# Transocean Ltd. (RIG)

> Rents large floating drilling platforms and crews to oil and gas companies for drilling wells in deep ocean waters.

- Exchange: New York Stock Exchange · Sector: Energy · Industry: Oil Gas Drilling
- Headquarters: Turmstrasse 30, Steinhausen, Zug, Switzerland
- Founded: 1953
- Employees: 5200-5600 (around early-to-mid 2026)
- SEC CIK: 0001451505 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001451505))
- Full page: https://inspectstocks.com/stocks/rig
- Data as of: price 2026-09-25; newest filing used 2026-08-07; latest fiscal period ended 2026-06-30

## Grade

**A** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $4.1B | $2.7B |
| Revenue growing recently | passed | $4.1B | $4B |
| Free cash flow positive | passed | $904M |  |
| Free cash flow growing overall | passed | $904M | -$135M |
| Free cash flow growing recently | passed | $904M | $626M |

Business quality (the + / − mark): 2 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | failed | -40.2% |  |
| Healthy profit margin | failed | -40.2% |  |
| Strong operating margin | failed | -24.2% |  |
| Good return on equity | failed | -20.4% |  |
| Debt under control | passed | 0.74 |  |
| Turns sales into cash | passed | 22.0% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $4.1B |
| Net income, trailing twelve months | -$1.7B |
| Free cash flow, trailing twelve months | $904M |
| Net margin | -40.2% |
| Operating margin | -24.2% |
| Return on equity | -20.4% |
| Debt to equity | 0.74 |
| Diluted EPS, trailing twelve months | -$1.71 |
| Share price | $5.38 |
| Market value | $6B |
| Price / sales | 1.5x |

## What the business does

Transocean owns and operates a fleet of large floating drilling vessels, mainly ultra-deepwater drillships and harsh-environment semisubmersible platforms. It contracts these vessels, together with the drilling equipment and work crews that live on them, to oil and gas companies that need to drill wells far from shore in deep or difficult ocean conditions. The company focuses on the most technically demanding types of offshore drilling.

### How it makes money

- **Contract drilling services** (nearly 100% of revenue (2025 and 2026 periods)) — Oil and gas companies pay daily rates (called dayrates) for the use of a rig, its equipment, and crew under multi-month or multi-year contracts

### Products

- **Ultra-deepwater drillships** — Ship-shaped floating platforms designed to drill oil and gas wells in very deep ocean water
- **Harsh-environment semisubmersible platforms** — Floating platforms that can operate in rough seas and cold or difficult weather conditions
- **Drilling crews and related equipment** — The people who live and work on the vessels plus the pipes, tools, and machinery needed to drill the wells

### Customers

- Large integrated oil companies such as Shell and BP that sign multi-year contracts for specific rigs
- National oil companies such as Petrobras (Brazil) and Equinor (Norway) that hire the vessels for their offshore projects
- Independent oil and gas producers that need deepwater or harsh-environment drilling capacity

### Competitors

- Valaris Limited (VAL) — Offshore drilling rigs and contract drilling services for oil and gas companies
- Noble Corporation (NE) — Offshore drilling vessels and services
- Seadrill Limited (SDRL) — Offshore drilling rigs and related services

### What it depends on

- A small number of large oil-company customers (including Petrobras and Shell) that account for a large share of revenue and backlog
- Oil and natural-gas prices that influence how much customers spend on new offshore drilling
- The availability of long-term drilling contracts for its ultra-deepwater and harsh-environment rigs
- Ability to refinance or manage a large amount of debt

### What could go wrong

- Concentration of revenue and backlog with a few large customers such as Petrobras and Shell; loss or reduction of their contracts would cut income sharply
- Cyclical nature of the offshore drilling market, where lower oil prices or reduced exploration spending can leave rigs idle and dayrates lower
- High debt levels that require ongoing interest payments and refinancing, limiting flexibility if cash flow weakens

## More on this company

- [Overview](https://inspectstocks.com/stocks/rig)
- [Financial statements](https://inspectstocks.com/stocks/rig/financials)
- [Competitors](https://inspectstocks.com/stocks/rig/peers)
- [Earnings](https://inspectstocks.com/stocks/rig/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.