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Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells in Switzerland and internationally. The company contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. It also operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment semisubmersibles. It serves integrated energy companies and their affiliates, government-owned or government-controlled energy companies, and other independent energy companies. Transocean Ltd. was founded in 1926 and is based in Steinhausen, Switzerland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.0B | $-1.7B | $-2.9B | $626M | -36.0% | 12.5% | - |
| 2024 | $3.5B | $582M | $-512M | $193M | -5.0% | 24.4% | - |
| 2023 | $2.8B | $501M | $-954M | $-263M | -9.2% | 10.0% | - |
| 2022 | $2.6B | $851M | $-621M | $-269M | -5.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 2,575 | 2,832 | 3,524 | 3,965 |
| Cost Of Revenue | 735 | 744 | 739 | 659 |
| Gross Profit | 1,840 | 2,088 | 2,785 | 3,306 |
| Operating Expense | 1,861 | 2,173 | 2,413 | 2,601 |
| Operating Income | -21 | -85 | 372 | 705 |
| EBITDA | 851 | 501 | 582 | -1,734 |
| EBIT | -1 | -295 | -161 | -2,393 |
| Pretax Income | -562 | -941 | -523 | -2,948 |
| Tax Provision | 59 | 13 | -11 | -33 |
| Net Income | -621 | -954 | -512 | -2,915 |
| Net Income Common Stockholders | -621 | -954 | -512 | -2,915 |
| Total Expenses | 2,596 | 2,917 | 3,152 | 3,260 |
| Interest Expense | 561 | 646 | 362 | 555 |
| Interest Income | 27 | 52 | 50 | 40 |
| Selling General And Administration | 182 | 187 | 214 | 195 |
| Normalized EBITDA | 853 | 772 | 1,210 | 1,305 |
| Normalized Income | -619.42 | -739.91 | 102.79 | 89.98 |
| Basic EPS | -0.89 | -1.24 | -0.60 | -3.04 |
| Diluted EPS | -0.89 | -1.24 | -0.60 | -3.04 |
| Tax Effect Of Unusual Items | -0.42 | -56.91 | -13.21 | -34.02 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.02 | 0.01 |
| Total Unusual Items | -2 | -271 | -628 | -3,039 |
| Total Unusual Items Excluding Goodwill | -2 | -271 | -628 | -3,039 |
| Net Income From Continuing Operation Net Minority Interest | -621 | -954 | -512 | -2,915 |
| Reconciled Depreciation | 852 | 796 | 743 | 659 |
| Reconciled Cost Of Revenue | 735 | 744 | 739 | 659 |
| Net Interest Income | -534 | -594 | -312 | -515 |
| Net Income From Continuing And Discontinued Operation | -621 | -954 | -512 | -2,915 |
| Total Operating Income As Reported | -31 | -325 | -417 | -2,337 |
| Diluted Average Shares | 699 | 768 | 925 | 960 |
| Basic Average Shares | 699 | 768 | 850 | 960 |
| Diluted NI Availto Com Stockholders | -621 | -954 | -701 | -2,915 |
| Average Dilution Earnings | 0 | 0 | -189 | 0 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Minority Interests | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -621 | -954 | -512 | -2,915 |
| Net Income Continuous Operations | -621 | -954 | -512 | -2,915 |
| Other Income Expense | -7 | -262 | -583 | -3,138 |
| Other Non Operating Income Expenses | -5 | 9 | 45 | -99 |
| Special Income Charges | -2 | -271 | -628 | -3,039 |
| Gain On Sale Of Ppe | -10 | -183 | -17 | 7 |
| Other Special Charges | -8 | 31 | -161 | -3 |
| Write Off | 0 | 57 | 772 | 3,049 |
| Impairment Of Capital Assets | 0 | 57 | 0 | 0 |
| Net Non Operating Interest Income Expense | -534 | -594 | -312 | -515 |
| Interest Expense Non Operating | 561 | 646 | 362 | 555 |
| Interest Income Non Operating | 27 | 52 | 50 | 40 |
| Other Operating Expenses | 1,679 | 1,986 | 2,199 | 2,406 |
| General And Administrative Expense | 182 | 187 | 214 | 195 |
| Other Gand A | 182 | 187 | 214 | 195 |
| Operating Revenue | 2,575 | 2,832 | 3,524 | 3,965 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Transocean Ltd.this co. | RIG | $7.7B | - | 0.95 | -36.0% | 9.54 |
| Valaris Limited | VAL | $7.2B | 7.50 | 2.27 | 31.0% | 12.10 |
| Solaris Energy Infrastructure, Inc. | SEI | $6.6B | 84.76 | 6.70 | 3.6% | 18.57 |
| Uranium Energy Corp. | UEC | $6.6B | - | 4.64 | -8.9% | -58.64 |
| Excelerate Energy, Inc. | EE | $6.6B | 26.16 |
| 1.57 |
| 1.8% |
| 8.49 |
| Murphy Oil Corporation | MUR | $6.0B | 58.10 | 1.17 | 2.0% | 5.50 |
| CNX Resources Corporation | CNX | $5.6B | 9.88 | 1.29 | 14.6% | 5.61 |
| Golar LNG Limited | GLNG | $5.5B | 89.88 | 2.96 | 3.2% | 49.03 |
| PBF Energy Inc. | PBF | $5.1B | - | 0.95 | -2.9% | -16.57 |
| Peer Median | - | 42.13 | 1.92 | 2.6% | 7.05 | |