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Transocean drills offshore oil and gas wells for energy companies worldwide, focusing on deep water and difficult operating conditions. It supplies and operates drillships and floating drilling platforms with the equipment and crews needed for the work. Ultra-deepwater drilling brings in most revenue; harsh-environment drilling accounts for the remainder. Petrobras and Shell are its largest customers, and together with Equinor provide most of its revenue.
Customers generally pay an agreed rate per day under contracts covering particular wells or a set period. Revenue depends on keeping rigs contracted and operating: breakdowns, bad weather and other interruptions can reduce the daily payment or stop it altogether. Demand depends on energy companies’ offshore spending, which reflects oil prices and their expectations for longer-term oil and gas demand.
Safety and environmental rules and drilling permits limit where and how the rigs can work. Delayed approvals can interrupt work and allow customers to terminate or renegotiate contracts.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Transocean also depends heavily on Shell, missing from this list, which supplied 22% of its 2025 operating revenue.
Valaris competes with Transocean to provide rigs and crews to offshore oil and gas operators for daily fees, but their proposed share-exchange combination also ties both share prices to whether the deal closes. Watch shareholder and regulatory approvals for Transocean’s proposed purchase of Valaris with its own shares.
Noble competes with Transocean for the same global oil and gas operators’ spending on rigs that drill in ultra-deepwater and harsh environments. Its contracts for those rigs offer a read on demand in Transocean’s main drilling markets.
Seadrill competes with Transocean for oil and gas companies’ offshore drilling contracts using deepwater drillships and semisubmersible rigs. Watch the daily fees and operating status of Seadrill’s floating rigs for a read on the competing fleet.
Petrobras pays Transocean to drill offshore oil and gas wells, supplying 22% of its 2025 operating revenue and 20% of its contract backlog as of February 19, 2026. Petrobras’s deepwater and ultra-deepwater activity in Brazil is therefore important to Transocean’s contracted work.
Equinor pays Transocean for offshore drilling, accounting for 12% of its 2025 operating revenue and 16% of its contract backlog as of February 19, 2026. Changes in Equinor’s drilling contracts or payments matter directly to Transocean’s revenue.
Borr Drilling Limited and Transocean both collect daily fees from offshore oil and gas operators, so both depend on drilling spending, but Borr supplies shallow-water jackups rather than Transocean’s floating rigs. Borr’s work mainly involves new production wells in fields already producing oil and gas, making it a view of shallow-water demand rather than deepwater demand.
TotalEnergies buys Transocean’s drilling services and supplied 12% of its operating revenue in 2023, though the supplied evidence does not quantify current purchases. Its oil and gas exploration and production business is the part to watch for this customer relationship.
Talos Energy, Inc.’s investment in deepwater oil and gas fields in the U.S. Gulf offers a read on regional demand for Transocean’s drilling rigs, rather than evidence of a customer relationship. Talos earns money selling oil and gas; watch its exploration and development activity in the central U.S. Gulf deepwater region.
Noble Corporation plc earningsNE
Noble’s report will show whether oil and gas operators’ spending is supporting daily fees for ultra-deepwater and harsh-environment rigs—the same markets where Transocean competes.
Read Noble’s floating-rig utilization alongside its dayrates. Steady utilization and firm fees would suggest operators are still paying for this kind of drilling capability, supporting the pricing environment for Transocean’s comparable contracts. More idle rigs and lower fees would point to too much available capacity for demand, leaving Transocean to bid at lower rates or risk rigs without work.
Transocean LTD. earningsThis company
Transocean’s report will show whether its floating rigs earn more through additional operating days and higher daily revenue, or whether downtime and operating costs erode that revenue.
Read operating days, average daily revenue and revenue efficiency together. More operating days, higher daily revenue and strong revenue efficiency would show that more rigs are working steadily under favorable contract terms. Then compare operating and maintenance costs with operating cash flow: if costs do not absorb the added revenue and cash flow improves, the contracts are better supporting rig costs and debt obligations. Fewer operating days or lower daily revenue, or falling revenue efficiency while costs stay high, would show downtime, weaker rates or operating costs squeezing revenue and cash.
PETROLEO BRASILEIRO S.A.-PETROBRAS earningsPBR
Petrobras’s report will show whether its deepwater and ultra-deepwater work in Brazil is continuing, offering a read on drilling demand from a major Transocean customer.
Look at Petrobras’s deepwater and ultra-deepwater development activity in Brazil alongside related spending or plans. Continuing or expanding work would suggest a continuing basis for Transocean to pursue future drilling contracts with this major customer, but would not show that Petrobras awarded specific work to Transocean. A pullback would mean weaker prospective demand from an important customer.
