Transocean Q2 net income $170M, backlog $6.7B; adds $292M in new contracts

Transocean Ltd.

Q2 contract drilling revenues $966M, net income $170M ($0.04 diluted EPS), adjusted EBITDA $312M (32.2% margin).
Free cash flow $212M; total liquidity >$1.3B including undrawn revolver.
Added $292M backlog at weighted avg dayrate ~$461K; total backlog $6.7B (excl. $1.0B Equinor deal pending approvals).
Q3 revenue guidance $920-960M; FY26 revenue guidance $3.9-3.975B.
New fixtures: Deepwater Conqueror, Proteus, Skyros, Transocean Norge, Equinox; Equinor conditional $1.0B agreement for three rigs.

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