Offshore drilling companies report mixed Q3 2026 financial results

Offshore drilling contractors Transocean and Seadrill reported varying financial outcomes for the third quarter of 2026.

Transocean reported revenue of $937 million, an 8.9 percent year-on-year decline that fell short of analyst estimates. The company also missed non-GAAP earnings expectations, reporting an adjusted loss per share of $0 compared to an expected $0.02. Management attributed the performance to lower customer activity in specific regions, though they noted a 98 percent fleet uptime and nearly $2 billion in new contract backlog. The company is currently navigating transaction costs related to its pending acquisition of Valaris.

Seadrill reported a widening net loss of $30 million for the third quarter, compared to an $11 million loss in the same period last year. Despite the loss, which the company noted included the impact of an unspecified legal provision, Seadrill generated $179 million in free cashflow. The company reported operating revenues of $428 million, up from $363 million in Q3 2025. Seadrill has secured significant new contract awards and extensions in Indonesia, Malaysia, Angola, and the United States Gulf, with over 85 percent of available drillship days contracted for 2027.