Transocean Ltd. (RIG)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$4.1B

Revenue growth

8.5%

Net income, last twelve months

-$1.7B

Earnings per share

-$1.88

Gross margin

41.6%

Operating margin

-24.2%

Net margin

-40.2%

Free cash flow

$904.0M

Return on equity

-19.8%

Market value

$7.5B

Cash

$509.0M

Debt

$5.1B

Debt to equity

0.61

Shares outstanding

1.1B

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 5 August 2026.

• Revenue fell on lower utilization. Contract drilling revenues were $966 million, against $1,081 million in the first quarter and $988 million a year earlier. Management tied the sequential decline to lower expected utilization.
• Net income and diluted EPS. Net income was $170 million, or $0.04 per diluted share, against $71 million, or $0.06, in the first quarter. Adjusted diluted EPS was $0.03.
• Adjusted EBITDA fell to $312 million. Adjusted EBITDA was $312 million, against $440 million in the first quarter and $344 million a year earlier. The margin was 32.2%, against 40.7% and 34.9%.
• Revenue efficiency near 97%. Fleet revenue efficiency was 97.0%, against 97.3% in the first quarter and 96.6% a year earlier.
• Ultra-deepwater utilization fell. Ultra-deepwater floater revenue was $623 million, against $748 million in the first quarter. Utilization was 72.6%, against 82.1%, and revenue efficiency was 95.7%, against 97.6%.
• Harsh environment utilization eased. Harsh environment floater revenue was $343 million, against $333 million in the first quarter. Utilization was 94.2%, against 100.0%, and revenue efficiency was 99.5%.
• Fleet-wide utilization was 78.2%. Total fleet average rig utilization was 78.2%, against 86.7% in the first quarter and 67.3% a year earlier.
• Operating costs roughly flat. Operating and maintenance expense was $608 million, against $606 million in the first quarter. Depreciation and amortization was $148 million, against $143 million.
• General and administrative expense rose. General and administrative expense was $56 million, against $49 million in the first quarter and in the same quarter last year.
• Fleet average daily revenue slipped. Total fleet average daily revenue was $472,500, against $475,600 in the first quarter. Ultra-deepwater was $455,500 and harsh environment $510,000.
• Interest expense eased. Interest expense, excluding the bifurcated exchange feature effect, was $114 million, against $123 million in the prior quarter.
• Effective tax rate was 7.8%. The effective tax rate was 7.8% in the second quarter, against (335.3)% in the first quarter. Excluding discrete items the rate was 19.4%.
• Total backlog about $6.7 billion. Total backlog was approximately $6.7 billion as of August 5, against $7.1 billion at May 4. The figure excludes $1.0 billion for work with Equinor.
• Five fixtures added $292 million. Five new fixtures added about $292 million of backlog since the May report, at a weighted average dayrate of about $461,000. The prior period added $1.6 billion at about $410,000.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 545 held.

Every filing

The newest filings with the SEC of 948 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

612 funds held it at 30 Jun 2026: 250 added and 155 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Noble Corp. plc (NE): revenue $3.0B, market value $7.5B
• Valaris Ltd. (VAL): revenue $2.1B, market value $7.0B
• Patterson-UTI Energy, Inc. (PTEN): revenue $4.7B, market value $4.8B
• Helmerich & Payne, Inc. (HP): revenue $4.0B, market value $4.2B
• Seadrill Ltd. (SDRL): revenue $1.5B, market value $3.3B

What the company does

Transocean Ltd. is a Swiss corporation that provides offshore contract drilling services for oil and gas wells. As of 17 February 2026, it owned or had partial ownership interests in and operated 27 mobile offshore drilling units, made up of 20 ultra-deepwater drillships and seven harsh environment semisubmersibles. It reports a single operating segment, which involves contracting its mobile offshore drilling rigs, related equipment and work crews to drill oil and gas wells. Its principal executive offices are in Steinhausen, Switzerland, and its shares trade on the New York Stock Exchange under the ticker RIG.

The fleet

The company calls its rigs floaters. They are built to operate away from port for long periods and carry crew quarters, a helicopter deck and storage for drill pipe, riser and supplies. The rigs are used for both exploration and development drilling.

