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Transocean Ltd.

RIG

Transocean Ltd. • NYSE
$4.39 ▲ 2.09% (+0.09)
Market Cap $3.97 B
52w High $4.45
52w Low $1.97
Dividend Yield 0%
P/E -1.31
Volume 19.23M
Outstanding Shares 903.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.028B ▲ $2.544B ▲ $-1.923B ▼ -187.062% ▼ $-2.08 ▼ $-1.582B ▼
Q2-2025 $988M ▲ $1.353B ▲ $-938M ▼ -94.939% ▼ $-1.06 ▼ $340M ▲
Q1-2025 $906M ▼ $224M ▼ $-79M ▼ -8.72% ▼ $-0.089 ▼ $238M ▼
Q4-2024 $952M ▲ $268M ▼ $7M ▲ 0.735% ▲ $0.008 ▲ $340M ▲
Q3-2024 $948M $870M $-494M -52.11% $-0.56 $338M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.25B ▲ $16.174B ▼ $8.096B ▼ $8.078B ▼
Q2-2025 $772M ▲ $17.811B ▼ $8.457B ▼ $9.353B ▼
Q1-2025 $691M ▲ $19.019B ▼ $8.808B ▼ $10.21B ▼
Q4-2024 $560M ▼ $19.371B ▼ $9.086B ▼ $10.284B ▲
Q3-2024 $800M $19.51B $9.282B $10.227B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.923B ▼ $246M ▲ $23M ▲ $209M ▲ $478M ▲ $235M ▲
Q2-2025 $-938M ▼ $128M ▲ $-12M ▲ $-35M ▲ $81M ▲ $104M ▲
Q1-2025 $-79M ▼ $26M ▼ $-58M ▼ $-218M ▼ $-250M ▼ $-34M ▼
Q4-2024 $7M ▲ $206M ▲ $-27M ▼ $-38M ▲ $141M ▲ $177M ▲
Q3-2024 $-494M $194M $-10M $-259M $-75M $136M

Revenue by Products

Product Q1-2018Q2-2018Q3-2018Q4-2018
Oil And Gas Service
Oil And Gas Service
 $660.00M ▲$790.00M ▲$820.00M ▲$750.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Transocean’s revenue has been recovering after a slump earlier in the decade, with noticeable growth over the last two years as offshore activity improves. The company consistently generates healthy gross profit and solid EBITDA, which suggests its core operations can earn money once rigs are working. However, after accounting for depreciation, interest, and other costs, it still posts net losses year after year. Those losses have narrowed compared with the worst period but the business is not yet sustainably profitable at the bottom line, highlighting ongoing pressure from high fixed costs and financing expenses in a still‑improving market.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive, leveraged offshore driller. Total assets and equity have edged down over time, implying gradual balance sheet wear and limited value accretion so far. Debt remains high relative to equity, though it has been trimmed modestly compared with earlier years. Cash on hand has declined, which reduces the immediate liquidity cushion and makes the company more reliant on ongoing cash generation and contract inflows. Overall, the financial structure is serviceable but tight, with leverage and a shrinking cash buffer as key watch points.

Cash Flow

Cash Flow Transocean consistently generates positive cash from operations, but the levels fluctuate with the cycle and contract mix. Free cash flow has been uneven: positive in some years, negative in others when capital spending on the fleet stepped up. Recent results show a return to positive free cash flow as both operating cash and capital spending have become more balanced. This pattern underscores the business model: lumpy, heavy investment followed by periods of cash harvesting, all heavily dependent on dayrates, utilization, and discipline around new investments.

Competitive Edge

Competitive Edge Transocean sits in the higher‑end segment of offshore drilling, focused on ultra‑deepwater and harsh‑environment rigs, where barriers to entry are high and the number of capable competitors is limited. Its modern fleet, including the only two 8th‑generation drillships currently in the market, allows it to compete for technically demanding projects at premium rates. A sizable multi‑year contract backlog provides visibility into future revenue and helps smooth out some of the sector’s cyclicality. However, the company remains exposed to swings in offshore spending, and its heavy asset base and debt load amplify both the upside and downside of that cycle.

Innovation and R&D

Innovation and R&D The company’s innovation efforts are tightly linked to its fleet and drilling systems rather than lab‑style R&D. Transocean has invested in high‑specification rigs with advanced well‑control capabilities, proprietary power and safety systems, and increasing levels of automation on the drill floor. These technologies aim to improve safety, lower fuel use and emissions, and increase drilling efficiency, helping the firm stand out in contract tenders. Ongoing work in digital monitoring, automated drilling, and hybrid power solutions suggests a focus on squeezing more performance and lower environmental impact out of existing assets rather than mass building of new rigs.

Summary

Transocean is a technologically advanced, higher‑end offshore driller that has been riding an improving industry cycle but is still working its way back to consistent profitability. Revenue and gross profit are recovering, and cash from operations is positive, yet net losses and meaningful leverage remain central features of the story. The balance sheet shows progress in trimming debt but also a thinner cash buffer, which heightens sensitivity to any downturn in activity or dayrates. On the positive side, a differentiated fleet, strong customer relationships, and a sizable contract backlog provide competitive strength and earnings visibility. The key tension is between this strong industrial and technological position and the financial reality of a highly leveraged, cyclical, capital‑intensive business that still needs a sustained upcycle and continued discipline to fully repair its financial profile.

NEWS

November 18, 2025 · 6:51 AM UTC

Transocean Ltd. Announces Exercised Options Totaling $89 Million

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October 29, 2025 · 4:59 PM UTC

Transocean Ltd. Reports Third Quarter 2025 Results

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October 15, 2025 · 4:44 PM UTC

Transocean Ltd. Announces Early Tender Results and Upsizing of Cash Tender Offer

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October 15, 2025 · 4:14 PM UTC

Transocean Ltd. Provides Quarterly Fleet Status Report

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October 14, 2025 · 4:52 PM UTC

Transocean Ltd. Announces Third Quarter 2025 Earnings Release Date

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