---
schema_version: "secwatch.filing_event.v1"
accession: "0001451505-25-000076"
form_type: "8-K"
ticker: "RIG"
cik: "0001451505"
company_name: "Transocean Ltd."
filed_at: "2025-08-04T23:59:59+00:00"
generated_at: "2026-05-17T21:24:40.862829+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001451505-25-000076
- form_type: 8-K
- ticker: RIG
- cik: 0001451505
- company_name: Transocean Ltd.
- filed_at: 2025-08-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1451505/000145150525000076/0001451505-25-000076-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1451505/000145150525000076/rig-20250804x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001451505-25-000076
- JSON: https://secwatch.observer/filing/0001451505-25-000076.json
- Plain text: https://secwatch.observer/filing/0001451505-25-000076.txt

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