Rig services company Transocean is bracing itself for an uncertain and difficult road ahead in the offshore drilling market, its chief executive officer said.

Transocean published its 325-page proxy statement for 2015 and annual report for 2014. The release comes as most energy companies have announced plans to cut back on spending for exploration and production as oil prices stay depressed in an era of oversupply.

Transocean Interim Chief Executive Officer Ian Strachan said in a statement that, while the company held its ground last year as oil prices fell, this year may be different for the rig builder.

"We had significant achievements in 2014," he said. "However, despite our progress, the offshore drilling market has become increasingly uncertain and, in all likelihood, the next couple of years will remain challenging."

The U.S. Energy Information Administration finds spending on exploration and production during the fourth quarter of 2014 was down 12 percent year-on-year. EIA said the impact of the spending cuts might not be felt for a long time.

In its latest report on rig activity, oil services company Baker Hughes said the number of rigs deployed in the United States for the week ending March 20 was down 40 percent from last year. The international rig count for the week was down 5 percent year-on-year.

Transocean last week said it was scrapping four of its rigs for sale.

"We remain committed to executing the company's strategies to create long-term value for shareholders and will continue to pursue a disciplined and balanced allocation of capital, including maintaining a strong and flexible balance sheet, renewing the fleet, and providing an appropriate, competitive return of cash to shareholders," Strachan said.