Transocean Ltd. (NYSE: RIG) reported fourth quarter and full year 2025 financial results on February 20, 2026, revealing a 13% increase in operating revenues to $3.965 billion, compared to $3.524 billion in 2024. The company detailed the results in a statement released on Wednesday, followed by a conference call for investors.
Despite the revenue gains, Transocean recorded a net loss attributable to controlling interest of $2.915 billion, or $3.04 per diluted share. Although, adjusted EBITDA increased by 19% to $1.37 billion, up from $1.148 billion the previous year. Cash flow from operations rose significantly, reaching $749 million, a 68% increase from $302 million in 2024. Free cash flow also saw a substantial improvement, climbing to $626 million from $193 million.
The company continued to focus on debt reduction, lowering the total principal amount to $5.686 billion, a decrease of $1.258 billion, or 18%. Total liquidity stands at $1.507 billion, including an undrawn revolving credit facility. Transocean also announced the addition of $839 million in contract backlog, with a weighted average dayrate of $453,000.
“During 2025, we took significant strides to strengthen our capital structure, sustainably lowering costs, and ensuring we continue to deliver best in class service to our customers around the world,” said President and Chief Executive Officer Keelan Adamson. “At just shy of 98%, we delivered our best uptime performance on record while making significant progress in strengthening our balance sheet by retiring approximately $1.3 billion in debt principal and saving nearly $90 million in annualized interest expense.”
In a separate announcement also made on February 20, 2026, Transocean provided a quarterly Fleet Status Report. The report highlighted several contract updates, including a one-well option exercise for the Transocean Barents in Romania at a dayrate of $480,000. The Deepwater Mykonos secured a three-well contract with bp in Brazil, along with a 90-day option also in Brazil. The Deepwater Skyros was awarded a six-well contract in Australia, with options for an additional 900 days. The Transocean Enabler received three fixtures totaling seven wells in Norway at a dayrate of $455,000, while the Transocean Encourage secured a seven-well extension in Norway at $416,000. Options were also exercised for the Transocean Endurance in Australia ($419,000) and the Transocean Equinox in Australia ($540,000).
As of February 19, 2026, Transocean’s total backlog is approximately $6.1 billion. The company noted that 2026 marks its 100th year in operation. The company’s stock traded at $6.52 at the close of trading on February 20, 2026, a gain of $0.16, or 2.52%.
