Here are the 10-Q quarterly reports from Transocean LTD. (RIG) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow RIG and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full RIG filings page.
Transocean Ltd. (RIG) reported third-quarter contract drilling revenue of $937 million versus $1.028 billion in 2025, and net income of $26 million versus a $1.923 billion net loss. The 2025 quarter included a $1.913 billion impairment loss; the 2026 quarter had none. For the first nine months, revenue was $2.984 billion versus $2.922 billion, net income was $267 million versus a $2.940 billion net loss, and operating cash flow was $574 million versus $400 million. Total debt principal was $4.975 billion at September 30, 2026, versus $5.686 billion at December 31, 2025.
Under a February 9, 2026 agreement, Transocean will acquire all Valaris shares for 15.235 Transocean shares per Valaris share, subject to the agreement's conditions; the combination takes effect when the Bermuda court's sanction order is filed. A credit agreement signed October 15, 2026, would raise revolving commitments to $750 million from $510 million and extend scheduled maturity to October 2031 from June 2028. Effectiveness depends on closing the combination and satisfying or waiving customary conditions; the commitments terminate automatically if those conditions are not met or waived by May 9, 2027.
Transocean Ltd. reported solid improvement for the quarter ended June 30, 2026. Contract drilling revenues were $966 million, slightly below $988 million a year earlier, but net results swung to a net income of $170 million from a $938 million loss, largely because 2025 included $1.14 billion of rig impairment charges. Basic earnings per share were $0.15, and six‑month net income was $241 million on contract drilling revenues of $2.05 billion.
Cash generation and the balance sheet strengthened. Net cash from operating activities rose to $400 million for the first half, while unrestricted cash was $509 million and restricted cash $286 million at June 30, 2026. Total debt principal declined to $5.11 billion from $5.69 billion, helped by redeeming $358 million of 8.375% senior secured notes. Transocean has a $510 million Secured Credit Facility with $456 million available and no borrowings. As of August 5, 2026, contract backlog was $6.73 billion, and key operating metrics were strong, with total fleet average daily revenue of $472,500, revenue efficiency of 97.0% and rig utilization of 78.2%. The company is pursuing an all‑share acquisition of Valaris, offering 15.235 Transocean shares for each Valaris share, and has incurred $17 million of related acquisition costs year‑to‑date.
Transocean Ltd. reported sharply improved results for the quarter ended March 31, 2026, driven by higher activity and pricing in offshore drilling. Contract drilling revenues rose to $1.081 billion from $906 million, as operating days, average dayrates and revenue efficiency all increased.
Operating income jumped to $287 million from $64 million, and net income reached $71 million versus a loss of $79 million a year earlier, or $0.06 per diluted share. Cash from operations improved to $164 million, while the company used $556 million to repay debt, including early redemption of $358 million of 8.375% senior secured notes due 2028.
The company ended the quarter with $330 million of unrestricted cash, $285 million of restricted cash and total debt with a carrying amount of $5.274 billion. Transocean also agreed to acquire Valaris Limited in an all-share business combination, at an exchange ratio of 15.235 Transocean shares for each Valaris share, and subsequently issued 9.7 million shares in April 2026 to settle exercised warrants. Fleet fundamentals strengthened, with total average daily revenue rising to $475,600, revenue efficiency at 97.3% and overall rig utilization at 86.7%.
Transocean Ltd. reported a large Q3 2025 net loss driven by rig impairments. Contract drilling revenues were $1,028 million, up from $948 million a year ago, but the company recorded a $1,913 million loss on impairment of assets, resulting in an operating loss of $1,677 million and a net loss of $1,923 million ($2.00 per diluted share). For the nine months, revenues were $2,922 million with a net loss of $2,940 million ($3.23 per diluted share), primarily due to $3,049 million of impairments tied to rigs classified or held for sale.
Liquidity strengthened: net cash provided by operating activities was $400 million year‑to‑date. Cash and cash equivalents were $833 million, with restricted cash of $417 million. In September, Transocean issued 143.8 million shares for $421 million net proceeds. Subsequent to quarter‑end, it issued $500 million of 7.875% senior guaranteed notes and used $903 million to redeem $655 million of 8.00% senior notes and $248 million of 6.875% senior secured notes, plus $100 million to complete tenders for other notes. As of October 15, 2025, contract backlog totaled $6,728 million.