$RIG

Transocean Ltd.

CIK:0001451505|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating revenues
Contract drilling revenues	$ 966	$ 988	$ 2,047	$ 1,894
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Costs and expenses
Operating and maintenance	$ 608	$ 599	$ 1,214	$ 1,217
Cost, Product and Service [Extensible Enumeration]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Depreciation and amortization	$ 148	$ 175	$ 291	$ 351
General and administrative	56	49	105	99
Total costs and expenses	812	823	1,610	1,667
Loss on impairment of assets		(1,136)		(1,136)
Gain (loss) on disposal of assets, net	(2)	7	2	9
Operating income (loss)	152	(964)	439	(900)
Other income (expense), net
Interest income	12	10	22	18
Interest expense	20	(112)	(256)	(228)
Loss on retirement of debt			(11)
Other, net		(27)	7	(23)
Total other income (expense), net	32	(129)	(238)	(233)
Income (loss) before income taxes	184	(1,093)	201	(1,133)
Income tax expense (benefit)	14	(155)	(40)	(116)
Net income (loss)	$ 170	$ (938)	$ 241	$ (1,017)
Earnings (loss) per share, basic (in dollars per share)	$ 0.15	$ (1.06)	$ 0.22	$ (1.15)
Earnings (loss) per share, diluted (in dollars per share)	$ 0.04	$ (1.06)	$ 0.21	$ (1.15)
Weighted-average shares outstanding, basic (in shares)	1,120	888	1,115	885
Weighted-average shares outstanding, diluted (in shares)	1,202	888	1,125	885

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities
Net income (loss)			$ 241	$ (1,017)
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization	$ 148	$ 175	291	351
Share-based compensation expense			15	16
Loss on impairment of assets		1,136		1,136
Gain on disposal of assets, net	2	(7)	(2)	(9)
Amortization of debt-related balances, net			20	25
(Gain) loss on adjustment to bifurcated compound exchange feature			19	(65)
Loss on retirement of debt			11
Deferred income tax benefit			(73)	(157)
Other, net			(1)	31
Changes in contract liabilities, net			(83)	(84)
Changes in deferred costs, net			46	16
Changes in other operating assets and liabilities, net			(84)	(89)
Net cash provided by operating activities			400	154
Cash flows from investing activities
Capital expenditures			(52)	(84)
Investment in equity of unconsolidated affiliates			(2)
Proceeds from disposal of assets, net of costs to sell			26	10
Proceeds from disposal of investment in equity of unconsolidated affiliate				4
Net cash used in investing activities			(15)	(70)
Cash flows from financing activities
Repayments of debt			(586)	(240)
Other, net			(1)	(13)
Net cash used in financing activities			(587)	(253)
Net decrease in unrestricted and restricted cash and cash equivalents			(202)	(169)
Unrestricted and restricted cash and cash equivalents, beginning of period			997	941	$ 941
Unrestricted and restricted cash and cash equivalents, end of period	$ 795	$ 772	795	$ 772	$ 997
Related party
Cash flows from investing activities
Proceeds from disposal of investment in note receivable from unconsolidated affiliate			$ 13

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 509	$ 620
Accounts receivable, net of allowance of $2 at June 30, 2026 and December 31, 2025	604	540
Materials and supplies, net of allowance of $146 and $140 at June 30, 2026 and December 31, 2025, respectively	379	378
Assets held for sale	1	24
Restricted cash and cash equivalents	286	377
Other current assets	133	142
Total current assets	1,912	2,081
Property and equipment	17,490	17,451
Less accumulated depreciation	(5,147)	(4,874)
Property and equipment, net	12,343	12,577
Deferred tax assets, net	70	61
Other assets	842	923
Total assets	15,167	15,642
Liabilities and equity
Accounts payable	283	242
Accrued income taxes	9	22
Debt due within one year	397	445
Other current liabilities	514	627
Total current liabilities	1,203	1,336
Long-term debt	4,722	5,212
Deferred tax liabilities, net	340	404
Other long-term liabilities	532	582
Total long-term liabilities	5,594	6,198
Commitments and contingencies
Shares, $0.10 par value, 1,445 authorized, 141 conditionally authorized, 1,304 issued and 1,117 outstanding at June 30, 2026 and 1,204 authorized, 141 conditionally authorized, 1,204 issued and 1,102 outstanding at December 31, 2025	112	110
Additional paid-in capital	15,617	15,604
Accumulated deficit	(7,219)	(7,460)
Accumulated other comprehensive loss	(140)	(146)
Total equity	8,370	8,108
Total liabilities and equity	$ 15,167	$ 15,642