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Transocean
(NYSE:RIG)
Transocean (RIG) vs. SPDR S&P 500 ETF (SPY)
Transocean Business Overview & Revenue Model
Transocean Earnings Call Summary
Transocean Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 952.00M | 3.52B | 2.83B | 2.58B | 2.56B | 3.15B |
| Gross Profit | 491.00M | 1.35B | 872.00M | 907.00M | 871.00M | 1.17B |
| EBITDA | -972.00M | 1.14B | 732.00M | 844.00M | 930.00M | 1.18B |
| Net Income | -2.93B | -512.00M | -954.00M | -621.00M | -591.00M | -568.00M |
Balance Sheet | ||||||
| Total Assets | 16.17B | 19.37B | 20.25B | 20.44B | 20.68B | 21.80B |
| Cash, Cash Equivalents and Short-Term Investments | 1.25B | 560.00M | 995.00M | 683.00M | 976.00M | 1.15B |
| Total Debt | 6.22B | 7.25B | 7.85B | 7.35B | 7.17B | 8.37B |
| Total Liabilities | 5.86B | 9.09B | 9.84B | 9.64B | 9.47B | 10.37B |
| Stockholders Equity | 8.08B | 10.28B | 10.41B | 10.79B | 11.21B | 11.43B |
Cash Flow | ||||||
| Free Cash Flow | 482.00M | 193.00M | -263.00M | -269.00M | 367.00M | 133.00M |
| Operating Cash Flow | 606.00M | 447.00M | 164.00M | 448.00M | 575.00M | 398.00M |
| Investing Cash Flow | -74.00M | -151.00M | -423.00M | -757.00M | -233.00M | -257.00M |
| Financing Cash Flow | -82.00M | -350.00M | 263.00M | -112.00M | -490.00M | -930.00M |
Transocean Technical Analysis
Transocean Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| ― | $3.90B | 10.01 | 17.49% | ― | 6.81% | -61.94% | |
| ― | $2.61B | ― | -1.19% | 3.81% | 25.92% | -109.50% | |
| ― | $1.96B | 27.05 | 2.60% | ― | -13.36% | -82.21% | |
| ― | $763.56M | 5.03 | 47.77% | ― | 6.52% | ― | |
| ― | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
| ― | $887.30M | 13.97 | 5.39% | 7.74% | 7.73% | -25.36% | |
| ― | $4.23B | ― | -32.05% | ― | 16.93% | -335.82% |
Transocean Corporate Events
Transocean Ltd. is a leading international provider of offshore contract drilling services for oil and gas wells, specializing in ultra-deepwater and harsh environment drilling services. In its third quarter of 2025 earnings report, Transocean Ltd. reported a net loss of $1.92 billion, or $2.00 per diluted share, primarily due to a significant loss on asset impairment. Despite this, the company achieved an adjusted net income of $62 million, or $0.06 per diluted share, indicating operational resilience.
On October 15, 2025, Transocean International Limited, a subsidiary of Transocean Ltd., closed an offering of $500 million in 7.875% Senior Priority Guaranteed Notes due 2032, which are fully guaranteed by several Transocean entities. These notes, governed by an indenture with specific covenants, are aimed at limiting additional indebtedness and securing the company’s drilling assets. Concurrently, Transocean Ltd. announced early results of its cash tender offer, initially set at $50 million but increased to $100 million, for its outstanding 7.35% Senior Notes due 2041 and 7.00% Notes due 2028. As of October 14, 2025, a significant portion of these notes was tendered, with the company accepting all valid tenders for the 2041 Notes and a prorated amount for the 2028 Notes. This strategic financial maneuver is expected to optimize Transocean’s debt structure and enhance its financial flexibility.
The most recent analyst rating on (RIG) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Transocean stock, see the RIG Stock Forecast page.
On October 15, 2025, Transocean released its Fleet Status Report, detailing the status and contract information of its drilling rigs. The report highlights various contracts with major clients like Chevron, Shell, and Petrobras, indicating robust demand for Transocean’s services. This update underscores Transocean’s strong market positioning and its ongoing commitment to maintaining a high level of operational activity, which is crucial for its stakeholders.
The most recent analyst rating on (RIG) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Transocean stock, see the RIG Stock Forecast page.
