Revenue: As of FY2026 Q1, the actual value is USD 1.081 B, beating the estimate of USD 1.032 B.EPS: As of FY2026 Q1, the actual value is USD 0.06.EBIT: As of FY2026 Q1, the actual value is USD 283 M.<h4>Segment Revenue</h4>越洋钻探 (Transocean Ltd.) reported contract drilling revenues of $1,081 million for the first quarter of 2026, which is a $38 million sequential increase from $1,043 million in Q4 2025 and a $175 million year-over-year increase from $906 million in Q1 2025, partly due to a revenue efficiency of 97.3%. Ultra-deepwater floaters revenue was $748 million in Q1 2026, up from $724 million in Q4 2025 and $658 million in Q1 2025. Harsh environment floaters revenue was $333 million in Q1 2026, an increase from $319 million in Q4 2025 and $248 million in Q1 2025.<h4>Operational Metrics</h4><ul><li>Net income was $71 million in Q1 2026, a significant increase from $25 million in Q4 2025, and a recovery from a net loss of - $79 million in Q1 2025.</li><li>Operating and maintenance expense was $606 million in Q1 2026, representing a - $1 million sequential change from $605 million in Q4 2025, and a $12 million year-over-year decrease from $618 million in Q1 2025.</li><li>Adjusted EBITDA reached $440 million in Q1 2026, increasing by $55 million sequentially from $385 million in Q4 2025, and by $196 million year-over-year from $244 million in Q1 2025.</li><li>The adjusted EBITDA margin exceeded 40%, specifically 40.7% in Q1 2026, up from 36.8% in Q4 2025 and 26.9% in Q1 2025.</li><li>Operating income for Q1 2026 was $287 million, compared to $64 million in Q1 2025.</li><li>Interest expense was $276 million in Q1 2026, compared to $116 million in Q1 2025; excluding the $153 million effect of the bifurcated exchange feature of certain bonds, interest expense was $123 million.</li><li>A loss on retirement of debt of $11 million was reported in Q1 2026.</li><li>The total fleet average revenue efficiency was 97.3% in Q1 2026, an improvement from 96.2% in Q4 2025 and 95.5% in Q1 2025.<ul><li>Ultra-deepwater floaters revenue efficiency was 97.6% in Q1 2026.</li><li>Harsh environment floaters revenue efficiency was 96.7% in Q1 2026.</li></ul></li><li>Total fleet average rig utilization was 86.7% in Q1 2026, up from 85.8% in Q4 2025 and 63.4% in Q1 2025.<ul><li>Ultra-deepwater floaters utilization was 82.1% in Q1 2026.</li><li>Harsh environment floaters utilization was 100.0% in Q1 2026.</li></ul></li><li>The company added $1.6 billion in new contract backlog during the quarter at a weighted average dayrate of about $410,000.</li><li>As of May 4, 2026, 越洋钻探 (Transocean Ltd.)’s total backlog is approximately $7.1 billion, with an implied average dayrate of over $450,000.</li><li>越洋钻探 (Transocean Ltd.) owns or has partial ownership interests in and operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and 7 harsh environment floaters.</li><li>Estimated average contract dayrates for Ultra-Deepwater Drillships are $455,000 for Q2 2026, $462,000 for Q3 2026, $444,000 for Q4 2026, and $447,000 for Q1 2027.</li><li>Estimated average contract dayrates for Harsh Environment Semisubmersibles are $447,000 for Q2 2026, $448,000 for Q3 2026, $463,000 for Q4 2026, and $471,000 for Q1 2027.</li></ul><h4>Cash Flow</h4><ul><li>Net cash provided by operating activities was $164 million in Q1 2026, a decrease from $349 million in Q4 2025, but a substantial increase from $26 million in Q1 2025.</li><li>Capital expenditures were $28 million in Q1 2026.</li><li>Free Cash Flow was $136 million in Q1 2026, down from $321 million in Q4 2025, but a significant improvement from - $34 million in Q1 2025.</li><li>Cash taxes paid in Q1 2026 were $11 million.</li><li>Debt repayments totaled $556 million in Q1 2026.</li></ul><h4>Unique Metrics</h4><ul><li>The company ended the period with total liquidity of $1.125 billion, which includes the undrawn revolving credit facility.</li><li>越洋钻探 (Transocean Ltd.) accelerated the retirement of $358 million remaining principal amount of the 8.375% Senior Secured Notes due 2028, reducing interest to maturity by nearly $40 million, with full retirement on March 20, 2026.</li><li>Total debt, principal amount, at the end of Q1 2026 was $5,137 million, a decrease from $5,686 million in Q4 2025 and $6,734 million in Q1 2025.</li></ul><h4>Outlook / Guidance</h4>For the second quarter of 2026, 越洋钻探 (Transocean Ltd.) expects contract drilling revenues between $930 million and $970 million, with fleet-wide revenue efficiency projected at 96.50%. Operating and maintenance expense is anticipated to be $630 million to $660 million, and capital expenditures are estimated at $30 million to $40 million. For the full year 2026, contract drilling revenues are guided to be $3,800 million to $3,900 million, with operating and maintenance expense between $2,250 million and $2,375 million, and total liquidity projected to be $1,250 million to $1,350 million. Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from expectations.

Transocean | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 1.081 B