Welcome to our dedicated page for Transocean SEC filings (Ticker: RIG), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Transocean Ltd. filings document an offshore contract drilling issuer whose shares are registered on the New York Stock Exchange under RIG. Its Form 8-K reports furnish operating results, financial condition disclosures, Regulation FD fleet status reports and exhibits covering drilling rig status, contract information and backlog-related updates for ultra-deepwater drillships and harsh-environment semisubmersibles.
The company’s regulatory record also includes statutory consolidated financial statements, proxy and governance materials, shareholder voting matters, capital-structure disclosures and material-event reports related to rig awards, contract extensions, debt actions and registered share information.
Transocean Ltd. senior vice president and chief accounting officer Jason Pack reported equity transactions tied to vesting restricted share units. On March 1, 2026, multiple tranches of restricted units vested, giving him the right to receive registered shares at prices around $6.25 per share under the long‑term incentive plan.
Footnotes state these restricted units are 1‑for‑1 share equivalents from grants made in 2023, 2024, and 2025, with additional units scheduled to vest in 2027 and 2028. On March 3, 2026, 27,962 registered shares at $6.12 per share were disposed of to satisfy tax withholding obligations upon vesting, leaving him with 262,103 registered shares held directly.
Transocean Ltd. executive Brady K. Long reported multiple equity award transactions in company registered shares. On March 1, 2026, he acquired 52,778, 66,993 and 98,406 shares through exercises of previously granted restricted units at $6.25 per share as those units vested under Transocean’s long-term incentive plan.
Footnotes explain these restricted units were 1-for-1 share equivalents granted in 2023, 2024 and 2025, with additional units scheduled to vest in 2027 and 2028. On March 3, 2026, 87,689 shares were sold at $6.12 per share solely to satisfy tax withholding obligations upon vesting, leaving Long with 1,238,098 directly owned shares.
Transocean Ltd. executive chair Jeremy Thigpen reported a mix of share vesting, option exercises, and a tax‑related share disposition. On March 1, 2026, he acquired blocks of 193,518, 245,640, and 171,821 registered shares through the exercise or vesting of long‑term incentive awards.
On March 3, 2026, he disposed of 245,556 registered shares at $6.12 per share to satisfy tax‑withholding obligations associated with these awards, rather than an open‑market sale. After these transactions, Thigpen directly owned 2,614,548 Transocean registered shares.
Transocean Ltd. EVP and Chief Commercial Officer Roderick James Mackenzie reported multiple equity award transactions in company registered shares. On March 1, 2026, he acquired 34,924, 50,663 and 70,876 registered shares through the vesting and conversion of previously granted restricted units under Transocean’s long‑term incentive plan.
On March 3, 2026, 62,886 registered shares were disposed of at $6.12 per share to satisfy tax withholding obligations tied to these vestings. After these transactions, Mackenzie directly held 346,395 registered shares.
Transocean Ltd. furnishes audited statutory consolidated and stand-alone financial statements for 2025, showing stronger revenues but a much larger loss. Contract drilling revenues rose to $3,965 million from $3,524 million in 2024, driven mainly by ultra-deepwater activity in the U.S. and Brazil and harsh-environment work in Norway.
Impairment charges on older rigs and related assets totaled $3,049 million, leading to a net loss of $2,915 million and basic loss per share of $3.04. Despite the loss, net cash provided by operating activities improved to $749 million, while capital spending fell and net investing cash outflows were modest. Year-end total assets were $15,642 million, long-term debt was $5,212 million, and total equity was $8,108 million.
The company highlights a February 2026 agreement to acquire Valaris Limited in an all-share business combination, exchanging 15.235 Transocean shares for each Valaris share, subject to court sanction in Bermuda. Management also discloses significant reliance on major customers such as Petrobras, Shell and Equinor and outlines complex tax, impairment, leasing and financing policies underpinning these results.
Transocean Ltd. describes a global offshore drilling business focused on ultra-deepwater and harsh-environment floaters. As of February 2026, it operates or partly owns 27 rigs, including 20 ultra-deepwater drillships and seven harsh‑environment semisubmersibles, positioned across major offshore basins.
The company highlights heavy use of dynamic positioning, dual‑activity technology and advanced well‑control systems, along with growing automation, robotics and safety systems such as HaloGuard. Contract backlog was $6.29 billion at December 31, 2025, down from $8.74 billion in 2024 and $9.25 billion in 2023, and $6.06 billion at February 19, 2026.
Transocean has about 5,600 workers across 20 countries and reports 2025 safety metrics of TRIR 0.19 and LTIR 0.00 over 11.5 million labor hours. It carries $5.66 billion of debt, including $1.68 billion secured. In February 2026, it agreed to acquire Valaris via share exchange at a ratio of 15.235 Transocean shares per Valaris share, subject to shareholder, court and regulatory approvals.
