---
schema_version: "secwatch.filing_event.v1"
accession: "0001451505-22-000095"
form_type: "8-K"
ticker: "RIG"
cik: "0001451505"
company_name: "Transocean Ltd."
filed_at: "2022-11-02T23:59:59+00:00"
generated_at: "2026-06-22T13:22:39.525181+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Transocean reports Q3 net loss of $28M; adjusted EBITDA rises to $268M; backlog at $7.3B

## Summary
- Net loss attributable to controlling interest $28M ($0.04/diluted share); adjusted net loss $41M ($0.06).
- Total contract drilling revenues $691M (flat sequentially); revenue efficiency 95.0% (down from 97.8%).
- Adjusted EBITDA $268M, up from $245M in Q2; contract backlog $7.3B as of October 2022.
- Cash from operations $230M vs $41M prior quarter; capex $87M primarily for newbuild drillships.
- CEO highlights $1.6B incremental backlog since July; strong demand for high-spec rigs expected to continue.

## SEC filing metadata
- accession: 0001451505-22-000095
- form_type: 8-K
- ticker: RIG
- cik: 0001451505
- company_name: Transocean Ltd.
- filed_at: 2022-11-02T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1451505/000145150522000095/0001451505-22-000095-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1451505/000145150522000095/rig-20221102x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001451505-22-000095
- JSON: https://secwatch.observer/filing/0001451505-22-000095.json
- Plain text: https://secwatch.observer/filing/0001451505-22-000095.txt

## Key facts
- Earnings Releases
  Transocean Ltd. reported third quarter 2022 results: revenue $691 million, net income $28 million, EPS $0.04 per diluted share.
  - Period: third quarter 2022
  - Revenue: $691 million
  - Net income: $28 million
  - EPS: $0.04 per diluted share
  - Result: reported results
  source text: Total contract drilling revenues were $691 million, compared to $692 million in the second quarter of 2022 (total adjusted contract drilling revenues of $730 million, compared to $722 million in the second quarter of 2022); ● Revenue efficiency (1) was 95.0%, compared to 97.8% in the prior quarter; ● Operating and maintenance expense was $411 million, compared to $433 million in the prior period; ● Net loss attributable to controlling interest was $28 million, $0.04 per diluted share, compared to $68 million, $0.10 per diluted share, in the second quarter of 2022;
  evidence_url: https://www.sec.gov/Archives/edgar/data/1451505/000145150522000095/0001451505-22-000095-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.