Transocean (RIG) Company Report

Transocean Ltd. announced new contract fixtures for one ultra-deepwater drillship and two harsh environment semisubmersibles, representing approximately $89 million in firm contract backlog as of November 18, 2025.
Petrobras exercised a 90-day option for the Deepwater Mykonos in Brazil, expected to contribute approximately $33 million to backlog.
A two-well option was exercised for the Transocean Enabler in Norway at a dayrate of $453,000 per day.
OMV Petrom exercised a one-well option for the Transocean Barents in Romania at a dayrate of $480,000 per day.

Nov 18, 2025, 12:13 PM

8-K

Transocean Reports Strong Q3 2025 Results, Announces Significant Debt Reduction and Positive Outlook

RIG

Earnings

Guidance Update

Debt Issuance

Transocean reported Q3 2025 contract drilling revenues of $1.03 billion with an average daily revenue of $462,000, and operating and maintenance expense of $584 million. The company achieved a revenue efficiency of 97.5% for the quarter.
The company made significant progress in deleveraging, reducing debt by approximately $1.2 billion by the end of 2025 and expecting an annualized interest expense reduction of approximately $87 million. Total liquidity at the end of Q3 2025 was approximately $1.8 billion.
Transocean provided Q4 2025 contract drilling revenue guidance of $1.03 billion to $1.05 billion and preliminary FY 2026 contract drilling revenue guidance of $3.8 billion to $3.95 billion.
As part of its fleet strategy, Transocean intends to retire nine rigs by mid-2026. The company projects ultra-deepwater fleet utilization to exceed 90% by late 2026 into 2027, with drillship and harsh environment semi-submersible markets reaching over 95% and close to 100% utilization respectively in 2027.

Oct 30, 2025, 1:00 PM

Transcript

Transocean Reports Strong Q3 2025 Results, Announces Debt Reduction, and Positive Market Outlook

RIG

Earnings

Guidance Update

Debt Issuance

Transocean reported strong Q3 2025 contract drilling revenues of $1.03 billion and ended the quarter with total liquidity of approximately $1.8 billion.
The company significantly strengthened its balance sheet, reducing debt by approximately $1.2 billion and annualized interest expense by about $87 million by the end of 2025, with expectations to meet future obligations from cash flow.
Management provided Q4 2025 contract drilling revenue guidance of $1.03 billion to $1.05 billion and preliminary FY 2026 revenue guidance of $3.8 billion to $3.95 billion.
Transocean is optimizing its fleet by retiring nine older rigs by mid-2026 and anticipates a significant increase in deepwater rig demand, projecting ultra-deepwater fleet utilization to exceed 90% by late 2026 into 2027.

Oct 30, 2025, 1:00 PM

Transcript

Transocean Reports Strong Q3 2025 Results, Significant Debt Reduction, and Positive Market Outlook

RIG

Earnings

Guidance Update

Revenue Acceleration/Inflection

Transocean reported strong third quarter 2025 results, with contract drilling revenues of $1.03 billion and a revenue efficiency of 97.5% for the quarter.
The company made significant progress in strengthening its balance sheet, reducing debt by approximately $1.2 billion versus scheduled maturities of $714 million by the end of 2025, which is expected to reduce annualized interest expense by approximately $87 million.
Transocean plans to dispose of nine rigs by mid-2026 as part of fleet rationalization, focusing on high-specification assets. New contract awards include BP exercising a one-year option for the Deepwater Atlas at $635,000 per day, adding approximately $232 million in backlog through Q2 2030.
For Q4 2025, contract drilling revenues are expected to be between $1.03 billion and $1.05 billion, with preliminary 2026 guidance forecasting revenues between $3.8 billion and $3.95 billion.
Management anticipates deepwater rig utilization to exceed 90% by late 2026 into 2027, with harsh environment semi-submersibles potentially reaching close to 100% utilization in 2027, driven by increased exploration activity and contract awards.

