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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% | 469.3% |
| 2024 | $3.5B | $582M | $-512M | $193M | -5.0% | 24.4% | -46.3% |
| 2023 | $2.8B | $501M | $-954M | $-263M | -9.2% | 10.0% | 53.6% |
| 2022 | $2.6B | $851M | $-621M | $-269M | -5.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,575 | 2,832 | 3,524 | 3,965 |
| Operating 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 |
| Selling General And Administration | - | 182 | 187 | 214 | 195 |
| Total Expenses | - | 2,596 | 2,917 | 3,152 | 3,260 |
| Operating Income | - | -21 | -85 | 372 | 705 |
| Total Operating Income As Reported | - | -31 | -325 | -417 | -2,337 |
| EBITDA | - | 851 | 501 | 582 | -1,734 |
| Normalized EBITDA | - | 853 | 772 | 1,210 | 1,305 |
| EBIT | - | -1 | -295 | -161 | -2,393 |
| Interest Income | - | 27 | 52 | 50 | 40 |
| Interest Expense | - | 561 | 646 | 362 | 555 |
| Net Interest Income | - | -534 | -594 | -312 | -515 |
| Other Non Operating Income Expenses | - | -5 | 9 | 45 | -99 |
| Other Income Expense | - | -7 | -262 | -583 | -3,138 |
| Interest Income Non Operating | - | 27 | 52 | 50 | 40 |
| Interest Expense Non Operating | - | 561 | 646 | 362 | 555 |
| Net Non Operating Interest Income Expense | - | -534 | -594 | -312 | -515 |
| Pretax Income | - | -562 | -941 | -523 | -2,948 |
| Tax Provision | - | 59 | 13 | -11 | -33 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.42 | -56.91 | -13.21 | -34.02 |
| Net Income Continuous Operations | - | -621 | -954 | -512 | -2,915 |
| Net Income From Continuing And Discontinued Operation | - | -621 | -954 | -512 | -2,915 |
| Net Income From Continuing Operation Net Minority Interest | - | -621 | -954 | -512 | -2,915 |
| Net Income | - | -621 | -954 | -512 | -2,915 |
| Net Income Common Stockholders | - | -621 | -954 | -512 | -2,915 |
| Net Income Including Noncontrolling Interests | - | -621 | -954 | -512 | -2,915 |
| Normalized Income | - | -619.42 | -739.91 | 102.79 | 89.98 |
| Diluted NI Availto Com Stockholders | - | -621 | -954 | -701 | -2,915 |
| Basic Average Shares | - | 699 | 768 | 850 | 960 |
| Diluted Average Shares | - | 699 | 768 | 925 | 960 |
| Reconciled Depreciation | - | 852 | 796 | 743 | 659 |
| Reconciled Cost Of Revenue | - | 735 | 744 | 739 | 659 |
| Total Unusual Items | - | -2 | -271 | -628 | -3,039 |
| Total Unusual Items Excluding Goodwill | - | -2 | -271 | -628 | -3,039 |
| Minority Interests | - | 0 | 0 | 0 | 0 |
| Special Income Charges | - | -2 | -271 | -628 | -3,039 |
| Other Special Charges | - | -8 | 31 | -161 | -3 |
| Write Off | - | 0 | 57 | 772 | 3,049 |
| Impairment Of Capital Assets | 0 | 0 | 57 | - | - |
| General And Administrative Expense | - | 182 | 187 | 214 | 195 |
| Other Gand A | - | 182 | 187 | 214 | 195 |
| Gain On Sale Of Ppe | - | -10 | -183 | -17 | 7 |
| Other Operating Expenses | - | 1,679 | 1,986 | 2,199 | 2,406 |
| Otherunder Preferred Stock Dividend | - | - | 0 | 0 | 0 |
| Average Dilution Earnings | - | - | 0 | -189 | 0 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Transocean Ltd.this co. | RIG | $6.9B | -2.37 | 0.85 | -36.0% | -7.08 |
| Solaris Energy Infrastructure, Inc. | SEI | $7.1B | 236.27 | 12.63 | 5.3% | 42.46 |
| Uranium Energy Corp. | UEC | $6.9B | -79.08 | 7.05 | -8.9% | - |
| Valaris Limited | VAL | $6.4B | 6.55 | 2.03 | 31.0% | 8.77 |
| Murphy Oil Corporation | MUR | $5.7B | 54.97 |
| - |
| - |
| - |
| - |
| - |
| 1.12 |
| 2.0% |
| 6.01 |
| Golar LNG Limited | GLNG | $5.2B | 79.67 | 2.84 | 3.6% | 36.01 |
| PBF Energy Inc. | PBF | $5.1B | -31.92 | 0.95 | -3.0% | 11.74 |
| CNX Resources Corporation | CNX | $4.8B | 7.60 | 1.11 | 14.6% | 4.79 |
| Energy Fuels Inc. | UUUU | $4.3B | -50.68 | 6.40 | -12.6% | -51.72 |
| Peer Median | - | 7.08 | 2.43 | 2.8% | 8.77 | |