Key Highlights

  • Shares are trading 3.28% higher at $6.67 on Wednesday, October 28, 2026, an implied prior close of about $6.46 (calculated).
  • Short interest was 312,674,405 shares for the settlement date of October 15, 2026, or 8.55 days of average volume.
  • Second-quarter adjusted EBITDA was $312 million on contract drilling revenue of $966 million.
  • Contract backlog was about $6.7 billion on August 5, 2026, excluding $1.0 billion of Equinor backlog.
  • Transocean shareholders vote on the Valaris combination on Tuesday, November 24, 2026.

Transocean Share Move: What Is Behind the 3.28% Gain to $6.67?

Transocean (NYSE:RIG) shares are trading 3.28% higher at $6.67 on Wednesday, October 28, 2026, which implies a prior close of about $6.46 (calculated). No company release dated October 28 accompanied the move. With 1,117 million shares outstanding at June 30, the equity value is about $7.45 billion (calculated).

Transocean is an offshore drilling contractor that operates 27 mobile offshore drilling units: 20 ultra-deepwater drillships and 7 harsh environment semisubmersibles.

Transocean Short Interest: What Does 28% of Shares Outstanding Sold Short Mean?

Short-interest data for the settlement date of October 15, 2026, show 312,674,405 shares sold short, up 13,653,250 from 299,021,155 at September 30. That is about 28.0% of the 1.12 billion shares outstanding, and days to cover were 8.55 against average daily volume of 36.6 million shares. The figure was 254,376,664 shares at July 31.

In an all-stock combination, hedged positions can be one source of short interest, and the data do not separate them from outright bearish bets. A large short base can also magnify moves when it is covered, in either direction.

Transocean Second-Quarter Results: Did Debt Reduction Offset Lower Utilization?

Results released on Wednesday, August 5, 2026, showed contract drilling revenue of $966 million, down from $1,081 million in the first quarter, mainly on lower rig utilization of 78.2%. Net income was $170 million, or $0.15 per basic share, and adjusted EBITDA was $312 million, a 32.2% margin. Free cash flow was $212 million.

Total debt principal was $5,107 million versus $6,654 million a year earlier, and net debt to EBITDA improved to 2.8 times from 4.7 times. Cash was $509 million, and backlog was about $6.7 billion, excluding $1.0 billion from an Equinor agreement awaiting partner approvals. Third-quarter revenue is guided to $920 million to $960 million.

The Valaris (NYSE:VAL) combination, announced in February 2026, is an all-stock deal valued at about $5.8 billion. Each Valaris share converts into 15.235 Transocean shares, which would leave Transocean holders with about 53% and Valaris holders with 47%. The companies cite more than $200 million of cost savings and a combined backlog of about $10 billion.

What to Watch Next: Valaris Results, the Record Date and the November 24 Vote

Valaris is due to release third-quarter results after the close on Monday, November 2, 2026, without a conference call. The Transocean record date is Monday, November 9, and its extraordinary general meeting is set for Tuesday, November 24, 2026, with closing expected in the second half of 2026. Termination amounts of $195 million payable by Transocean and $173 million payable by Valaris apply in certain cases. Updated short-interest data for the settlement date of October 30 are expected on November 10. Today's move is a one-session reading and later sessions may differ.