Transocean Ltd.: Will Its Rebound in Offshore Drilling Activity Bring A Shift In The Competitive Dynamics?

Transocean’s first quarter results for 2025 present a mixed picture of financial performance and strategic positioning. The company reported adjusted EBITDA of $244 million on contract drilling revenues of $906 million, resulting in an EBITDA margin of approximately 27%. This indicates a relatively stable operational milieu, supported by notable contract extensions such as the one-year extension option for the Deepwater Asgard and a $40 million backlog from contract extensions on the Transocean Equinox.