Welcome to our dedicated page for Transocean Ltd. 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. 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. 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.
Transocean Ltd. executive Robert Thaddeus Vayda, EVP and Chief Financial Officer, reported equity compensation and related share activity. On February 5, 2026, 34,726 registered shares were acquired at $0 following the vesting of deferred units from the 2023–2025 performance cycle. On the same date, he was granted 239,740 restricted units under the long-term incentive plan, which are scheduled to vest in three equal annual installments from March 1, 2027 through March 1, 2029. On February 6, 2026, 10,947 registered shares were sold at $4.99 solely to satisfy tax withholding obligations upon vesting. Following these transactions, he directly held 258,933 registered shares and 239,740 restricted units, while 91 registered shares were held indirectly by a child, with beneficial ownership of those indirect shares disclaimed.
Transocean Ltd.'s executive chair Jeremy Thigpen reported several equity compensation transactions. On February 5, 2026, 373,534 registered shares were acquired at $0 following the vesting of deferred units tied to the company’s 2023–2025 performance cycle. That same day, he was granted 407,332 restricted units under Transocean’s long-term incentive plan, scheduled to vest in three equal tranches on March 1, 2027, March 1, 2028, and March 1, 2029. On February 6, 2026, 147,729 shares were sold at $4.99 per share to cover tax withholding obligations related to the vesting, leaving him with 2,362,028 registered shares held directly.
Transocean Ltd. executive vice president and chief legal officer Brady K. Long reported multiple equity compensation transactions. On February 5, 2026, he acquired 101,873 registered shares at $0 upon vesting of deferred units tied to Transocean’s 2023–2025 performance cycle and was granted 233,290 restricted units under the company’s long-term incentive plan. These restricted share units are scheduled to vest in three equal tranches of 77,763 shares on March 1, 2027 and March 1, 2028, and 77,764 shares on March 1, 2029. On February 6, 2026, Long disposed of 40,294 registered shares at $4.99 per share in a transaction identified as shares sold upon vesting to satisfy tax withholding obligations. After these transactions, he beneficially owned 1,107,610 registered shares directly, as well as 233,290 restricted units.
Transocean Ltd. executive Mackenzie Roderick James, EVP and Chief Commercial Officer, reported equity compensation and related share activity. On February 5, 2026, 67,411 registered shares vested at $0, increasing his directly held registered shares to 279,483. The same day he received 204,939 restricted units under Transocean’s long-term incentive plan, which are scheduled to vest in three equal installments of 68,313 shares on March 1 of 2027, 2028, and 2029. On February 6, 2026, 26,665 registered shares were sold at $4.99 per share to satisfy tax withholding obligations, leaving 252,818 registered shares held directly, in addition to the 204,939 restricted units.