Transocean Ltd
RIG—
Build a strategy around RIG
Transocean Ltd AI Insights
Informational only. Not investment advice.Snapshot
- 1.9B asset impairment charge TTM masks 601M operating income - core ops profitable despite GAAP loss of 2.9B[Asset Impairment Charge]
- Trading at 0.53x book value (8.08B equity) with 482M FCF TTM - market pricing permanent value destruction[P/B Ratio]
- Debt/equity 0.77x with 6.2B total debt vs 833M cash - 1.4B current debt due near-term creates refinancing pressure[Total Debt]
Watch Triggers
- Interest Expense TTM: Exceeds 500M or >80% of operating income — Debt service consuming operating profits signals covenant risk
- Free Cash Flow TTM: Turns negative for 2+ quarters — FCF is only source of debt paydown - loss invalidates recovery thesis
- Issuance of Capital Stock TTM: Additional equity raises >200M — Further dilution at 0.5x book destroys shareholder value
Bull Case
82% gross margin TTM with 12.7B PPE fleet generates 482M FCF - at 0.53x book, market ignores asset value and cash generation potential in tightening rig market
Gross Margin TTMP/B RatioFree Cash Flow TTM
1.9B impairment is non-cash - operating income of 601M and 606M operating cash flow prove underlying business viability
Operating Income TTMCash Flow TTMAsset Impairment Charge
Bear Case
6.2B debt (77% of equity) with 473M annual interest expense consumes 78% of operating income - refinancing 1.4B current debt at higher rates threatens solvency
Total DebtInterest Expense TTMCurrent Debt
ROIC of -18.6% and ROE of -32% TTM show capital destruction - 421M equity issuance signals dilution risk continues
ROIC TTMROE TTMIssuance of Capital Stock TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
Leverage RIG's top insights and create a custom strategy based on them in seconds. Our AI editor does it all — in one click.
Forward Thesis
FCF generation should accelerate as impairment cycle ends and dayrates recover
1-3ymed
- Operating income 601M TTM shows core profitability
- Capex only 124M vs 12.7B PPE - fleet investment complete
- 5yr revenue CAGR 5.9% with improving offshore drilling demand
FCF 482M TTM despite 2.9B net lossOperating margin 15.5% vs industry median 18%Gross margin 82% - strong contract economics
Valuation Context
Caveats
RIG Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Oil and Gas Extraction
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$7.31B | — | ||
$12.26B | — | ||
0.00 | — | ||
$4.14B | +12.9% | — | |
$-2.89 | — | ||
22.4% | +10.6% | — | |
-66.8% | -48.0% | — | |
$796.0M | +142.7% | — | |
-30.1% | -23.4% | — | |
Beta 5Y (Monthly) | unknown | — |
RIG Dividend History
24 dividends
2015
$1.050008/21/15$0.1500
05/27/15$0.1500
02/18/15$0.7500
2014
$2.810011/12/14$0.7500
08/20/14$0.7500
05/28/14$0.7500
02/19/14$0.5600
2013
$1.680011/13/13$0.5600
08/21/13$0.5600
05/29/13$0.5600
2012
$0.790002/22/12$0.7900
2011
$2.370011/22/11$0.7900
08/24/11$0.7900
05/18/11$0.7900
2002
$0.044705/28/02$0.0223
02/27/02$0.0223
2001
$0.089411/28/01$0.0223
08/29/01$0.0223
05/30/01$0.0223
02/28/01$0.0223
2000
$0.089411/29/00$0.0223
08/30/00$0.0223
05/31/00$0.0223
03/01/00$0.0223
RIG Stock Splits
1 stock split
11/27/0710000:13427 split
RIG SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/05/26 | 03/31/26 | 10-Q | |
02/23/26 | 12/31/25 | 10-K | |
10/30/25 | 09/30/25 | 10-Q | |
08/05/25 | 06/30/25 | 10-Q | |
