/
Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, Transocean, the Company, we, us or our ) is a leading international provider of offshore contract drilling services for oil and gas wells. As of February 17, 2026, we owned or had partial ownership interests in and operated 27 mobile offshore drilling units, consisting of 20 ultra-deepwater …
The business is unprofitable at the operating level (-58.94% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 12.5%, still solid. Margins contracted 47.1pp, which offsets some of the top-line progress.
ROIC dropped from -1.84% to -11.68%, capital efficiency is deteriorating. Net debt of $5.35B represents 8.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$4.14B
▲ +12.5% YoY
Net Income (TTM)
-$2.77B
▼ -469.3% YoY
Op. Margin
-51.16%
▼ -47.1pp YoY
ROIC
-11.59%
▼ -9.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$796M
▲ +224.4% YoY
Op. Cash Flow (TTM)
$887M
▲ +67.6% YoY
Net Debt
$4.94B
Cash & Equiv.
$330M
5Y CAGR: +4.7%
5Y CAGR: +36.3%
Continue Research