New York, Feb 12, 2026, 09:36 ET — Regular session
- Transocean shares pushed higher in early New York action, following news of fresh Norway rig contracts adding $184 million to its firm backlog.
- Transocean is picking up more work for two of its harsh-environment semisubmersibles, a significant piece of its North Sea presence.
- Filings related to Transocean’s planned all-stock takeover of Valaris, along with next week’s earnings, remain on traders’ radar.
Transocean Ltd jumped roughly 10% to $6.00 shortly after the open on Thursday.
The offshore driller disclosed in a filing that two rigs in Norway have landed fresh contracts, boosting its firm contract backlog by about $184 million—the amount tied up in signed deals still awaiting completion. 1
Transocean announced the Transocean Encourage rig secured a seven-well contract extension set to kick off in the first quarter of 2027, tacking on roughly $152 million to its backlog. Exercised options on the Transocean Enabler bring in another $32 million and lock up the rig through December 2027. 2
Frederik W. Mohn, along with Perestroika-related entities, now hold around 96.9 million shares of Transocean—about 8.8% of the total, according to a separate ownership filing. They’ve signed a support agreement backing the Valaris deal. 3
Transocean and Valaris rolled out plans this week for an all-stock merger worth roughly $5.8 billion. Under the terms, Valaris shareholders are looking at 15.235 Transocean shares for each Valaris share. “We have identified more than $200 million in cost synergies,” Transocean CEO Keelan Adamson stated in materials about the transaction. Valaris chief Anton Dibowitz called the combination a move to “create a new industry leader.”
Valaris jumped roughly 11% Thursday. Noble and Borr Drilling—other offshore drillers—also saw their stocks move higher.
Transocean will release its fourth-quarter 2025 earnings after the bell on Feb. 19. The company’s conference call is set for the morning that follows. 4
The Norway projects don’t ramp up until 2027, and the Valaris deal isn’t sealed yet, with shareholder and regulatory approvals still pending. Deal filings also warn that a change of control could mean some contracts get revised—or dropped.
Investors have their eyes on next week’s results and the fleet status report. Contracting updates, cash flow details, and signs of progress on the Valaris deal will be key points to watch.
