Transocean Ltd. RIG
Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, "Transocean," the "Company," "we," "us" or "our") is a leading international provider of offshore contract drilling services for oil and gas wells. As of February 17, 2026, we owned or had partial ownership interests in and operated 27 mobile offshore drilling units, consisting of 20 ultra-deepwater drillships and seven harsh environment semisubmersibles.
We provide, as our primary business, contract drilling services in a single operating segment, which involves contracting our mobile offshore drilling rigs, related equipment and work crews to drill oil and gas wells. We specialize in technically demanding regions of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Our drilling fleet is one of the most versatile fleets in the world, consisting of drillships and semisubmersible floaters used in support of offshore drilling activities and offshore support services on a worldwide basis.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.96B | $3.52B | $2.83B | $2.58B | $2.56B | $3.15B | $3.09B | $3.02B | $2.97B | $4.16B |
| Cost of revenue | $2.41B | $2.20B | $1.99B | $1.68B | $1.70B | $2.00B | $2.14B | $1.80B | $1.39B | $1.90B |
| Gross profit | $1.56B | $1.32B | $846.0M | $896.0M | $859.0M | $1.15B | $948.0M | $1.22B | $1.58B | $2.26B |
| SG&A | $195.0M | $214.0M | $187.0M | $182.0M | $167.0M | $183.0M | $193.0M | $188.0M | $156.0M | $172.0M |
| Total operating expenses | $3.26B | $3.15B | $2.92B | $2.60B | $2.61B | $2.96B | $3.19B | $2.81B | $2.38B | $2.97B |
| Operating income | -$2.34B | -$417.0M | -$325.0M | -$31.0M | -$112.0M | -$493.0M | -$721.0M | -$1.25B | -$2.50B | $1.11B |
| Interest expense | $555.0M | $362.0M | $646.0M | $561.0M | $447.0M | $575.0M | $660.0M | $620.0M | $491.0M | $409.0M |
| Pre-tax income | -$2.95B | -$523.0M | -$941.0M | -$562.0M | -$470.0M | -$541.0M | -$1.20B | -$1.77B | -$3.00B | $934.0M |
| Income tax | $33.0M | $11.0M | $13.0M | $59.0M | $121.0M | $27.0M | $59.0M | $228.0M | $94.0M | $107.0M |
| Net income | -$2.92B | -$512.0M | -$954.0M | -$621.0M | -$592.0M | -$567.0M | -$1.25B | -$2.00B | -$3.13B | $778.0M |
| EPS, basic | -3.04 | -0.60 | -1.24 | -0.89 | -0.93 | -0.92 | -2.05 | -4.27 | -8.00 | 2.08 |
| EPS, diluted | -3.04 | -0.76 | -1.24 | -0.89 | -0.93 | -0.92 | -2.05 | -4.27 | -8.00 | 2.08 |
| Shares, diluted (wtd. avg.) | $960.0M | $925.0M | $768.0M | $699.0M | $637.0M | $615.0M | $612.0M | $468.0M | $391.0M | $367.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $620.0M | $560.0M | $995.0M | $991.0M | $1.41B | $1.56B | $2.35B | $2.59B | $2.98B | $3.43B |
| Short-term investments | — | — | — | — | — | — | — | — | $450.0M | — |
| Receivables | $540.0M | $564.0M | $512.0M | $485.0M | $492.0M | $583.0M | $654.0M | $604.0M | $596.0M | $833.0M |
| Total current assets | $2.08B | $2.45B | $2.13B | $2.01B | $2.44B | $2.74B | $3.64B | $3.95B | $4.61B | $5.10B |
| Property, plant and equipment | $12.58B | $15.83B | $16.94B | $17.47B | $17.10B | $17.67B | $18.85B | $20.41B | $17.40B | $21.09B |
| Other intangibles | — | — | $4.0M | $56.0M | $173.0M | $393.0M | $608.0M | $795.0M | — | — |
| Total assets | $15.64B | $19.37B | $20.25B | $20.44B | $20.68B | $21.80B | $24.11B | $25.66B | $22.41B | $26.89B |
| Accounts payable | $242.0M | $255.0M | $323.0M | $281.0M | $228.0M | $194.0M | $311.0M | $269.0M | $201.0M | $206.0M |
| Short-term debt | $445.0M | $686.0M | $370.0M | $719.0M | $513.0M | $505.0M | $568.0M | $373.0M | $250.0M | $724.0M |
| Total current liabilities | $1.34B | $1.66B | $1.40B | $1.56B | $1.30B | $1.39B | $1.72B | $1.46B | $1.37B | $1.99B |
| Long-term debt | — | — | — | — | — | — | $9.26B | $9.98B | $7.40B | $7.74B |
| Retained earnings | -$7.46B | -$4.54B | -$4.03B | -$3.08B | -$2.46B | -$1.87B | -$1.30B | -$67.0M | $1.93B | $5.06B |
| Total equity | $8.11B | $10.28B | $10.42B | $10.79B | $11.21B | $11.44B | $11.87B | $13.11B | $12.71B | $15.80B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $749.0M | $447.0M | $164.0M | $448.0M | $575.0M | $398.0M | $340.0M | $558.0M | $1.17B | $1.98B |
| Depreciation and amortisation | $659.0M | $739.0M | $744.0M | $735.0M | $742.0M | $781.0M | $855.0M | $818.0M | $832.0M | $893.0M |
| Stock-based compensation | $35.0M | $47.0M | $40.0M | $29.0M | $28.0M | $31.0M | $37.0M | $45.0M | $41.0M | $42.0M |
| Capital expenditure | $123.0M | $254.0M | $427.0M | $717.0M | $208.0M | $265.0M | $387.0M | $184.0M | $497.0M | $1.34B |
| Investing cash flow | -$33.0M | -$151.0M | -$423.0M | -$757.0M | -$233.0M | -$257.0M | -$268.0M | -$797.0M | -$587.0M | -$1.31B |
| Financing cash flow | -$660.0M | -$350.0M | $263.0M | -$112.0M | -$490.0M | -$930.0M | -$312.0M | -$147.0M | -$1.04B | $176.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001451505-26-000018.
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