Transocean Ltd.

Overview

Transocean Ltd. is an international offshore contract-drilling company that provides mobile rigs, equipment and crews for oil and gas well construction. Its business is focused on technically demanding ultra-deepwater and harsh-environment drilling; as of February 17, 2026, its fleet comprised 27 units—20 ultra-deepwater drillships and seven harsh-environment semisubmersibles.[1][2] The company describes its services and fleet as worldwide, with reported contract-drilling revenue spanning the United States, Brazil, Norway and other countries.[2][3]

Transocean states its mission is “to be the premier offshore drilling company by providing worldwide, rig-based well construction services to our customers.” [4] For scale, it reported 2025 contract-drilling revenue of $3.965 billion and 5,220 employees as of December 31, 2025.[3][5] [1]+4

Products & services

Transocean’s services center on contract drilling with mobile offshore rigs, their equipment and crews. Work can include rig operations, preparation and contract-specific equipment modifications, as well as mobilization and demobilization. As of June 30, 2026, the fleet comprised 20 ultra-deepwater drillships and seven harsh-environment semisubmersibles.[6][7]

The fleet includes named drillships such as *Deepwater Titan* and *Deepwater Atlas*, each specified for 12,000-ft water depth and 40,000-ft drilling depth, and semisubmersibles including *Transocean Norge*, rated for 10,000-ft water depth and 40,000-ft drilling depth. Other rigs have differing specifications, including drillships rated for 10,000-ft water depth and semisubmersibles rated for shallower-water operations.[8] The fleet is dynamically positioned; drilling capabilities and equipment include dual-activity systems for parallel drilling tasks, high-capacity hoisting systems, and blowout-preventer configurations rated up to 20,000 psi on certain drillships.[9][10]

Transocean reports revenue by floater class rather than by individual service. In 2025, ultra-deepwater revenue was $2.777 billion, approximately 70% of total revenue, and harsh-environment revenue was $1.188 billion, approximately 30%.[3] [6]+12

Geographic presence

Transocean’s operations span multiple global offshore markets, with rig locations shaped by customer demand and rigs capable of moving between regions. Its FY2025 revenue was geographically concentrated in the United States (41.2%), Brazil (22.0%), and Norway (16.1%); other countries accounted for 20.6%.[11][3]

In the first half of 2026, revenue was reported from the United States (38.0%), Brazil (19.5%), Norway (17.4%), Australia (10.2%), and other countries (14.9%).[12] The FY2025 fleet schedule listed drillships in the U.S. Gulf, Brazil, Mexico, Ivory Coast, and India, while harsh-environment semisubmersibles were located in the Norwegian North Sea, Romania, and Australia. These are point-in-time fleet locations, rather than a measure of full-year activity.[8]

Transocean’s registered and principal executive office is in Steinhausen, Switzerland; it also identifies corporate offices in Houston, Texas, and Bermuda, with facilities across North America, Europe, South America, Asia, Africa, and Australia. Switzerland is not a significant operating or revenue location for the company.[13]+2 [11]+14

Business segments

Transocean reports one operating and reportable segment: **contract drilling services**. The segment provides offshore contract drilling using mobile drilling units, principally drillships and semisubmersibles; ultra-deepwater and harsh-environment describe fleet capabilities and markets served, not separately reported segments.[16]+3

For FY2025, contract drilling revenue was $3.965 billion, representing approximately 100% of reported revenue and the company’s sole reportable segment.[20][16] [16]+4

Company history

Transocean’s corporate lineage dates to 1950, when Southern Production acquired Danciger, and to the 1953 creation of The Offshore Company to build Rig 51, identified by the company as the first mobile jackup drilling rig. In 1996, Sonat Offshore acquired Norwegian drilling contractor Transocean ASA, adding the Transocean name to the company’s lineage.[21][22]

A series of mergers reshaped the company: Transocean Offshore combined with Sedco Forex in 1999, becoming Transocean Sedco Forex, and merged with R&B Falcon in 2001. In 2002, shareholders approved shortening the company name to Transocean Inc.[23]+2

The company completed its merger with GlobalSantaFe in 2007. Its *Discoverer Enterprise* had earlier, in 1999, become the first ultra-deepwater dual-activity drillship, marking a significant drilling-technology milestone. In 2010, the *Deepwater Horizon* suffered a fire and explosion. Jeremy D. Thigpen became president and CEO in April 2015.[26]+3 [21]+7

Sources

• Transocean Ltd. — Full financial report (2025 Y)
  15 citations

  [1][2][3][8][9][10][11][13][14][15][16][17][18][19][20]
• www.deepwater.com[4]
• www.sec.gov[5]
• Transocean Ltd. — Full financial report (2026 Q 2)
  3 citations

  [6][7][12]
• www.deepwater.com[21]
• www.sec.gov[22]
• investor.deepwater.com[23]
• investor.deepwater.com[24]
• investor.deepwater.com[25]
• www.deepwater.com[26]
• investor.deepwater.com[27]
• www.sec.gov[28]