Transocean Ltd. reported fourth quarter and full year 2025 results showing stronger activity but a large accounting loss. Full-year contract drilling revenues rose to $3,965 million from $3,524 million, with revenue efficiency at 96.5% and Adjusted EBITDA increasing to $1,370 million, a $222 million improvement.
The company recorded a net loss attributable to controlling interest of $2,915 million, or $3.04 per diluted share, mainly driven by a $3,049 million loss on impairment of assets. Excluding net unfavorable items of $2,952 million, Adjusted Net Income was $37 million, or $0.04 per diluted share. Fourth quarter 2025 contract drilling revenues were $1,043 million and adjusted diluted earnings per share were $0.02.
Transocean retired approximately $1.3 billion of debt principal in 2025, saving nearly $90 million in annualized interest expense, and ended the year with total shares outstanding of 1.1 billion. Its fleet status report shows an aggregate incremental backlog of about $610 million from 10 new fixtures and total backlog of roughly $6.1 billion. Guidance for 2026 includes contract drilling revenues of $3,800–3,950 million and total liquidity of $1,600–1,700 million, and the company highlights a definitive agreement to combine with Valaris as part of its strategy.
Transocean Ltd. reported fourth quarter and full year 2025 results showing stronger activity but a large accounting loss. Full-year contract drilling revenues rose to $3,965 million from $3,524 million, with revenue efficiency at 96.5% and Adjusted EBITDA increasing to $1,370 million, a $222 million improvement.
The company recorded a net loss attributable to controlling interest of $2,915 million, or $3.04 per diluted share, mainly driven by a $3,049 million loss on impairment of assets. Excluding net unfavorable items of $2,952 million, Adjusted Net Income was $37 million, or $0.04 per diluted share. Fourth quarter 2025 contract drilling revenues were $1,043 million and adjusted diluted earnings per share were $0.02.
Transocean retired approximately $1.3 billion of debt principal in 2025, saving nearly $90 million in annualized interest expense, and ended the year with total shares outstanding of 1.1 billion. Its fleet status report shows an aggregate incremental backlog of about $610 million from 10 new fixtures and total backlog of roughly $6.1 billion. Guidance for 2026 includes contract drilling revenues of $3,800–3,950 million and total liquidity of $1,600–1,700 million, and the company highlights a definitive agreement to combine with Valaris as part of its strategy.
Transocean Ltd. shareholder group updates its ownership and supports a major combination. Frederik W. Mohn and affiliated entities Perestroika AS and Perestroika (Cyprus) Ltd. report beneficial ownership of 96,918,301 Transocean shares, representing about 8.8% of the company, based on 1,101,441,205 shares outstanding as of October 23, 2025.
On November 24, 2025, Perestroika (Cyprus) Ltd. bought 1,500,000 Transocean shares at $4.02 per share using cash from ongoing operations. On February 9, 2026, Transocean and Valaris Limited entered a Business Combination Agreement under which Transocean will acquire all Valaris shares in exchange for Transocean shares at a fixed exchange ratio of 15.235 Transocean shares for each Valaris share.
In connection with this agreement, the reporting persons signed a Support Agreement with Valaris. They commit to vote all Transocean shares they own at the relevant shareholder meeting in favor of the transactions contemplated by the Business Combination Agreement, aligning their sizable stake with approval of the deal.
Transocean Ltd. disclosed new drilling contracts in Norway adding approximately $184 million to its firm contract backlog. A seven-well extension for the Transocean Encourage, estimated at 365 days of work starting in the first quarter of 2027, is expected to contribute about $152 million in backlog, excluding additional services. Two one-well options exercised for the Transocean Enabler add roughly 70 days of incremental work, contributing about $32 million in backlog, excluding additional services, and keep that rig committed through December 2027.
Transocean Ltd. agreed to acquire Valaris Limited in an all-stock business combination, exchanging 15.235 Transocean shares for each Valaris share via a Bermuda court-approved scheme of arrangement. After closing, Transocean shareholders are expected to own about 53% of the combined company and Valaris shareholders about 47%.
Management describes the deal as a transformational merger creating the largest offshore driller, with a pro forma contracted backlog of more than $10 billion and identified annual cost synergies of over $200 million, which they value at more than $1.5 billion. They expect the combination to be accretive to free cash flow and earnings per share and to help reduce the leverage ratio to roughly 1.5x within 24 months of closing.
The combined fleet will include high-specification deepwater drillships, harsh-environment semisubmersibles and a 31-rig jackup fleet, broadening geographic reach and customer offering. Closing is targeted for the second half of 2026, subject to shareholder approvals, regulatory clearances and court sanction, with reciprocal termination fees of $195 million for Transocean and $173 million for Valaris in specified circumstances.