NYSE: RIG
Transocean Ltd.CIK 0001451505 · Drilling Oil & Gas Wells
Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” the “Company,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells. As of February 17, 2026, we owned or had… About this business →
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About Transocean Ltd.
Source: Item 1 (Business) from the 10-K filed February 23, 2026. Description as filed by the company with the SEC.
Item 1.Business
Overview
Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” the “Company,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells. As of February 17, 2026, we owned or had partial ownership interests in and operated 27 mobile offshore drilling units, consisting of 20 ultra-deepwater drillships and seven harsh environment semisubmersibles.
We provide, as our primary business, contract drilling services in a single operating segment, which involves contracting our mobile offshore drilling rigs, related equipment and work crews to drill oil and gas wells. We specialize in technically demanding regions of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Our drilling fleet is one of the most versatile fleets in the world, consisting of drillships and semisubmersible floaters used in support of offshore drilling activities and offshore support services on a worldwide basis.
Transocean Ltd. is a Swiss corporation with its registered office in Steinhausen, Canton of Zug, and with principal executive offices located at Turmstrasse 30, 6312 Steinhausen, Switzerland. Our telephone number at that address is +41 41 749-0500. Our shares are listed on the New York Stock Exchange under the ticker symbol “RIG.”
On February 9, 2026, we and Valaris entered into a Business Combination Agreement (the "Agreement") providing for the Business Combination. Pursuant to the Agreement, and on the terms and subject to the conditions thereof, we will acquire all of the issued and outstanding common shares, par value $0.01 each, of Valaris (the “Valaris Shares”) in exchange for Transocean Ltd. shares, par value $0.10 each, at an exchange ratio of 15.235 Transocean Ltd. shares for each Valaris Share.
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For information about the revenues, operating income, assets and other information related to our business, our agreement to acquire of Valaris, and the geographic areas in which we operate, see “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Part II. Item 8. Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 1—Business, Note 5—Revenues and Note 6—Long-Lived Assets.”
Drilling Fleet
Overview—We provide contract drilling services using our fleet of mobile offshore drilling units, including both drillships and semisubmersibles, broadly referred to as floaters. Floaters are designed to operate in locations away from port for extended periods of time and have living quarters for the crews, a helicopter landing deck and storage space for drill pipe, riser and drilling supplies. Our drilling units and related equipment are suitable for both exploration and development, and we engage in both types of activities.
Our fleet of floaters consists of ultra-deepwater drillships and harsh environment semisubmersibles that are designed with high-specification capabilities to operate in the technically demanding regions of the global offshore drilling business. Ultra-deepwater floaters are equipped with high-pressure mud pumps and are capable of drilling in water depths of 4,500 feet or greater. Harsh environment floaters are capable of drilling in harsh environments in water depths between 1,500 and 10,000 feet and typically have greater displacement than other semisubmersibles, which offers larger variable load capacity, more useable deck space and better motion characteristics.
Drillship features—Drillships are floating vessels that are shaped like conventional ships, generally self-propelled and considered to be the most mobile of the major rig types. Drillships typically have greater deck load and storage capacity than semisubmersible rigs, which provides logistical and resupply efficiency benefits for customers. Drillships are generally better suited to operations in calmer sea conditions and typically do not operate in areas considered to be harsh environments. All of our high-specification drillships are equipped with dynamic positioning thruster systems, which allows them to maintain position without anchors through the use of onboard propulsion and station-keeping systems. We have two drillships that are equipped with an industry-leading, 1,700 short ton hoisting capacity. We have 18 drillships that are equipped with dual-activity technology that employs structures, equipment and techniques using two drilling stations within a dual derrick to allow these drillships to perform simultaneous drilling tasks in a parallel, rather than a sequential manner, which reduces critical path activity and improves efficiency in both exploration and development drilling.
Semisubmersible features—Semisubmersibles are floating vessels that can be partially submerged by means of a water ballast system such that the lower column sections and pontoons are below the water surface during drilling operations. Semisubmersibles are known for stability, making them well suited for operating in rough sea conditions. Semisubmersible floaters are capable of maintaining their position over a well either through dynamic positioning or the use of mooring systems. Although most semisubmersibles are relocated with the assistance of tugs, some units are self-propelled and move between locations under their own power when afloat on pontoons. All of our semisubmersibles have mooring capability and are equipped for year-round operations in harsh environments, such as those of the Norwegian continental shelf and sub-Arctic waters. Two of our seven semisubmersibles are custom-designed, high-capacity drilling rigs, equipped with dual-activity technology.
Fleet status—Depending on market conditions, we may idle or stack our non-contracted rigs. An idle rig is between drilling contracts, readily available for operations, and operating costs are typically at or near normal operating levels. A stacked rig typically has
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reduced operating and maintenance costs, is staffed by a reduced crew or has no crew and is (a) preparing for an extended period of inactivity, (b) expected to continue to be inactive for an extended period or (c) completing a period of extended inactivity. Stacked rigs will continue to incur operating costs at or above normal operating levels for approximately 30 days following initiation of stacking. Some idle rigs and all stacked rigs require additional costs to return to service. The actual cost to return to service, which in many instances could be significant and could fluctuate over time, depends upon various factors, including the availability and cost of shipyard facilities, the cost of equipment and materials, the extent of repairs, maintenance and commercial upgrades that may ultimately be required, the length of time a rig has spent in stacking mode and the time and cost of assembling and training crew. We consider these factors, together with market conditions, length of contract, dayrate and other contract terms, when deciding whether to return a stacked rig to service. We may not return some stacked rigs to work for drilling services.
