Transocean showcased a strong backlog, significant cost management, and a positive market outlook with opportunities in new contracts. However, challenges in day rate moderation and potential liquidity concerns were noted. Overall, the positives largely outweigh the negatives.

Company Guidance -

Q3 2025

During Transocean's Q2 2025 earnings call, the company provided several key metrics and guidance for the future. The company reported contract drilling revenues of $988 million for the second quarter, with expectations for third-quarter revenues to be between $1 billion and $1.02 billion. Operating and maintenance expenses were $599 million in Q2, below expectations, and are forecasted to be between $600 million and $620 million in Q3. Transocean's liquidity at the end of the quarter stood at approximately $1.3 billion, including $377 million in unrestricted cash. The company aims to reduce debt by more than $700 million this year and is on track to achieve annual cash cost savings of about $100 million in 2025 and 2026. For the full year 2025, contract drilling revenues are projected to be between $3.9 billion and $3.95 billion. The company also anticipates capital expenditures to total $120 million in 2025. Transocean remains optimistic about future market conditions, expecting global ultra-deepwater fleet utilization to exceed 90% by late 2026, which could lead to higher day rates.

Industry-Leading Backlog

Transocean boasts an industry-leading backlog of approximately $7 billion, maintaining high average utilization and premium day rates.

Successful Cost Management

On track to sustainably reduce cash costs by about $100 million in each of 2025 and 2026, mainly from operating and maintenance expenses.

Debt Reduction Goals

On track to reduce debt by more than $700 million this year, aiming to improve financial flexibility.

Positive Market Outlook

Expecting market to tighten by late 2026 and into early 2027 with projections of global active ultra-deepwater fleet utilization exceeding 90%.

New Contracts and Extensions

Secured new contracts and extensions, including work in Norway, Brazil, and the Ivory Coast, ensuring continued operations into 2027.

CapEx Increase Projections

Wood Mackenzie's analysis indicates deepwater and ultra-deepwater development CapEx is expected to rise by 23% from $64 billion in 2025 to $79 billion in 2027.

Transocean (RIG) Earnings, Revenues Date & History

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RIG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 03, 2025	2025 (Q3)	0.05 / -	0.067	―	―	―
Aug 04, 2025	2025 (Q2)	>-0.01 / 0.00	-0.15	―	―
Apr 28, 2025	2025 (Q1)	-0.11 / -0.10	-0.03	-233.33% (-0.07)	―
Feb 17, 2025	2024 (Q4)	<0.01 / -0.09	-0.09	0.00% (0.00)	―
Oct 30, 2024	2024 (Q3)	-0.04 / 0.07	-0.36	118.61% (+0.43)	―
Jul 31, 2024	2024 (Q2)	-0.11 / -0.15	-0.15	0.00% (0.00)	―
Apr 29, 2024	2024 (Q1)	-0.15 / -0.03	-0.38	92.11% (+0.35)	―
Feb 19, 2024	2023 (Q4)	-0.23 / -0.09	-0.49	81.63% (+0.40)	―
Oct 30, 2023	2023 (Q3)	-0.23 / -0.36	-0.06	-500.00% (-0.30)	―
Jul 31, 2023	2023 (Q2)	-0.14 / -0.15	-0.1	-50.00% (-0.05)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

RIG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 04, 2025	$2.81	$2.91	+3.56%
Apr 28, 2025	$2.31	$2.20	-4.76%
Oct 30, 2024	$3.98	$4.34	+9.05%
Jul 31, 2024	$5.79	$5.46	-5.70%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.