The drillships are self-propelled vessels shaped like conventional ships. They are better suited to calmer seas and do not usually work in harsh environments. Eighteen drillships have dual-activity technology, which lets two drilling stations in one derrick perform tasks in parallel rather than in sequence. Two drillships have 1,700 short ton hoisting capacity.

The seven semisubmersibles can be partly submerged by a water ballast system, which makes them stable in rough seas. All have mooring capability and are equipped for year-round work in harsh environments such as the Norwegian continental shelf and sub-Arctic waters. Two of the seven have dual-activity technology.

The company owns every rig in the fleet table except the drillship Petrobras 10000, which is held under a finance lease through August 2029. When a rig has no contract, the company may idle it or stack it. An idle rig is ready for work at near normal operating cost.

How contracts work

Drilling contracts are negotiated one by one. Most are won through competitive bidding or direct talks with operators. They generally pay a dayrate. The rate is typically higher when drilling is optimised or finished ahead of schedule, and lower or zero when the rig is not mobilised or work is interrupted. A contract may cover one well, a group of wells or a stated term.

Some contracts can be cancelled by the customer for convenience, usually with an early termination fee. Contracts also usually allow termination without a fee in cases such as non-performance or extended downtime.

Under these contracts the customer, as operator, generally takes on subsurface and well control risks. Customers indemnify the company for pollution from reservoir fluids. The company indemnifies customers for pollution that originates above the water from the rig.

The company defines contract backlog as the maximum contractual dayrate multiplied by the days left in the firm contract period. It counts only firm commitments, not options or conditional agreements.

Where it works and who buys

The company treats offshore drilling as a single global market, because its rigs can be moved between regions. As of 19 February 2026, its units were located in the Gulf of America (eight units), Brazil (six), the Norwegian North Sea (four), Greece (three), Australia (two), and India, Ivory Coast, Mexico and Romania (one each).

Its customers are integrated energy companies, independent energy companies and, to a lesser extent, national energy companies. The company sorts its markets into three sectors: ultra-deepwater and deepwater, harsh environment, and midwater. It generally treats ultra-deepwater and deepwater as water depths from 4,500 feet to the maximum depth rigs can drill, currently up to 12,000 feet. It defines midwater as roughly 300 to 4,500 feet. Ultra-deepwater floaters serve the first sector, and harsh environment floaters serve all three.

Technology and safety

The filing states that the entire fleet is dynamically positioned. Four ultra-deepwater drillships and five harsh environment semisubmersibles have an automated drilling control system. Three drillships have a robotics riser system that bolts riser joints without human intervention. The patented HaloGuard system, which alarms and can halt equipment when personnel enter danger zones, is installed on ten units.

The company says it does not currently use artificial intelligence in offshore drilling operations. It uses AI tools for office and administrative tasks, overseen by an AI Governance Committee.

For 2025, the total recordable incident rate was 0.19 and the lost time incident rate was 0.00, based on 11.5 million labor hours. Its environmental management system is ISO 14001 certified.

Its people

At 31 December 2025, the global workforce was approximately 5,600 individuals, including approximately 380 contractors, representing 67 nationalities in 20 countries. By region, 38 percent were in North America, 26 percent in South America, 23 percent in Europe, six percent in Australia, four percent in Africa and three percent in Asia. About 45 percent of the workforce, working primarily in Brazil and Norway, is covered by collective bargaining agreements. Workers must complete role-specific training and certifications before taking on new roles.

The Valaris agreement and other investments

On 9 February 2026, the company and Valaris entered into a Business Combination Agreement. Under it, Transocean would acquire all Valaris common shares in exchange for Transocean Ltd. shares, at 15.235 Transocean shares for each Valaris share.

The company also holds partial ownership interests in companies in Belgium, the Cayman Islands, the U.K., Norway and other countries. These include a noncontrolling interest in Global Sea Mineral Resources NV, a Belgian company engaged in developing and exploring deep-sea polymetallic nodules.

*From Transocean's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1451505/000145150526000018/rig-20251231x10k.htm)*

From the company's 10-K.