Endurance	semisub	390,000	2026-11	print
Transocean Equinox	semisub	485,000	2027-06	print

Guidance & sources

Sources — press, filings & documents

Interim updates since 2026Q3

charter medium 2026-10-19 Deepwater Proteus The Deepwater Proteus was awarded a ten-well contract with an undisclosed operator in the U.S. Gulf. The estimated 700-day campaign is expec… source
charter medium 2026-10-19 Deepwater Conqueror The Deepwater Conqueror was awarded a five-well contract with an undisclosed operator in the U.S. Gulf. The estimated 450 days of work is ex… source
charter high 2026-10-19 $464,286/day Deepwater Proteus The Deepwater Proteus was awarded a ten-well contract with an undisclosed operator in the U.S. Gulf. The estimated 700-day campaign is expec… source
charter high 2026-10-19 $500,000/day Deepwater Conqueror The Deepwater Conqueror was awarded a five-well contract with an undisclosed operator in the U.S. Gulf. The estimated 450 days of work is ex… source
other low 2026-10-19 Transocean Ltd. announced contract awards for two of its ultra-deepwater drillships in the U.S. Gulf totaling approximately $550 million in … source
debt high 2026-10-15 Increase the total amount of revolving commitments to $750 million from $510 million; source
debt high 2026-10-15 Separately, Transocean retired the 8.00% Senior Secured Notes due 2028 (the “Aquila Notes”) in full on October 1, 2026. The outstanding prin… source
other low 2026-10-15 The effectiveness of the agreement is subject to customary conditions and the closing of Transocean Ltd.’s previously announced acquisition … source
debt high 2026-10-15 Upon its effectiveness, the A&R Credit Agreement will amend and restate the Company’s existing credit agreement dated June 22, 2018 (as prev… source
debt high 2026-10-15 Separately, Transocean retired the 8.00% Senior Secured Notes due 2028 (the “Aquila Notes”) in full on October 1, 2026. The outstanding prin… source
other low 2026-10-14 On October 13, 2026, the Brazilian competition authorities (“CADE”) issued a decision determining that the Business Combination may be put i… source
charter medium 2026-10-09 Transocean Norge The Transocean Norge was awarded a two-well contract with A/S Norske Shell. The estimated 120 days of work is expected to commence in direct… source
charter medium 2026-10-09 Transocean Enabler, Transocean Encourage, and Transocean Endurance In late September, final approval was received from Equinor for the previously announced agreement for three harsh environment semisubmersib… source
charter medium 2026-10-09 Transocean Norge The Transocean Norge was awarded a two-well contract with A/S Norske Shell. The estimated 120 days of work is expected to commence in direct… source
other low 2026-10-09 Transocean Ltd. Announces Contract Backlog of Approximately $1.1 Billion, Including Fully Approved Equinor Agreement source
other low 2026-10-09 The total contract value of approximately $1.0 billion is now included in Transocean’s backlog. source

Market:

Press & filings by quarter

Quarter	Report	Presentation	Dividend	Other
2026Q4	Transocean Ltd. Announces Third Quarter 2026 E…	—	—	Transocean Ltd. Announces Contract Awards Tota…, 8-K, 8-K exhibit, 8-K exhibit, Transocean Ltd. Announces Amended and Restated…, 8-K, 8-K exhibit, FORM 8-K, Transocean Ltd. Announces Contract Backlog of …, 8-K, 8-K exhibit
2026Q3	Transocean Ltd. Reports Second Quarter 2026 Re…, Transocean Ltd. Provides Quarterly Fleet Statu…, Transocean Ltd. Announces Second Quarter 2026 …	—	—	FORM 8-K, Transocean Ltd. Announces $80 Million Contract…, 8-K, 8-K exhibit, 8-K exhibit, Transocean Ltd. Announces $300 Million Contrac…, 8-K, 8-K exhibit, 10-Q, 8-K, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit
2026Q2	Transocean Ltd. Reports First Quarter 2026 Res…, Transocean Ltd. Provides Quarterly Fleet Statu…	—	—	Transocean Ltd. Announces Agreement with Equin…, Transocean Ltd. Announces Contract Awards Tota…, 8-K, 8-K exhibit, 8-K, FORM 8-K, 10-Q, FORM 8-K, 8-K, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, Transocean Ltd. Announces $158 Million Award f…, 8-K, 8-K exhibit, Transocean Ltd. Announces $425 Million Additio…, 8-K, 8-K exhibit, Transocean Ltd. Announces Contract Awards Tota…, 8-K, 8-K exhibit
2026Q1	Transocean Ltd. Reports Fourth Quarter and Ful…, Transocean Ltd. Provides Quarterly Fleet Statu…, Transocean Ltd. Announces Fourth Quarter 2025 …	—	—	8-K, 10-K, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K, 8-K exhibit, 8-K exhibit, 8-K exhibit, Transocean Ltd. Announces Contract Award and E…, 8-K, 8-K exhibit, FORM 8-K, FORM 8-K exhibit, Transocean to Acquire Valaris, FORM 8-K, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, FORM 8-K exhibit, Transocean Ltd. Announces Contract Award and E…, 8-K, 8-K exhibit
2025Q4	Transocean Ltd. Reports Third Quarter 2025 Res…, Transocean Ltd. Announces Early Tender Results…, Transocean Ltd. Provides Quarterly Fleet Statu…, Transocean Ltd. Announces Third Quarter 2025 E…	—	—	Transocean Ltd. Announces $130 Million Award f…, 8-K, 8-K exhibit, Transocean Ltd. Announces Exercised Options To…, 8-K, 8-K exhibit, 10-Q, 8-K, 8-K exhibit, 8-K exhibit, 8-K, 8-K, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, Transocean Ltd. Announces $243 Million in Exer…, 8-K, 8-K exhibit
2025Q3	Transocean Ltd. Reports Second Quarter 2025 Re…, Transocean Ltd. Provides Quarterly Fleet Statu…, Transocean Ltd. Announces Second Quarter 2025 …	—	—	Transocean Ltd. Announces Pricing of Private O…, Transocean Ltd. Announces Cash Tender Offer, Transocean Ltd. Announces Proposed Private Off…, 8-K, 8-K exhibit, 8-K, Transocean Ltd. Announces Pricing of Upsized P…, 8-K, 8-K exhibit, Transocean Ltd. Announces Public Offering of S…, 8-K, 8-K exhibit, 8-K, 8-K, 8-K, 10-Q, 8-K, 8-K exhibit, 8-K, 8-K, 8-K exhibit, 8-K exhibit, 8-K
2025Q2	—	—	—	8-K, 8-K, 8-K exhibit, 8-K, 10-Q, 8-K, 8-K exhibit, 8-K, 8-K exhibit, 8-K exhibit
2025Q1	—	—	—	8-K, 10-K, 8-K, 8-K, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K, 8-K exhibit, 8-K exhibit