Transocean 2Q26 net income rises to $170 million; revenue slips 2.23% year-over-year to $966 million

Transocean posted 2Q26 net income of $170 million, swinging from a year-ago loss; diluted EPS was $0.04.

• Contract drilling revenues fell 10.64% sequentially to $966 million, while revenue efficiency edged down 0.3 percentage points to 97.0%.
• Adjusted EBITDA (non-GAAP) slid 29.09% sequentially to $312 million, cutting the margin to 32.2% from 40.7%.
• Free cash flow (non-GAAP) rose 55.88% sequentially to $212 million; total debt dipped 0.58% to $5.11 billion.

Backlog grew by $292 million at about $461,000 weighted average dayrate; total backlog was about $6.7 billion, excluding a $1.0 billion Equinor agreement pending approvals.