Transocean reports Q1 2026 net income of $71M and strong adjusted EBITDA margin above 40%.

Transocean Ltd. reported a net income of $71 million for Q1 2026, driven by strong contract drilling revenues of $1.08 billion and a high revenue efficiency of 97.3%. The company achieved an adjusted EBITDA of $440 million with a margin exceeding 40%, reflecting improved rig utilization and higher daily revenues. Transocean also accelerated debt repayment, reducing interest costs and ending the quarter with $1.125 billion in liquidity. The company added $1.6 billion in contract backlog, signaling confidence in offshore drilling demand amid a multi-year upcycle outlook.