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Transocean Ltd. NYSE: RIG June 2025
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2 LEGAL DISCLAIMER • 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 words such as "possible," "intend," "will," "if," "expect," or other similar expressions. • Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2024, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward- looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com. • This presentation, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.
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INVESTMENT THESIS ATTRACTIVE EXPOSURE TO GLOBAL OFFSHORE DRILLING INDUSTRY Hydrocarbon Demand Favorable Market Dynamics Portfolio of Premier Assets Value Creation • Increasing focus by our customers on their offshore assets • Constructive rig supply and demand supports continued dayrate accretion, with leading edge ultra-deepwater dayrates expected to continue to exceed $500k/d in the long term • Access to affordable, reliable, and secure energy sources is essential to global economic growth and prosperity • Volumetric demand for hydrocarbons will increase with global population growth and attendant economic development, even in the context of a slow decline in the total energy market share of oil and natural gas • Transocean owns and operates a young fleet of the highest specification floating drilling rigs in the industry – typically demanding the highest dayrates in an upcycle and highest utilization throughout the entire cycle • High-quality stacked rigs imply considerable revenue and earnings growth potential • In addition to our strong backlog, we have considerable cash flow generating potential as dayrates and contract terms continue to improve • All else being equal, share price appreciation will result from continued drilling market improvement and as the Company executes its plan to improve its balance sheet and maximize free cash flow to equity 3
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0 20 40 60 80 100 120 2000 2005 2010 2015 2020 2025 2030 Historical Forecast DEEPWATER GROWTH NEEDED TO SUPPORT PROJECTED OIL DEMAND Global Oil Demand ~ in mbbld Source: Wood Mackenzie 4 Oil Requirements from Deepwater ~ in mbbld Total Demand 5 6 7 8 9 10 2023 2024 2025 2026 2027 2028 2029 2030 Base Case Delayed Energy Transition Case Historical Forecast
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DEEPWATER ECONOMICS REMAIN ATTRACTIVE FOR PROJECT SANCTIONING Deepwater 2P Breakevens ~ in mbbld 5 54% 66% 72% 83% 90% 93% 98% 99% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0% 5% 10% 15% 20% 25% 30% 35%% of total 2P resources Cumulative % of total 2P resources FID Tracker Outlook By FID Readiness1 Number of FIDs in dataset2 2P is the sum of Proved (P90) and Probable (P50) Reserves 0 10 20 30 40 50 60 2024 2025 2026 1 2 3 1. FID readiness is an analyst scoring system using FEED dates, economics, regulatory, financing and other project considerations 2. Dataset only includes projects with reserves over 50 mmboe Source: Wood Mackenzie Actual 1 – Ready to FID No major issues, FEED could be underway 2 – Medium Risk Potentially one or more issues, but with path to resolution 3 – Highest Risk One or more major issues remain
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0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0 100 200 300 400 500 600 2024 2025 2026 2027 2028 2029 Deepwater % of total capex Capex DEEPWATER INVESTMENT SET TO GROW AS TOTAL UPSTREAM INVESTMENT REMAINS FLAT Global Oil and Gas Capex By Supply Segment USD billion, nominal Source: Wood Mackenzie 6 Deepwater Upstream Capex By Location USD billion, nominal 43 56 4% 15% 11% 4% 5% Golden Triangle RoW $440 billion 2024-2029 81% 19% Deepwater Shallow water Onshore % of total capex
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HARSH ENVIRONMENT SEMI DEMAND REMAINS STRONG AS DRILLSHIP DEMAND STRENGTHENS IN 2026 Source: Fearnley Offshore 7
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8 233,217 359,744 418,632 462,876 422,337 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 2021 2022 2023 2024 2025 FAVORABLE DAYRATE PROGRESSION 8 Global Drillship Dayrate Fixtures & Average Annual Dayrates1 Dayrate ($/d) 1. Excludes fixed priced options Source: Westwood RigLogix, Wood Mackenzie 8th Gen 6/7th Gen
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0 1 2 3 4 5 6 7 8 Transocean Valaris Eldorado Seatrium (formerly Keppel and Sembcorp) 6th Gen Cold Stacked 7th Gen Cold Stacked Other* LIMITED INCREMENTAL 6TH & 7TH GEN DRILLSHIP SUPPLY Transocean provides superior value proposition: • Seven cold-stacked UDW ships available • Estimated cost to bring cold- stacked units to market: $75- 150M • Estimated cost to purchase and deliver stranded shipyard assets: $300-500M • Newbuilds expected to cost $1.0B+ with minimum 5-year lead time 9 Can-Do Draco, Dorado * Includes under construction and recently delivered newbuilds Source: Spinergie, Transocean
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# <6 months 6-12 months >3 years 1-3 years Number of programs START DATE NEXT 24 MONTHS FLOATER OPPORTUNITIES 83 rig years to be awarded 65 programs 6% 54% 32% 8% Well Program Types Appraisal Development Exploration P&A Benign Harsh Source: Westwood, Transocean Marketing Well Program Types 10 1 4 8 1 2 2 1 1 2 4 11 2 2 3 1 1 2 2 5 11 1 1 3 2 1 1 1 1 2 1
