NEW YORK, Feb 18, 2026, 07:05 EST — Premarket
- Shares of Transocean hovered near $6.14 in early premarket trading, barely moving.
- The stock dropped 6.1% Tuesday, with trading volume running high, ending a brief upward streak.
- Valaris—the company Transocean intends to acquire—logged a contract backlog of roughly $4.7 billion as of Feb. 17.
Transocean stock was flat early Wednesday in premarket action, trading close to $6.14 following a steep slide the day before.
This pause lands just ahead of quarterly earnings, putting the spotlight on the offshore driller as investors weigh potential effects of a deal with rival Valaris—debt, cash flow, future contracting, all up for debate.
Transocean shares slid 6.12% to close at $6.14 Tuesday, as Nasdaq data showed trading volume running close to twice the typical three-month pace.
Valaris said Tuesday in its latest fleet status report that it secured new contracts and extensions, adding nearly $900 million in backlog since its last update. That brings the company’s total contract backlog up to roughly $4.7 billion, compared with about $4.5 billion previously. (Contract backlog is future revenue already booked under signed contracts.)
The report put 2026 average day rates at around $416,000 for drillships and $126,000 for jackups. It also pointed out that about $120 million was cut from backlog after a contract suspension.
Transocean submitted more proxy-soliciting material to the SEC on Feb. 17—this batch included a note from Chief Executive Keelan Adamson to employees, saying, “It is business as usual,” as the transaction moves through the approval process.
Adamson told staff they should steer clear of talking about “bids, contracts, negotiations, and market intelligence” with Valaris. He cautioned that even accidental coordination “may be unlawful” and could jeopardize regulatory clearance.
Early moves saw offshore drillers under pressure—Noble fell roughly 5%, while Valaris slid about 7%.
Earlier this month, Transocean said it would acquire Valaris in an all-stock transaction worth $5.8 billion, according to Reuters. Offshore drillers are moving to scale up as operators secure more advanced rigs.
Still, the deal isn’t done yet—regulators and shareholders have to sign off first. In its filing, Transocean pointed out potential hurdles: lawsuits, pushback from customers, and possible headaches when merging operations, any of which could chip away at the hoped-for gains.
Transocean will drop its fourth-quarter numbers after markets shut in New York on Thursday. The conference call is slated for 9 a.m. ET Friday.
