Transocean Ltd. (RIG) FY2025 10-K Annual Report
Transocean Ltd. (RIG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 23, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Transocean Ltd. FY2025 10-K Analysis
Business Overview
- • Core business model: offshore contract drilling services with 27 mobile offshore drilling units focused on ultra-deepwater and harsh environment regions
- • New strategic development: agreement to acquire Valaris via share exchange at ratio 15.235 Transocean shares per Valaris share
Management Discussion & Analysis
- • Contract backlog $6.06B as of Feb 19, 2026, down from $8.33B in Feb 2025, reflecting a 27% YoY decline
- • Uncommitted fleet rate rising: ultra-deepwater floaters 36% in 2026 to 98% in 2030, harsh environment floaters 5% in 2026 to 100% by 2029
Risk Factors
- • Legal risk: net non-cash loss $20M in 2025 linked to certain legal outcomes vs net gain $25M in 2024
- • Macroeconomic threat: below investment grade debt rating causing increased fees and interest rates, restricting capital market access
Transocean Ltd. FY2025 Key Financial MetricsXBRL
Revenue
$4.0B
▲ +12.5% YoY
Net Income
-$2.9B
▼ -469.3% YoY
Operating Margin
-58.9%
▼ -4711bp YoY
Net Margin
-73.5%
▼ -5899bp YoY
ROE
-36.0%
▼ -3097bp YoY
Total Assets
$15.6B
▼ -19.3% YoY
EPS (Diluted)
$-3.04
▼ -300.0% YoY
Operating Cash Flow
$749M
▲ +67.6% YoY
Source: XBRL data from Transocean Ltd. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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