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The latest update is out from Transocean ( (RIG) ).
On February 19, 2026, Transocean reported its fourth-quarter and full-year 2025 results, highlighting a 13% rise in operating revenues to $3.965 billion and revenue efficiency of 96.5%. Adjusted EBITDA increased 19% to $1.37 billion, cash flow from operations jumped 68% to $749 million, free cash flow climbed to $626 million, and the company cut total debt by $1.258 billion to $5.686 billion while adding $839 million of new contract backlog.
Despite these operational gains, Transocean posted a 2025 net loss attributable to controlling interest of $2.915 billion, or $3.04 per diluted share, largely driven by $3.036 billion in asset impairment and a $99 million loss on debt conversion, partially offset by discrete tax benefits. Excluding these items, the company generated adjusted net income of $37 million and ended 2025 with 1.1 billion shares outstanding, as management emphasized record uptime, balance sheet strengthening ahead of its 2026 centennial, and strategic benefits from its planned combination with Valaris to expand its high-spec fleet and enhance cash flow and financial flexibility.
The most recent analyst rating on (RIG) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on Transocean stock, see the RIG Stock Forecast page.
Spark’s Take on RIG Stock
According to Spark, TipRanks’ AI Analyst, RIG is a Neutral.
The score is held back primarily by weak profitability and major revenue decline, partly offset by improving cash flow and moderate balance-sheet stability. Technically, the stock shows moderately positive trend/momentum, while valuation remains challenging due to losses (negative P/E). Earnings call commentary adds support via debt reduction and efficiency gains, tempered by contracting and utilization risks.
To see Spark’s full report on RIG stock, click here.
More about Transocean
Transocean Ltd., based in Steinhausen, Switzerland, is a leading offshore contract drilling services provider, operating a global fleet of high-specification, deepwater and ultra-deepwater rigs for oil and gas companies. The company focuses on high-uptime, technically advanced assets and long-term contracts, positioning itself as a key player in the offshore drilling market.
Average Trading Volume: 42,697,582
Technical Sentiment Signal: Buy
Current Market Cap: $6.85B
See more insights into RIG stock on TipRanks’ Stock Analysis page.