Transocean Q2 net loss $938M on $1.128B impairment; adjusted net income $19M

Transocean Ltd.

2025-Q2 EPS reported -$1.15 revenue$1,894,000,000

GAAP net loss $938M ($1.06/diluted share); adjusted net income $19M (adj. EPS nil).
Contract drilling revenue $988M, up $82M sequentially and $127M YoY; adjusted EBITDA $344M (34.9% margin).
Recorded $1.128B impairment of assets (net of tax) and $24M loss on debt conversion, partly offset by $195M discrete tax items.
Backlog $7.2B as of July 2025 fleet status report; cash from ops $128M, capex $24M.
CEO confirms on track to reduce debt by over $700M in 2025; free cash flow $104M.

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