---
schema_version: "secwatch.filing_event.v1"
accession: "0001451505-23-000057"
form_type: "8-K"
ticker: "RIG"
cik: "0001451505"
company_name: "Transocean Ltd."
filed_at: "2023-05-01T23:59:59+00:00"
generated_at: "2026-06-16T04:50:50.660437+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Transocean Q1 net loss $465M, revenue up 7% sequentially; backlog $8.6B

## Summary
- Net loss attributable to controlling interest of $465M ($0.64 per diluted share) versus $350M loss in Q4 2022.
- Total contract drilling revenues of $649M, up from $606M in Q4 2022; adjusted revenues of $667M.
- Adjusted EBITDA of $217M, compared to $140M in prior quarter; adjusted net loss of $275M ($0.38 per share).
- Revenue efficiency 97.8%; operating and maintenance expense $409M, down from $423M.
- Contract backlog $8.6B as of April 2023; net cash used in operations $47M versus $178M provided in Q4.

## SEC filing metadata
- accession: 0001451505-23-000057
- form_type: 8-K
- ticker: RIG
- cik: 0001451505
- company_name: Transocean Ltd.
- filed_at: 2023-05-01T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1451505/000145150523000057/0001451505-23-000057-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1451505/000145150523000057/rig-20230501x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001451505-23-000057
- JSON: https://secwatch.observer/filing/0001451505-23-000057.json
- Plain text: https://secwatch.observer/filing/0001451505-23-000057.txt

## Key facts
- Earnings Releases
  Transocean Ltd. reported first quarter 2023 results: revenue $649 million, net income $465 million, EPS $0.64 per diluted share.
  - Period: first quarter 2023
  - Revenue: $649 million
  - Net income: $465 million
  - EPS: $0.64 per diluted share
  - Result: reported results
  source text: TRANSOCEAN LTD. REPORTS FIRST QUARTER 2023 RESULTS ​ ● Total contract drilling revenues were $649 million, compared to $606 million in the fourth quarter of 2022 (total adjusted contract drilling revenues of $667 million, compared to $625 million in the fourth quarter of 2022); ● Revenue efficiency (1) was 97.8%, compared to 98.0% in the prior quarter; ● Operating and maintenance expense was $409 million, compared to $423 million in the prior period; ● Net loss attributable to controlling interest was $465 million, $0.64 per diluted share, compared to $350 million, $0.48 per diluted share, in the fourth quarter of 2022; ● Adjusted EBITDA was $217 million, compared to $140 million in the prior quarter; and ● Contract backlog was $8.6 billion as of the April 2023 Fleet Status Report.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1451505/000145150523000057/0001451505-23-000057-index.htm

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