---
schema_version: "secwatch.filing_event.v1"
accession: "0001451505-26-000012"
form_type: "8-K"
ticker: "RIG"
cik: "0001451505"
company_name: "Transocean Ltd."
filed_at: "2026-02-20T23:59:59+00:00"
generated_at: "2026-05-16T01:26:26.551369+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Transocean FY25 revenue $3.965B (+13% YoY); adj. EBITDA $1.37B; backlog $6.1B

## Summary
- Operating revenues $3.965B, up 13% vs 2024; revenue efficiency 96.5% (up from 94.5%).
- Net loss $2.915B ($3.04/sh) from $3.036B impairment; adjusted net income $37M ($0.04/sh).
- Adjusted EBITDA $1.37B (+19% YoY); cash from ops $749M (+68%); free cash flow $626M.
- Total debt reduced by $1.258B to $5.686B; added $839M backlog at $453k avg dayrate.
- Q4 revenue $1.043B, net income $25M; FY26 guide revenue $3.8-3.95B; backlog $6.1B.

## SEC filing metadata
- accession: 0001451505-26-000012
- form_type: 8-K
- ticker: RIG
- cik: 0001451505
- company_name: Transocean Ltd.
- filed_at: 2026-02-20T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1451505/000145150526000012/0001451505-26-000012-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1451505/000145150526000012/rig-20260219x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001451505-26-000012
- JSON: https://secwatch.observer/filing/0001451505-26-000012.json
- Plain text: https://secwatch.observer/filing/0001451505-26-000012.txt

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