Transocean Ltd (switzerland) · NYSE:RIG
Transocean Ltd (switzerland) — Transocean — Investor Presentation (June 2026)
19 slides from Transocean Ltd (switzerland)'s investor presentation, June 2026
Slide 1: Leading the Future of Offshore Drilling
Leading the Future of Offshore Drilling June 2026
Slide 2: Forward Looking Statements
Forward Looking Statements • The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain wo
Slide 3: Today's Presentation
PRESENTATION TODAY’S 01 Market Outlook 02 Preferred Provider of Offshore Drilling Services 03 Unique Investment Opportunity 3
Slide 4: Market Outlook
Market Outlook Increasing oil and gas Deepwater projects offer Rig utilization expected demand compelling economics to increase 4
Slide 5: Demand for Oil and Gas Forecast to Grow
Demand for Oil and Gas Forecast to Grow Oil and Natural Gas Supply Scenario to 2050 Comparative Scenarios of Global Oil and Gas Demand to 2050 • Rapid depletion of existing fields requires major investments to sustain existing production levels • New supply required to meet continued growth in deman
Slide 6: E&P Capex Remains Resilient While Deepwater Capex Grows
E&P Capex Remains Resilient While Deepwater Capex Grows Summary of global upstream E&P capex ($B) Deepwater E&P capex by region ($B) 800 120.0 +100% 700 100.0 600 Deepwater E&P capex (2020-2030) 80.0 500 +141% +95% 400 60.0 300 40.0 200 +65% +103% 20.0 100 (baseline) (today) 2020 2026 2030 0.0 0 Afr
Slide 7: Drillship Utilization is Expected to Exceed 90%
Drillship Utilization is Expected to Exceed 90% Sources: Wood Mackenzie, Fearnley Offshore, Westwood Global Energy Group, and Transocean Marketing as of June 2026 7
Slide 8: High Specification Harsh Environment Outlook is Robust
High Specification Harsh Env ironment Outlook is Robust Sources: Wood Mackenzie, Fearnley Offshore, Westwood Global Energy Group, and Transocean Marketing as of June 2026 8
Slide 9: Trusted to Perform
Trusted to Perform Highest Uniquely qualified, Safe, reliable, Consistent, specification disciplined, high- efficient predictable fleet performing team operations customer experience 9
Slide 10: Creating Value Through the Cycle
Creating Value Through the Cycle Optimize the value of Generate industry-leading Build a strong, full-cycle our differentiated free cash flow capital structure assets 10
Slide 11: Value Through The Cycle
Value Through The Cycle Songa Offshore Ocean Rig Transocean Norge Deepwater Atlas 2016 2017 2018 2019 2020-21 2022-24 2025 2026 Early Stages of Downturn Began Fleet Rationalization Acquired and Scrapped Continued Fleet COVID Downturn Upgraded Fleet Strengthened Capital Announced Valaris Rationalizat
Slide 12: Strong Cash Flow Generating Capability
Strong Cash Flow Generating Capability Positioned to Capitalize on a Multi-Year Upcycle FREE CASH FLOW BACKLOG $626 M $7.1 B FY 2025 As of May 4, 2026 BACKLOG AVERAGE DAYRATE CONTRACT COVERAGE $450 k/d 86% / 73% As of May 4, 2026 For 2026 and 2027 as of May 4, 2026 12
Slide 13: Total Debt and Debt Maturity Profile
Total Debt and Debt Maturity Profile ($B) 1 2026 FULL YEAR OUTLOOK (In millions of dollars, except percentages) Forecast as of March 31, 2026 Contract drilling revenues 3,800 – 3,900 4 8 Total Debt at Year End Revenue efficiency, fleet wide (1) 96.50% 3.5 7 Selected costs and expenses $5.9 Operating
Slide 14: Stronger Together — Transocean to Acquire Valaris
Stronger Together — Transocean to Acquire Valaris Best fleet, best team, best customer service accelerating value and returns BENEFITING SHAREHOLDERS BENEFITING CUSTOMERS Stronger free cash flow and accelerated deleveraging Hi-spec fleet to meet growing demand in any offshore environment 33 Drillshi
Slide 15: Valaris Transaction Updates
Valaris Transaction Updates DEAL • Pro forma EV and market cap: $18.4B, $12.9B, respectively • Accretive all-stock deal; exchange ratio of 15.235 shares of STRUCTURE1 RIG for each VAL share; PF ownership: ~53% RIG, ~47% VAL • CEO: Keelan Adamson LEADERSHIP & • Executive Board Chair: Jeremy Thigpen G
Slide 16: Active and Experienced in all Key Offshore Basins
Active and Experienced in all Key Offshore Basins 1 Rig Type North Sea Drillship Semi-Submersible 4 9 Jackup Gulf of Med & Black Sea America/Mexico2 1 1 Middle East 11 1 Trinidad SE Asia 8 2 Africa 88% Brazil 1 2 5 1 35% Australia 9 Rigs Operate in 2 1 Harsh Environments 1. The rig count numbers rep
Slide 17: Combination Accelerates Value Creation
Creating Value Through Combination Accelerates Value Creation the Cycle RIG Optimizes the value of Generates industry- Builds a strong, full-cycle Strategic Priorities differentiated assets leading free cash flow capital structure • Best-in-class management • Industry-leading backlog of • Strengthen
Slide 18: Why Transocean?
Why Transocean? OPTIMALLY POSITIONED • Global demand for oil and gas continues to rise for favorable fundamentals • Offshore prospects are key to offset declines in reserves & production • Economics are attractive now and long-term • Highest specification rigs work sooner, longer, and at the best da
Slide 19: Slide 19