New York, Feb 13, 2026, 06:46 EST — Premarket
- Transocean ticked up roughly 0.6% before the bell.
- New Norway contracts tack on roughly $184 million to the firm backlog.
- Investors are eyeing the Feb. 19 earnings release, scanning for updates or new info on the Valaris deal.
Transocean Ltd. edged up 0.6% to $6.03 ahead of the open Friday, after the offshore driller announced fresh work in Norway—a boost of around $184 million to its firm contract backlog. (GlobeNewswire)
Transocean’s shares tend to react to new contract wins and balance sheet developments, not just shifts in oil prices. Every addition to the backlog hands investors a concrete figure for expected fleet revenue.
Backlog tracks the value of contracted work that’s signed up but hasn’t happened yet — basically, it’s future revenue on the books. In offshore drilling circles, traders watch this number closely since demand swings fast, and those locked-in contracts can provide some breathing room when things slow down.
Transocean disclosed in an SEC filing that its harsh-environment semisubmersible Transocean Encourage secured a seven-well extension, set to kick off in the first quarter of 2027. The deal tacks on roughly $152 million to backlog, not counting extra services. The company also reported two one-well options picked up for the Transocean Enabler, bringing in about $32 million and locking in the rig’s commitment through December 2027. (SEC)
The company revealed the news in an 8-K, the U.S. form for flagging major events to investors, not tucked away in the usual report. For a stock that often reacts sharply to news, that choice can move the needle.
The Valaris deal hasn’t faded from view. Earlier this week, Transocean unveiled plans to acquire Valaris in an all-stock transaction valued at $5.8 billion. On a conference call, CEO Keelan Adamson acknowledged, “We know that our debt level negatively impacts our equity value. This transaction addresses that.” (Reuters)
An SEC filing revealed unanimous approval from both boards for the deal, which now heads for regulatory review and shareholder votes. Closing is targeted for the back half of 2026. (SEC)
Next on the docket: earnings season. According to Nasdaq, Transocean is set to release its results Feb. 19. Analysts expect EPS of roughly $0.09 — that’s net income per share. (Nasdaq)
Still, it’s not all smooth sailing. A big chunk of Norway’s fresh backlog doesn’t kick in until 2027 or later, and operators have leeway to push back projects or adjust pricing if the landscape changes. The Valaris agreement layers on more execution risk. Offshore drillers, as ever, are vulnerable to volatile exploration spending.
Investors are bracing for results after the bell on Feb. 19, with Transocean’s conference call set for Feb. 20. On that call, expect pointed questions on fleet status, cash flow, and how management plans to translate “deal math” into actual savings. (GlobeNewswire)