04/29/25 | 03/31/25 | 10-Q | |
02/18/25 | 12/31/24 | Unknown | |
10/31/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
04/30/24 | 03/31/24 | 10-Q | |
02/21/24 | 12/31/23 | 10-K | |
10/31/23 | 09/30/23 | 10-Q | |
08/01/23 | 06/30/23 | 10-Q | |
05/02/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
11/04/22 | 09/30/22 | 10-Q | |
08/03/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
02/23/22 | 12/31/21 | 10-K | |
11/02/21 | 09/30/21 | 10-Q | |
08/03/21 | 06/30/21 | 10-Q | |
05/04/21 | 03/31/21 | 10-Q | |
03/01/21 | 12/31/20 | 10-K | |
11/04/20 | 09/30/20 | 10-Q | |
07/31/20 | 06/30/20 | 10-Q | |
04/30/20 | 03/31/20 | 10-Q | |
02/18/20 | 12/31/19 | 10-K | |
10/30/19 | 09/30/19 | 10-Q | |
07/30/19 | 06/30/19 | 10-Q | |
04/30/19 | 03/31/19 | 10-Q | |
02/19/19 | 12/31/18 | 10-K | |
10/30/18 | 09/30/18 | 10-Q | |
07/31/18 | 06/30/18 | 10-Q | |
05/01/18 | 03/31/18 | 10-Q | |
02/21/18 | 12/31/17 | 10-K | |
11/01/17 | 09/30/17 | 10-Q | |
08/02/17 | 06/30/17 | 10-Q | |
05/03/17 | 03/31/17 | 10-Q | |
03/07/17 | 12/31/16 | 10-K | |
11/02/16 | 09/30/16 | 10-Q | |
08/03/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
02/25/16 | 12/31/15 | 10-K | |
11/04/15 | 09/30/15 | 10-Q | |
08/05/15 | 06/30/15 | 10-Q | |
05/06/15 | 03/31/15 | 10-Q | |
02/26/15 | 12/31/14 | 10-K | |
11/10/14 | 09/30/14 | 10-Q | |
08/06/14 | 06/30/14 | 10-Q | |
05/07/14 | 03/31/14 | 10-Q | |
02/27/14 | 12/31/13 | 10-K | |
11/06/13 | 09/30/13 | 10-Q | |
08/07/13 | 06/30/13 | 10-Q | |
05/08/13 | 03/31/13 | 10-Q | |
03/01/13 | 12/31/12 | 10-K | |
11/05/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/02/12 | 03/31/12 | 10-Q | |
02/27/12 | 12/31/11 | 10-K | |
11/03/11 | 09/30/11 | 10-Q | |
08/03/11 | 06/30/11 | 10-Q | |
05/04/11 | 03/31/11 | 10-Q | |
02/28/11 | 12/31/10 | 10-K | |
11/03/11 | 09/30/10 | 10-Q | |
08/03/11 | 06/30/10 | 10-Q | |
05/05/10 | 03/31/10 | 10-Q | |
02/24/10 | 12/31/09 | 10-K | |
11/03/10 | 09/30/09 | 10-Q | |
11/04/09 | 09/30/09 | 10-Q | |
08/04/10 | 06/30/09 | 10-Q | |
08/06/09 | 06/30/09 | 10-Q | |
05/06/09 | 03/31/09 | 10-Q | |
02/26/09 | 12/31/08 | 10-K | |
09/30/08 | 09/30/08 | Unknown | -- |
06/30/08 | 06/30/08 | Unknown | -- |
03/31/08 | 03/30/08 | Unknown | -- |
12/31/07 | 12/31/07 | Unknown | -- |
09/30/07 | 09/30/07 | Unknown | -- |
06/30/07 | 06/30/07 | Unknown | -- |
03/31/07 | 03/30/07 | Unknown | -- |
12/31/06 | 12/31/06 | Unknown | -- |
09/30/06 | 09/30/06 | Unknown | -- |
06/30/06 | 06/30/06 | Unknown | -- |
03/31/06 | 03/30/06 | Unknown | -- |
12/31/05 | 12/31/05 | Unknown | -- |
09/30/05 | 09/30/05 | Unknown | -- |
06/30/05 | 06/30/05 | Unknown | -- |
03/31/05 | 03/30/05 | Unknown | -- |
12/31/04 | 12/31/04 | Unknown | -- |
09/30/04 | 09/30/04 | Unknown | -- |
06/30/04 | 06/30/04 | Unknown | -- |
03/31/04 | 03/30/04 | Unknown | -- |
12/31/03 | 12/31/03 | Unknown | -- |
09/30/03 | 09/30/03 | Unknown | -- |
06/30/03 | 06/30/03 | Unknown | -- |
03/31/03 | 03/30/03 | Unknown | -- |
12/31/02 | 12/31/02 | Unknown | -- |
09/30/02 | 09/30/02 | Unknown | -- |
06/30/02 | 06/30/02 | Unknown | -- |
03/31/02 | 03/30/02 | Unknown | -- |
12/31/01 | 12/31/01 | Unknown | -- |
09/30/01 | 09/30/01 | Unknown | -- |
06/30/01 | 06/30/01 | Unknown | -- |
03/31/01 | 03/30/01 | Unknown | -- |
12/31/00 | 12/31/00 | Unknown | -- |
09/30/00 | 09/30/00 | Unknown | -- |
06/30/00 | 06/30/00 | Unknown | -- |
03/31/00 | 03/30/00 | Unknown | -- |