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11 CURRENT GLOBAL OPERATIONS 1 2 6 9 4 1 1 32 Rigs Ultra-Deepwater 17 Active 7 Cold Stacked Harsh Environment 7 Active 1 Cold stacked 7 1
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12 OUR LEADERSHIP POSITION Pure Play Floater Fleet Positioned to Capitalize Through Upcycle FLOATERS BACKLOG UTILIZATIONTOTAL LIQUIDITY 32 100% UDW & HE $7.9 B As of April 16, 2025 $1.3 B As of March 31, 2025 96% Active fleet utilization for 2025 1. Based on 6/7G drillship fleet; Includes stranded newbuilds
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13 1. Includes dual activity, globally marketed assets 2. Includes “stranded” and recently delivered uncontracted newbuilds TRANSOCEAN OWNS THE HIGHEST SPECIFICATION FLEET 7 7 8 2 7 6 56 4 17 Stacked Up to 1250 ST 1400 ST 1700 ST High Spec HE Semi 100% 67% 11% 54% 29% Transocean Ownership Transocean Peers 2 1
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14 1.84 2.07 1.33 0.80 0.72 0.80 0.28 0.08 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2025 2026 2027 2028-2029 Annual Backlog Breakdown Harsh Environment Ultra-Deepwater TRANSOCEAN’S INDUSTRY-LEADING BACKLOG Approximately $7.9 Billion Contract Backlog 1,2 USD Billions 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Jul Oct Feb Apr Jul Oct Feb Apr 2023 2024 2025 Historic Backlog USD Billions 1. As of April 16, 2025 2. Contracted operating dayrate multiplied by the firm contract duration for future period
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TRANSOCEAN CONTINUES TO OUTPERFORM PEERS 0% 20% 40% 60% 80% 100% Transocean Seadrill Noble Valaris 15 EXCEPTIONAL CONTRACT VISIBILITY Future committed floater utilization Percent (%) Source: As most recent FSR filings (through 5/12/2025)
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PROJECTED LIQUIDITY 0.0 1.0 2.0 3.0 Cash & Short-Term Investments at 03/31/25 (1) Revolving Credit Facility Operating Cash Flows Through 4Q25 (2) CapEx / Investments Through 4Q25 Debt Due Through 4Q25 (3) Projected Liquidity @ 12/31/25 USD Billions ~$0.7B ~$0.5B ~$0.6B - $0.7B ~$0.3B~$0.05B ~$1.45B - $1.55B 16 1. Includes restricted cash. 2. Excludes speculative reactivations 3. Non-exchangeable debt maturities are assumed to be retired with cash on hand. 4. Liquidity as communicated on the First Quarter 2025 Earnings Conference Call held April 29th, 2025
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17 DIGITAL TRANSFORMATION INTELLIGENT TECHNOLOGIES We have continuously invested in the digitization of our operational procedures and activities, transforming Transocean and the industry New technology including industrial robotics and automation extends our ability to consistently deliver safe, reliable, and increasingly efficient operational performance INVESTING IN A PROSPEROUS FUTURE 17 HaloGuardTM Riser Robotics Inteliwell® K-BOS Rotary Multi-tool OPS Worksight SEA Control of Work DARIC WE CONTINUE TO INVEST IN TECHNOLOGIES THAT ENHANCE OUR OPERATIONAL PERFORMANCE AND FURTHER DIFFERENTIATE OUR FLEET
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18 • We believe that the cash flow-generating capability of our high-specification rig fleet can support full- cycle leverage of $4 - $4.5 billion, approximately 3x mid-cycle EBITDA. This implies a mid-BB corporate credit rating. As we approach this near-term debt level, the distribution of cash to shareholders can be considered • We will continue to de-lever and simplify our balance sheet over time through a combination of actions • Scheduled amortization and debt maturities of ~$1.1B between 2025 – 2026 • Leading UDW dayrates are at levels that support “organic” deleveraging • In addition to investing in our business, we will continue to pursue opportunistic liability management actions, using the various tools available to us, including • Open market repurchases of debt, tender offers, exchanges • Deleveraging, strategic consolidation • Equity-linked transactions INITIALLY, THE MOST EFFICIENT RESTORATION OF VALUE TO EQUITY HOLDERS FIRST PRIORITY: STRENGTHEN THE BALANCE SHEET
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19 INVESTMENT SUMMARY As the industry leader, Transocean is the ideal vehicle for investing in the high-specification segments of the floater market. • Industry’s largest and highest specification fleet of floating drilling rigs offers the most organic growth potential and consistently commands the highest dayrates and term through the cycles as scarcity increases • In the vanguard of deploying innovative technologies that enhance safety, reliability and efficiency in the offshore energy industry • $7.9B backlog provides visibility into future cash flows to create value for our shareholders through deleveraging and investment in the fleet • Has well-articulated plan to improve the flexibility and quality of the balance sheet to maximize shareholder value, ultimately to distribute free cash flow to shareholders
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Transocean Ltd. NYSE: RIG June 2025