Transocean (RIG) reported a Q1 adjusted loss late Monday of $0.03 per diluted share, narrowing from a loss of $0.10 a year earlier.

Analysts polled by FactSet expected non-GAAP EPS of $0.08.

Contract drilling revenue for the quarter ended March 31 was $1.08 billion, up from $906 million a year earlier.

Analysts surveyed by FactSet expected $1.03 billion.

For Q2, the company expects contract drilling revenue of $930 million to $970 million. Analysts expect $962.2 million.

The company now expects 2026 contract drilling revenue of $3.80 billion to $3.90 billion, compared with $3.80 billion to $3.95 billion expected earlier. Analysts expect $3.87 billion.