Transocean Ltd.

Listed Company

RIGCIK 0001451505NYSELarge AcceleratedDrilling Oil & Gas WellsV8FY ends Dec 31

Period

FY 2025

Revenue

$3.96B

Net Income

$-2.92B

Total Assets

$15.64B

Equity

$8.11B

Shares Out

1.10B

Op. Cash Flow

$749.00M

Business

Transocean Ltd. provides international offshore contract drilling services for oil and gas wells using mobile offshore drilling units. It offers contract drilling using drillships and semisubmersible floaters, associated equipment, work crews, technology solutions (including dual‑activity systems, automated drilling platforms and well control equipment) and related offshore support services. The company operates in a single reporting segment focused on contracting mobile drilling rigs across market categories—ultra‑deepwater/deepwater, harsh environment and midwater floaters. Its fleet is deployed globally and marketed through competitive bidding and direct negotiations to integrated, independent and national energy companies across regions including the U.S. Gulf, Brazil, the Norwegian North Sea, Greece, Malaysia, Australia, Angola, Canada, India and Romania.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Contract drilling revenues	3,965	3,524	2,832	2,575	2,556
Operating and maintenance	2,406	2,199	1,986	1,679	1,697
Depreciation and amortization	659	739	744	735	742
General and administrative	195	214	187	182	167
Total costs and expenses	3,260	3,152	2,917	2,596	2,606
Loss on impairment of assets	−3,050	−772	−57	—	—
Gain (loss) on disposal of assets, net	7	−17	−183	−10	−62
Operating loss	−2,337	−417	−325	−31	−112
Interest income	40	50	52	27	15
Interest expense, net of amounts capitalized	−555	−362	−646	−561	—
Gain (loss) on retirement of debt	3	161	−31	8	51
Other, net	−99	45	9	−5	23
Total other income (expense), net	−611	−106	−616	−531	−358
Loss before income taxes	−2,948	−523	−941	−562	−470
Income tax expense (benefit)	−33	−11	13	59	121
Net loss	−2,915	−512	−954	−621	−591
Net loss attributable to controlling interest	−2,915	−512	−954	−621	−592
Loss per share, basic (in dollars per share)	−3.04	−0.6	−1.24	−0.89	−0.93
Loss per share, diluted (in dollars per share)	−3.04	−0.76	−1.24	−0.89	−0.93
Weighted-average shares outstanding, basic (in shares)	960	850	768	699	637
Weighted-average shares outstanding, diluted (in shares)	960	925	768	699	637

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	620	560	762	683	976
Accounts receivable, net	540	564	512	485	492
Materials and supplies, net	378	439	426	388	392
Assets held for sale	24	343	49	—	—
Restricted cash and cash equivalents	377	381	233	308	436
Other current assets	142	165	144	144	148
Total current assets	2,081	2,452	2,126	2,008	2,444
Property and equipment	17,451	22,417	23,875	24,217	23,152
Less accumulated depreciation	−4,874	−6,586	−6,934	−6,748	−6,054
Property and equipment, net	12,577	15,831	16,941	17,469	17,098
Deferred tax assets, net	61	45	44	13	7
Other assets	923	1,043	1,139	890	959
Total assets	15,642	19,371	20,254	20,436	20,681
Accounts payable	242	255	323	281	228
Accrued income taxes	22	31	23	19	17
Debt due within one year	445	686	370	719	513
Other current liabilities	627	691	681	539	545
Total current liabilities	1,336	1,663	1,397	1,558	1,303
Long-term debt	5,212	6,195	7,043	6,628	6,657
Deferred tax liabilities, net	404	499	540	493	447
Other long-term liabilities	582	729	858	965	1,068
Total long-term liabilities	6,198	7,423	8,441	8,086	8,172
Commitments and contingencies	—	—	—	—	—
Shares, $0.10 par value, 1,204,009,681 authorized, 141,262,093 conditionally authorized, 1,204,009,681 issued and 1,101,528,481 outstanding at December 31, 2025, and 1,057,879,029 authorized, 141,262,093 conditionally authorized, 940,828,901 issued and 875,830,772 outstanding at December 31, 2024	110	87	81	71	64
Additional paid-in capital	15,604	14,880	14,544	13,984	13,683
Accumulated deficit	−7,460	−4,545	−4,033	−3,079	−2,458
Accumulated other comprehensive loss	−146	−138	−177	−185	−84
Total controlling interest shareholders' equity	8,108	10,284	10,415	10,791	11,205
Noncontrolling interest	—	1	1	1	1
Total equity	8,108	10,285	10,416	10,792	11,206
Total liabilities and equity	15,642	19,371	20,254	20,436	20,681

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of contract intangible asset	—	4	52	117	220
Share-based compensation expense	35	47	40	29	28
Amortization of debt-related balances, net	48	53	51	33	25
(Gain) loss on adjustment to bifurcated compound exchange feature	−10	−214	127	157	—
Loss on conversion of debt to equity	99	—	27	—	—
Loss on impairment of investment in unconsolidated affiliate	—	5	5	—	37
Deferred income tax expense (benefit)	−111	−42	18	46	128
Other, net	14	−19	−1	44	52
Changes in contract liabilities, net	−170	45	70	−20	−108
Changes in deferred costs, net	86	−2	−190	1	−6
Changes in other operating assets and liabilities, net	−25	−285	−96	−75	37
Net cash provided by operating activities	749	447	164	448	575
Capital expenditures	−123	−254	−427	−717	−208
Investment in loans to unconsolidated affiliates	—	−3	−3	−5	−33
Investment in equity of unconsolidated affiliate	—	—	−10	−42	−1
Proceeds from disposal of assets, net of costs to sell	84	101	10	7	9
Proceeds from disposal of equity investment in unconsolidated affiliate	6	—	—	—	—
Cash acquired in acquisition of unconsolidated affiliates	—	5	7	—	—
Net cash used in investing activities	−33	−151	−423	−757	−233
Repayments of debt	−1,556	−2,103	−1,717	−554	−606
Proceeds from issuance of debt, net of issue costs	492	1,770	1,983	175	—
Proceeds from issuance of shares, net of issue costs	421	—	—	263	158
Other, net	−17	−17	−3	−8	−42
Net cash provided by (used in) financing activities	−660	−350	263	−112	−490
Net increase (decrease) in unrestricted and restricted cash and cash equivalents	56	−54	4	−421	−148

Filings

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