Drilling units—The following table, presented as of February 19, 2026, provides certain specifications for our rigs, excluding rigs classified as held for sale. Unless otherwise noted, the stated location of each rig indicates either the current drilling location, if the rig is operating, or the next operating location, if the rig is in shipyard with a follow-on contract. The dates provided represent the year placed into service, and, if applicable, the year of the most recent upgrade. As of February 19, 2026, we owned all the drilling rigs in our fleet noted in the tables below, except for the ultra-deepwater drillship Petrobras 10000, which is subject to a finance lease through August 2029.
Year
Hook
Water
Drilling
Contracted
entered
load
depth
depth
location or
service /
capacity
capacity
capacity
standby
Rig category and name
upgraded
(short tons)
(in feet)
(in feet)
Specifications
status
Ultra-deepwater drillships (20)
Deepwater Titan
2023
1,700
12,000
40,000
(a) (b) (c)
U.S. Gulf
Deepwater Atlas
2022
1,700
12,000
40,000
(a) (b) (d)
U.S. Gulf
Deepwater Aquila
2024
1,400
12,000
40,000
(a) (b) (e) (f)
Brazil
Deepwater Poseidon
2018
1,400
12,000
40,000
(a) (b) (f) (g) (h)
U.S. Gulf
Deepwater Pontus
2017
1,400
12,000
40,000
(a) (b) (g) (h)
U.S. Gulf
Deepwater Conqueror
2016
1,400
12,000
40,000
(a) (b) (f) (g) (h)
U.S. Gulf
Deepwater Proteus
2016
1,400
12,000
40,000
(a) (b) (g) (h)
U.S. Gulf
Deepwater Thalassa
2016
1,400
12,000
40,000
(a) (b) (g) (h)
Mexico
Deepwater Asgard
2014
1,400
12,000
40,000
(a) (b) (g)
U.S. Gulf
Deepwater Invictus
2014
1,400
12,000
40,000
(a) (b) (f) (g)
U.S. Gulf
Ocean Rig Apollo
2015
1,250
12,000
40,000
(a) (b)
Stacked
Ocean Rig Athena
2014
1,250
12,000
40,000
(a) (b)
Stacked
Deepwater Skyros
2013
1,250
12,000
40,000
(a) (b)
Ivory Coast
Ocean Rig Mylos
2013
1,250
12,000
40,000
(a) (b) (g)
Stacked
Deepwater Corcovado
2011
1,000
10,000
35,000
(a) (b)
Brazil
Deepwater Mykonos
2011
1,000
10,000
35,000
(a) (b)
Brazil
Deepwater Orion
2011
1,000
10,000
35,000
(a) (b)
Brazil
Dhirubhai Deepwater KG2
2010
1,000
12,000
35,000
(a)
Brazil
Petrobras 10000
2009
1,000
12,000
37,500
(a) (b)
Brazil
Dhirubhai Deepwater KG1
2009
1,000
12,000
35,000
(a)
India
Harsh environment semisubmersibles (7)
Transocean Norge
2019
1,000
10,000
40,000
(a) (f) (i)
Norwegian N. Sea
Transocean Spitsbergen
2010
1,000
10,000
30,000
(a) (b) (i)
Norwegian N. Sea
Transocean Barents
2009
1,000
10,000
30,000
(a) (b) (i)
Romania
Transocean Enabler
2016
750
1,640
28,000
(a) (f) (i)
Norwegian N. Sea
Transocean Encourage
2016
750
1,640
28,000
(a) (f) (i)
Norwegian N. Sea
Transocean Endurance
2015
750
1,640
28,000
(a) (f) (i)
Australia
Transocean Equinox
2015
750
1,640
28,000
(a) (f) (i)
Australia
(a)Dynamically positioned.
(b)Dual activity.
(c)Two 20,000 psi blowout preventers.
(d)One 15,000 psi blowout preventer and one 20,000 psi blowout preventer.
(e)One 15,000 psi blowout preventer and designed to accommodate a future 20,000 psi blowout preventer.
(f)Automated drilling control.
(g)Two 15,000 psi blowout preventers.
(h)Designed to accommodate a future upgrade to 20,000 psi blowout preventer(s).
(i)Moored.
Technology
Overview—Celebrating 100 years of drilling, we have a long history of technological innovation, including the first dynamically positioned drillship, the first semisubmersible rig to drill year-round in the North Sea, the first 10,000-ft. water depth rated ultra-deepwater drillship, the first dual-activity drillship and the first eighth-generation drillships with 1,700-ton hoisting systems and 20,000-psi well-control systems. Additionally, we have achieved numerous water depth world records over the past several decades. We develop, invest in and deploy industry-leading technology to differentiate our service offerings in the pursuit of delivering ever-improving operational integrity with safer, more efficient and environmentally responsible drilling services for our customers.
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Although we do not currently use artificial intelligence (“AI”) in our offshore drilling operations, we have introduced AI tools to streamline certain high-volume office and administrative tasks and are exploring use cases to further improve productivity. We have established an AI Governance Committee, which includes internal senior leaders and technical experts, that oversees our tool selection, security protocols, training and overall usage. See “