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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.
Transocean Ltd. filed a current report to furnish its financial results press release for the third quarter of 2025. The company references a press release dated October 29, 2025, which is included as Exhibit 99.1 and incorporated by reference.
The filing is primarily administrative, identifying Transocean’s common shares traded on the New York Stock Exchange under the symbol RIG and listing additional technical exhibits related to interactive data and the cover page.
Transocean Ltd. (RIG) disclosed an insider transaction on a Form 4. The company’s EVP & Chief Legal Officer sold 97,090 shares on 10/24/2025 at $4 per share pursuant to a Rule 10b5-1 trading plan adopted on March 11, 2025. After the sale, the reporting person directly owned 1,161,409 shares.
Transocean Ltd. (RIG) reported an insider transaction on Form 4. The reporting person, who serves as Director and President and CEO, sold 40,942 shares at $4 on 10/24/2025.
Following the sale, the reporting person beneficially owned 1,370,152 shares. The sales were made pursuant to a Rule 10b5-1 trading plan adopted on March 28, 2025.
Transocean Ltd. (RIG) disclosed a Form 144 notice indicating a planned sale of 40,942 shares of common stock through Morgan Stanley Smith Barney LLC, reflecting an aggregate market value of $159,264.38. The shares trade on the NYSE, with an approximate sale date of 10/24/2025.
The shares to be sold were acquired as Restricted Stock Units from the issuer on 03/01/2024 in the same amount. Shares outstanding were 943,124,986; this is a baseline figure, not the amount being sold.
RIG: A shareholder filed a Form 144 notice to sell up to 97,090 shares of common stock. The filing lists an aggregate market value of $377,680.10 for the proposed sale.
The shares are slated for execution through Morgan Stanley Smith Barney LLC, with an approximate sale date of 10/24/2025 on the NYSE. The securities were originally acquired as Restricted Stock Units on 03/01/2021 in the amount of 97,090, with the same date shown for payment.
Shares outstanding were 943,124,986; this is a baseline figure, not the amount being sold.
Transocean Ltd. closed a private Offering of $500 million in 7.875% Senior Priority Guaranteed Notes due 2032 through Transocean International Limited. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by specified subsidiaries, pay interest on April 15 and October 15 each year beginning April 15, 2026, and were offered to qualified institutional buyers under Rule 144A and outside the U.S. under Regulation S. The Indenture includes covenants limiting certain additional indebtedness, liens on drilling rigs or drillships without equal and ratable security, sale-leasebacks of these assets, and certain consolidations or amalgamations, with customary events of default and potential acceleration.
Transocean also announced early results for its cash tender offer, increasing the combined aggregate purchase price cap from $50 million to $100 million. As of the Early Tender Date, $88,998,000 of 2041 Notes (about 50.21% outstanding) were validly tendered and accepted, and $120,628,000 of 2028 Notes (about 46.18% outstanding) were validly tendered, to be purchased on a pro rata basis with a proration factor of approximately 13.17%.
Transocean Ltd. furnished a “Transocean Fleet Status Report” under Item 7.01 Regulation FD Disclosure, providing drilling rig status and contract information.
The report is dated October 15, 2025 and is attached as Exhibit 99.1. The company posts Fleet Status Reports quarterly on its investor website and offers free email alerts for press releases, financial updates, and links to the report.
Transocean Ltd. announced new contract fixtures for two ultra-deepwater drillships, adding approximately $243 million in firm contract backlog. In the U.S. Gulf of America, bp exercised a 365-day option for the Deepwater Atlas in direct continuation of its existing contract, expected to contribute about $232 million in backlog. In Brazil, Petrobras exercised a 30-day option for the Deepwater Mykonos, expected to add roughly $11 million in backlog. A related press release with further details is attached as an exhibit.
Transocean Ltd. (RIG) Form 4 summary: The reporting person, Perestroika (through Perestroika AS), acquired 4,000,000 registered shares on 09/26/2025 at $3.05 per share in a registered public offering. After the transaction, Perestroika beneficially owned 95,074,894 shares indirectly via Perestroika (Cyprus) Ltd. The filing identifies the reporting entity as a director and a 10% owner. The disclosure states Perestroika (Cyprus) Ltd. is a wholly owned subsidiary of Perestroika AS and that Mr. Frederik Mohn is the sole director and owner of Perestroika AS and the indirect beneficial owner of the securities. The form is signed by /s/ Daniel Ro-Trock by Power of Attorney dated 09/30/2025. The filing notes Perestroika AS's prior right to designate a board member has terminated.