RIG News & Events

Bullish flow in Transocean (RIG), with shares up 24c, or 3.9%, near $6.26. Options volume running well above average with 62k contracts traded and calls leading puts for a put/call ratio of 0.17, compared to a typical level near 0.32. Implied volatility (IV30) is higher by 6.7 points near 71.62,in the top quartile of the past year, suggesting an expected daily move of $0.28. Put-call skew flattened, suggesting a modestly bullish tone, following a downgrade to Hold at Fearnley.Looking ahead: Transocean (RIG) will report earnings after the close on 2026-02-19.Option markets are pricing in a 50% probability of a move greater than 5.81% or $0.36.

Transocean announced contract fixtures for two of its harsh environment semisubmersibles in Norway. In aggregate, the fixtures represent approximately $184M in firm contract backlog. The Transocean Encourage was awarded a seven-well contract extension. The estimated 365 days of work is expected to commence in the Q1 of 2027 in direct continuation of the rig's current program and contribute approximately $152M in backlog, excluding additional services. Two one-well options have been exercised for the Transocean Enabler in direct continuation of the rig's current activity. The incremental 70 days of work is expected to contribute approximately $32M in backlog, excluding additional services, and commits the rig through December 2027.