Short answer
Transocean Ltd. (RIG) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $4.0B (+12.5% year over year) and net income of −$2.9B.
- Top risk flagged: Legal risk: net non-cash loss $20M in 2025 linked to certain legal outcomes vs net gain $25M in 2024
FY2025 key financial metrics · XBRL
- Revenue
- $4.0B
- +12.5% YoY
- Net income
- −$2.9B
- −469.3% YoY
- Operating margin
- -58.9%
- −47.1 pp YoY
- EPS (diluted)
- −$3.04
- −300.0% YoY
- ROE
- -36.0%
- −31.0 pp YoY
- Operating cash flow
- $749M
- +67.6% YoY
Source: XBRL data from the Transocean Ltd. (RIG) FY2025 10-K on SEC EDGAR. USD.
Transocean Ltd. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- Competitive positioning shift: planned business combination with Valaris to potentially expand drilling fleet and market presence
- Quantitative metric: fleet comprises 20 ultra-deepwater drillships and 7 harsh environment semisubmersibles as of February 17, 2026
- Noteworthy fact: Transocean is a Swiss corporation with principal executive offices in Steinhausen, Switzerland, listed on NYSE under "RIG"
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
- $3.05B asset impairments in 2025, mainly ultra-deepwater and harsh environment floaters classified as held-for-sale
- Cash inflows: $421M from share issuance; $492M from $500M 7.875% senior notes issuance; cash outflows: $903M debt redemption, $100M tender offers, $36M note repurchases
- Management outlook positive on offshore drilling demand, citing energy security focus and favorable deepwater economics despite customer capital spending discipline
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
- Supply chain risk: inflation increased personnel and operating costs by approximately $35M in 2025
- Market disruption risk: newbuild ultra-deepwater drillship Deepwater Aquila drove $70M revenue increase, highlighting fleet modernization impact
- Financial risk: Secured Credit Facility restricts liquidity with minimum $200M cash, collateral coverage and leverage covenants through 2028
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