Transocean Ltd. secures new contract for Deepwater Conqueror, expanding its backlog with additional deepwater work. Single rig contract win adds backlog and supports near-term revenue without shifting overall company trajectory.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | 3 | — | — | — | — | — | — | — | 1 | — | — |
| Sell | 3 | 2 | 2 | 2 | — | 1 | — | 1 | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2027 | ‡‡‡‡ |
|
| 2026 | ‡‡‡‡ |
|
| 2025 | ‡‡‡‡ |
|
| 2024 | ‡‡‡‡ |
|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 995.00 | 941.00 | 997.00 | 795.00 |
| Receivables | 512.00 | 564.00 | 540.00 | 604.00 |
| Inventory | 426.00 | 439.00 | 378.00 | 379.00 |
| Other | 193.00 | 508.00 | 166.00 | 134.00 |
| 2,126.00 | 2,452.00 | 2,081.00 | 1,912.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 323.00 | 255.00 | 242.00 | 283.00 |
| ST’ Debt | 370.00 | 686.00 | 445.00 | 397.00 |
| Other | 681.00 | 691.00 | 627.00 | 514.00 |
| 1,397.00 | 1,663.00 | 1,336.00 | 1,203.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1,081.00 | 966.00 | — | — |
—
|
| ’25 | 906.00 | 988.00 | 1,028.00 | 1,043.00 |
3,965.00
|
| ’24 | 763.00 | 861.00 | 948.00 | 952.00 |
3,524.00
|
| ’23 | 649.00 | 729.00 | 713.00 | 741.00 |
2,832.00
|
| ’22 | 586.00 | 692.00 | 691.00 | 606.00 |
2,575.00
|
| ’21 | 653.00 | 656.00 | 626.00 | 621.00 |
2,556.00
|
| ’20 | 759.00 | 930.00 | 773.00 | 690.00 |
3,152.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 164.00 | 236.00 | — | — |
—
|
| ’25 | 26.00 | 128.00 | 246.00 | 349.00 |
749.00
|
| ’24 | (86.00) | 133.00 | 194.00 | 206.00 |
447.00
|
| ’23 | (47.00) | 157.00 | (44.00) | 98.00 |
164.00
|
| ’22 | (1.00) | 41.00 | 230.00 | 178.00 |
448.00
|
| ’21 | 96.00 | 153.00 | 141.00 | 185.00 |
575.00
|
| ’20 | (48.00) | 87.00 | 81.00 | 278.00 |
398.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 161.00 | 213.00 | — | — |
—
|
| ’25 | (32.00) | 112.00 | 269.00 | 277.00 |
626.00
|
| ’24 | (125.00) | 56.00 | 184.00 | 78.00 |
193.00
|
| ’23 | (127.00) | 80.00 | (84.00) | (132.00) |
(263.00)
|
| ’22 | (106.00) | (71.00) | 143.00 | (228.00) |
(262.00)
|
| ’21 | 43.00 | 113.00 | 105.00 | 115.00 |
376.00
|
| ’20 | (154.00) | 43.00 | 28.00 | 240.00 |
157.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.06 | 0.04 | — | — |
—
|
| ’25 | (0.11) | (1.06) | (2.00) | 0.02 |
(3.04)
|
| ’24 | 0.11 | (0.15) | (0.58) | (0.11) |
(0.76)
|
| ’23 | (0.64) | (0.22) | (0.28) | (0.13) |
(1.24)
|
| ’22 | (0.26) | (0.10) | (0.04) | (0.48) |
(0.89)
|
| ’21 | (0.16) | (0.17) | (0.20) | (0.40) |
(0.93)
|
| ’20 | (0.64) | (0.81) | 0.51 | (0.06) |
(0.92)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 2.32 | 4.16 | 3.40 | 1.97 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 5.56 | 8.88 | 6.88 | 4.56 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5,340 | 5,800 | 5,800 | 5,600 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.48 | 0.49 | 0.61 | 0.71 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,575.00 | 2,832.00 | 3,524.00 | 3,965.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 100.00% | 100.00% | 100.00% | 100.00% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (562.00) | (941.00) | (523.00) | (2,948.00) | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (21.83%) | (33.23%) | (14.84%) | (74.35%) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (621.00) | (954.00) | (512.00) | (2,915.00) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 885.00 | 847.00 | 796.00 | 707.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.68 | 3.69 | 4.15 | 4.13 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.89) | (1.24) | (0.60) | (3.04) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.64 | 0.21 | 0.53 | 0.78 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.02) | (0.56) | (0.30) | (0.13) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.37) | (0.34) | 0.23 | 0.65 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.44 | 13.56 | 12.10 | 8.45 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 699.00 | 768.00 | 850.00 | 960.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.17 | 1.69 | 0.90 | 1.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.28 | 0.46 | 0.31 | 0.49 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.64 | 3.96 | 2.59 | 2.18 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (35.78) | (42.65) | 47.29 | 13.78 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 448.00 | 164.00 | 447.00 | 749.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (710.00) | (427.00) | (254.00) | (123.00) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (262.00) | (263.00) | 193.00 | 626.00 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 450.00 | 729.00 | 789.00 | 745.00 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7,347.00 | 7,413.00 | 6,881.00 | 5,657.00 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6,356.00 | 6,418.00 | 5,940.00 | 4,660.00 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10,792.00 | 10,416.00 | 10,285.00 | 8,108.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.02%) | (4.69%) | (2.58%) | (16.65%) | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.11%) | (1.21%) | (1.61%) | (11.44%) | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (5.65%) | (9.00%) | (4.95%) | (31.70%) | — | — | — |
ROE
|
Transocean Ltd. (RIG), the offshore drilling giant, has ridden the wild waves of oil price volatility—from the 2014-2016 crash and 2020 COVID lows that tanked shares to $0.65, to the post-Ukraine surge pushing revenue back toward $3.5 billion in 2024. Yet, challenges persist: profitability stuck in the red at -$523 million EBT, a staggering $7 billion debt load, and shares diluted by 131% to 850 million outstanding, eroding per-share value. Bright spots include improving free cash flow ($294 million in 2024, up 216% YoY), operational efficiency gains, and heavy insider buying—directors snapped up $54.7 million in shares recently, signaling top-tier confidence amid routine executive sells.
Looking deeper, revenue’s slow climb from $2.6 billion lows ties directly to rising rig utilization and contracts from majors like Exxon and Shell, with forecasts eyeing $4 billion by 2025 before softening. Earnings are poised for a turnaround—EBT flipping positive next year—though one-offs like impairments cloud the path, and ROIC lags at -1.6%. The balance sheet shows modest deleveraging (net debt down 7%), but book value per share has halved, keeping valuations cheap (PS 0.9x, PB <0.5x) yet risky, with analyst targets hinting at 29% downside on average.
For everyday investors eyeing energy cyclicals, RIG offers high-beta upside if oil holds $75+ and offshore capex revs up, but debt refis, dilution, and geopolitics loom large. Insider conviction and FCF green shoots scream “watch closely”—dive into the full analysis for charts, projections, and the driller’s duel with crude.
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