Transocean Ltd. announced contract fixtures for two of its ultra-deepwater drillships, totaling approximately $243 million in firm contract backlog. In the U.S. Gulf of America, bp exercised a 365-day option for the Deepwater Atlas, contributing $232 million to the backlog, while in Brazil, Petrobras exercised a 30-day option for the Deepwater Mykonos, adding $11 million. These developments reflect Transocean’s strong positioning in the offshore drilling market and its continued ability to secure substantial contracts with major oil companies.
The most recent analyst rating on (RIG) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Transocean stock, see the RIG Stock Forecast page.
On September 30, 2025, Transocean Ltd. announced a private offering of $500 million in Senior Priority Guaranteed Notes due 2032. The proceeds from this offering will be used to refinance existing debt and fund a tender offer for certain outstanding notes. This financial maneuver aims to optimize the company’s capital structure and improve its financial flexibility.
The most recent analyst rating on (RIG) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Transocean stock, see the RIG Stock Forecast page.
On September 24, 2025, Transocean Ltd. entered into an underwriting agreement with Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC for a public offering of 125,000,000 shares at $3.05 per share. The offering, expected to close on September 26, 2025, aims to raise funds for repaying or redeeming indebtedness, including a portion of the $655 million Senior Notes due in 2027, with any remaining proceeds used for general corporate purposes.
The most recent analyst rating on (RIG) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Transocean stock, see the RIG Stock Forecast page.
On September 24, 2025, Transocean Ltd. announced the pricing of an upsized public offering of 125,000,000 shares at $3.05 per share, increasing from the initially proposed 100,000,000 shares. The offering, expected to close on September 26, 2025, aims to raise approximately $381.25 million before expenses, with proceeds intended for debt repayment and general corporate purposes. This move could strengthen Transocean’s financial position, impacting its operations and stakeholder interests.
The most recent analyst rating on (RIG) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Transocean stock, see the RIG Stock Forecast page.
On September 24, 2025, Transocean Ltd. announced its intention to offer and sell 100,000,000 shares in an underwritten public offering, with a 30-day option for underwriters to purchase an additional 15,000,000 shares. The proceeds are intended for the repayment or redemption of indebtedness, including a portion of the $655 million Senior Notes due February 2027, with any remaining funds used for general corporate purposes. This move is part of Transocean’s strategy to manage its financial obligations and strengthen its market position in the offshore drilling industry.
The most recent analyst rating on (RIG) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Transocean stock, see the RIG Stock Forecast page.
On August 27, 2025, Transocean Ltd. announced its decision to sell several rigs, including Discoverer Clear Leader and Discoverer Americas, for recycling or alternative use. This move is expected to result in a non-cash charge of approximately $1.9 billion in the third quarter of 2025, impacting the company’s financial results and possibly its market positioning.
The most recent analyst rating on (RIG) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Transocean stock, see the RIG Stock Forecast page.
On August 19, 2025, Transocean Ltd. completed transactions under previously announced Exchange Agreements with certain bondholders to optimize its capital structure. These agreements involved exchanging $39.7 million of 4.0% Senior Guaranteed Exchangeable Bonds for approximately 13.9 million shares and a small cash payment for accrued interest, leaving $37.3 million in bonds outstanding.
The most recent analyst rating on (RIG) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Transocean stock, see the RIG Stock Forecast page.
On August 11, 2025, Transocean Ltd. announced that its subsidiary, Transocean International Limited, entered into agreements to exchange approximately $39.7 million of its 4.0% Senior Guaranteed Exchangeable Bonds for company shares. This move is part of Transocean’s strategy to optimize its capital structure. The number of shares to be exchanged will be determined based on the volume-weighted average price over a five-day trading period, with a limit price set at $2.50 per share. The transactions are expected to close by the end of the trading period, subject to customary conditions.
The most recent analyst rating on (RIG) stock is a Buy with a $5.50 price target. To see the full list of analyst forecasts on Transocean stock, see the RIG Stock Forecast page.
Transocean Ltd., a leading international provider of offshore contract drilling services, specializes in ultra-deepwater and harsh environment drilling with a fleet of 32 mobile offshore drilling units.
Transocean’s recent earnings call paints a picture of a company navigating through a challenging yet promising landscape. The sentiment expressed during the call was one of cautious optimism, highlighting strong operational performance and strategic initiatives aimed at cost savings and debt reduction. Despite a temporary slowdown in contracting activity and a moderation in day rates, the company remains positive about the market outlook, expecting increased utilization and higher future day rates. The expansion in the deepwater and ultra-deepwater sectors, along with successful contract extensions, underscores Transocean’s resilience and adaptability.