The earnings call provided a balanced view with strong financial performance and significant backlog highlighted as positives. However, these were countered by a reported net loss and market uncertainties. The company remains optimistic about future opportunities and has initiated cost-saving measures.

Company Guidance -

Q2 2025

During the Q1 2025 earnings call, Transocean provided detailed guidance, showcasing significant metrics. The company reported an adjusted EBITDA of $244 million on contract drilling revenues of $906 million, achieving an adjusted EBITDA margin of roughly 27%. They highlighted a $40 million backlog from the Transocean Equinox and noted a fleet status update with potential extensions and new contracts. The upcoming opportunities include multiple tenders and projects, particularly in the U.S. Gulf of Mexico and Brazil, with potential rig demands also noted in regions like West Africa and the Mediterranean. For Q2 2025, Transocean expects contract drilling revenues between $970 million and $990 million, with an average fleet-wide revenue efficiency of 96.5%. Full-year 2025 guidance includes contract drilling revenues in the $3.85 billion to $3.95 billion range, and operational expenses between $2.3 billion and $2.4 billion. Additionally, they announced a $100 million cost savings target for 2025, with a similar amount expected in 2026, primarily through renegotiations and operational efficiencies.

Strong Adjusted EBITDA and Revenue

Transocean delivered an adjusted EBITDA of $244 million on $906 million of contract drilling revenues, resulting in an adjusted EBITDA margin of approximately 27%.

Significant Backlog and New Contracts

Transocean signed a priced option on the Deepwater Asgard and exercised options on the Transocean Equinox, representing $40 million of backlog. The company also highlighted a $7.9 billion backlog.

Positive Market Outlook

Transocean expects a significant increase in deepwater investment by 2030, with a 40% increase projected by Mackenzie, and anticipates numerous new projects in various regions including the U.S. Gulf, Brazil, and West Africa.

Cost Savings Initiative

Transocean identified approximately $100 million of cash cost savings expected to be realized over 2025 with similar savings anticipated for 2026.

Transocean (RIG) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

RIG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 04, 2025	2025 (Q2)	>-0.01 / -	-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)	―
May 01, 2023	2023 (Q1)	-0.22 / -0.38	-0.28	-35.71% (-0.10)	―

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
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%
Apr 29, 2024	$5.82	$5.22	-10.31%

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.