Oct 30, 2025, 1:00 PM

Transcript

Transocean Ltd. Reports Third Quarter 2025 Results

RIG

Earnings

Revenue Acceleration/Inflection

Transocean Ltd. reported a net loss attributable to controlling interest of $1,923 million and a diluted loss per share of $2.00 for the third quarter ended September 30, 2025, primarily due to a $1,913 million loss on impairment of assets.
Contract drilling revenues increased to $1,028 million in Q3 2025, up from $988 million in Q2 2025 and $948 million in Q3 2024.
The company's Adjusted EBITDA for Q3 2025 was $397 million, reflecting an Adjusted EBITDA margin of 38.7%.
As of October 2025, Transocean Ltd. had a backlog of $6.7 billion.
Free Cash Flow for Q3 2025 was $235 million, an increase from $136 million in Q3 2024.

Oct 29, 2025, 9:11 PM

8-K

Transocean Ltd. Upsizes Cash Tender Offer and Reports Early Results

RIG

Transocean International Limited, a wholly-owned subsidiary of Transocean Ltd., increased its cash tender offer for outstanding notes from $50 million to $100 million.
As of the Early Tender Date on October 14, 2025, $88,998,000 aggregate principal amount of 7.35% Senior Notes due December 2041 and $120,628,000 aggregate principal amount of 7.00% Notes due June 2028 were validly tendered.
All validly tendered 2041 Notes were accepted for payment.
The company will accept validly tendered 2028 Notes on a pro rata basis, resulting in an approximate 13.17% proration factor.
The settlement date for the accepted notes is October 16, 2025.

Oct 15, 2025, 8:48 PM

8-K

Transocean Ltd. Publishes Updated Fleet Status Report

RIG

New Projects/Investments

Guidance Update

Transocean Ltd. published its Fleet Status Report dated October 15, 2025, detailing the status and contract information for its drilling rigs.
The report includes estimated average contract dayrates for its 20 Ultra-Deepwater Drillships, which are $458,000 for Q4 2025, $463,000 for Q1 2026, $466,000 for Q2 2026, and $468,000 for Q3 2026.
For its 7 Harsh Environment Semisubmersibles, the estimated average contract dayrates are $424,000 for Q4 2025, $436,000 for Q1 2026, $442,000 for Q2 2026, and $443,000 for Q3 2026.

Oct 15, 2025, 8:16 PM

8-K

Transocean Announces $243 Million in Ultra-Deepwater Drillship Contract Fixtures

RIG

New Projects/Investments

Transocean Ltd. announced contract fixtures for two of its ultra-deepwater drillships, representing approximately $243 million in firm contract backlog.
bp exercised a 365-day option for the Deepwater Atlas in the U.S. Gulf of America, contributing approximately $232 million to the backlog.
Petrobras exercised a 30-day option for the Deepwater Mykonos in Brazil, expected to contribute approximately $11 million to the backlog.

Oct 1, 2025, 8:38 PM

8-K

Transocean Ltd. Announces Pricing of Upsized Public Offering of Shares

RIG

Transocean Ltd. priced an underwritten public offering of 125,000,000 shares at $3.05 per share, an increase from the originally proposed 100,000,000 shares.
The offering is expected to generate approximately $381,250,000 in gross proceeds for Transocean, with underwriters having an option to purchase up to an additional 18,750,000 shares.
The net proceeds are intended for the repayment or redemption of indebtedness, specifically a portion of the $655 million aggregate principal amount of 8.00% Senior Notes due February 2027.
The offering is anticipated to close on September 26, 2025.

Sep 25, 2025, 1:39 AM

8-K

Transocean Ltd. Announces Public Offering of Shares

RIG

Transocean Ltd. announced its intention to offer and sell 100,000,000 shares in an underwritten public offering.
The company also expects to grant the underwriters a 30-day option to purchase up to an additional 15,000,000 shares.
The net proceeds from the offering are primarily intended for the repayment or redemption of indebtedness, specifically a portion of the $655 million aggregate principal amount of the 8.00% Senior Notes due February 2027.
Any proceeds from the offering not used for debt repayment will be allocated to general corporate purposes.

Sep 24, 2025, 8:04 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Transocean.

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