Transocean (RIG) Investor presentation summary

Market outlook

• Global oil and gas demand is forecast to grow steadily through 2050, with Asia as a core demand center.

• Deepwater projects offer compelling economics, driving increased rig utilization.

• Upstream E&P capex remains resilient, with deepwater capex projected to double from 2020 to 2030.

• Drillship utilization is expected to exceed 90% in 2026 and 2027, indicating a tight market.

• High-specification harsh environment semisubmersible utilization remains robust.

Strategic positioning and operational strengths

• Operates the highest specification fleet, delivering safe, reliable, and efficient operations.

• Focus on optimizing differentiated assets and generating industry-leading free cash flow.

• Maintains a strong, full-cycle capital structure and consistent customer experience.

• Proven track record of fleet rationalization, strategic acquisitions, and cost-effective upgrades.

Financial performance and outlook

• Generated $626M in free cash flow in FY 2025.

• Backlog stands at $7.1B as of May 2026, with an average dayrate of $450k/d.

• Contract coverage is 86% for 2026 and 73% for 2027.

• Total debt reduced by ~$1.8B since early 2025, with annualized interest savings of $136M.

• 2026 revenue outlook is $3.8–$3.9B, with revenue efficiency at 96.5%.