New York, Feb 19, 2026, 07:26 EST — Premarket
- Transocean shares edged up roughly 1.3% in premarket trading, following a previous close just under $6.14.
- Barclays bumped its price target up to $6 but lowered the stock’s rating to equalweight.
- Transocean’s results drop after the bell, with investors set for the fleet update too.
Transocean Ltd shares climbed in premarket trade Thursday, holding close to their recent peaks. Investors are waiting for the offshore driller’s quarterly earnings, expected after the market closes. (Public)
The company is preparing to deliver its fourth-quarter 2025 results and release a fleet status update this Thursday. That report, which details rig activity and current contracts, is a key data point for traders tracking demand and pricing. (Deepwater)
The timing is key: Transocean shares tend to move on forward signals like contract backlog and dayrates, rather than just one quarter’s earnings. Dayrate refers to the amount charged daily for rig rentals, while backlog tracks future revenue already under contract.
Barclays cut its rating on Transocean to equalweight from overweight in a Wednesday note, despite hiking the price target to $6 from $4.50 to reflect new valuation analysis. The bank bumped up its EBITDA estimates for 2026 and 2027—earnings before interest, taxes, depreciation and amortization—and trimmed its discount rate, pointing to a healthier balance sheet following recent moves. (Investing)
Energy stocks caught another lift as Brent pushed up roughly 1.3% and U.S. crude advanced 1.4% Thursday, driven by fresh concerns over U.S.-Iran tensions and the potential for supply disruptions. That backdrop helped buoy shares across the oil sector. (Reuters)
Valaris climbed roughly 2.3% in the morning session. Noble Corp added 1.8% as well, joining peers in the green.
Transocean’s $5.8 billion all-stock bid for rival Valaris has the company still working through the implications. The proposed combination would put together a 73-rig fleet and push combined enterprise value to roughly $17 billion. “We know that our debt level negatively impacts our equity value. This transaction addresses that,” Chief Executive Keelan Adamson said during the deal call. (Reuters)
Adamson, in the companies’ statement, called the merger a strategic move for a prolonged offshore boom, highlighting over $200 million in cost synergies already identified and a quicker route to lowering debt. “The powerful combination is well-timed to capitalize on an emerging, multi-year offshore drilling upcycle,” he said. (Deepwater)
Transocean’s been building its contract backlog going into earnings. Just last week, the company revealed roughly $184 million in firm backlog from work in Norway, covering two harsh-environment semisubmersibles. That includes a seven-well extension for the Transocean Encourage. (Deepwater)
Thursday’s report lands with investors zeroing in on shifts in fleet utilization, updates on new fixtures, and what the company says about dayrates. They’ll also want details on funding requirements and how quickly debt is coming down.
Here’s the risk: any stumble in fleet projections, a drop in dayrates, or a slipped contract, and cash flow gets squeezed hard. The Valaris deal isn’t over the line yet, either — shareholders and regulators still have to sign off. Should the timeline drag out or offshore spending take a hit, the rally that just played out could reverse in a hurry.
The earnings report lands after the U.S. close on Feb. 19. Then comes Transocean’s conference call Friday morning—management expected to get grilled on the fleet update and how the Valaris integration shapes up. (Stocktitan)
