Transocean : Investor Presentation – February 2025
RIG
Transocean Ltd.
NYSE: RIG
February 2025
INVESTMENT THESIS
ATTRACTIVE EXPOSURE TO GLOBAL OFFSHORE DRILLING INDUSTRY
Hydrocarbon
Demand
Favorable Market Dynamics
Portfolio of
Premier Assets
Value Creation
3
DEEPWATER GROWTH NEEDED TO SUPPORT PROJECTED OIL DEMAND
Global Oil Demand
Global Oil Production Makeup
~ in mbbld
~ in mbbld
Historical
Forecast
120
120
Total Demand
100
100
80
80
60
60
40
40
20
20
0
2000
2005
2010
2015
2020
2025
2030
100
9.5%
2023
% of barrels produced from Deepwater
56
43
16.2%
113
12.0%
Depletion
New Production
2030
Source: Wood Mackenzie; Rystad Energy ServiceDemandCube; Rystad Energy research and analysis
4
DEEPWATER INVESTMENT SET TO GROW AS TOTAL
UPSTREAM INVESTMENT REMAINS FLAT
Global Oil and Gas Investments By Supply Segment
USD billion, nominal
3%
10%
16%
650
600
550
500
450
400
350
300
250
200
150
100
50
0
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
Other Onshore
Shale/Tight oil
Oil Sands
Offshore Shelf
Offshore Deepwater
Source: Rystad Energy UCube
5
HARSH ENVIRONMENT SEMI DEMAND REMAINS STRONG AS
DRILLSHIP DEMAND STRENGTHENS IN 2026
Source: Fearnley Offshore
6
DEEPWATER ECONOMICS REMAIN ATTRACTIVE FOR
PROJECT SANCTIONING
Deepwater 2P Breakevens
Global Deepwater Greenfield E&P Investments by Approval Year
~ in mbbld
2P is the sum of Proved (P90) and Probable (P50) Reserves
USD billion, nominal
35%
98%
99%
100%
120
Historical
Forecast
93%
90%
30%
83%
100
72%
resources
25%
66%
Cumulative % of total 2P resources
80
54%
20%
2P
60
of total
15%
110
103
40
%
10%
54
58
59
51
47
20
43
5%
33
0%
0
2019
2020
2021
2022
2023
2024
2025
2026
2027
Source: Wood Mackenzie; Rystad Energy research and analysis
7
FAVORABLE DAYRATE PROGRESSION
Global Drillship Dayrate Fixtures & Average Annual Dayrates1
Dayrate ($/d)
700,000
600,000
500,000
400,000
300,000
200,000
100,000
-
6/7th Gen
8th Gen
233,217
359,744
418,632
465,771
2021
2022
2023
2024
1. Excludes fixed priced options Source: Westwood RigLogix
8
LIMITED INCREMENTAL 6TH & 7TH GEN DRILLSHIP SUPPLY
9
8
7
6
5
4
3
2
1
0
Draco,
Dorado
Can-Do
Transocean
Valaris
Eldorado
Seatrium
(formerly Keppel and Sembcorp)
6th Gen Cold Stacked
7th Gen Cold Stacked
Other*
Transocean provides superior value proposition for incremental supply to meet rising demand:
* Includes under construction and recently delivered newbuilds Source: Spinergie, Transocean
9
FLOATER OPPORTUNITIES
Well Program
START DATE NEXT 24 MONTHS
WellTypesProgram Types
84 rig years to be awarded
64 programs
10%
9%
Appraisal
Development
Harsh
33%
Exploration
48%
Benign
P&A
5
5
1
1
1
1
1
1
2
1
5
1
2
3
1
1
3
1
2
3
<6 months
2
1
6
6-12 months
1
1
1-3 years
6
1
2
1
2
>3 years
# Number of programs
1
Source: Westwood, Transocean Marketing
10
Disclaimer
Transocean Ltd. published this content on February 24, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 24, 2025 at 21:28:08.304.