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Transocean Ltd. Reports Second Quarter 2025 Results

STEINHAUSEN, Switzerland, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $938听million, $1.06听per diluted share, for the three months ended June听30, 2025.

Second quarter results included net unfavorable items of $957听million, $1.08听per diluted share as follows:

• $1.128听billion, $1.27 per diluted share, loss on impairment of assets, net of tax; and
• $24听million, $0.03 per diluted share, loss on conversion of debt to equity.

Partially offset by:

• $195听million, $0.22 per diluted share, discrete tax items, net.
  

After consideration of these net unfavorable items, second quarter 2025 adjusted net income was $19听million.

Contract drilling revenues for the three months ended June听30, 2025, increased sequentially by $82听million to $988听million, primarily due to higher revenues associated with improved rig utilization, improved revenue efficiency, higher reimbursement revenues and an additional day in the quarter, partially offset by lower revenues generated by one rig that was idle between contracts.

Operating and maintenance expense was $599听million, compared to $618听million in the prior quarter. The sequential decrease was primarily due to the non-cash cost resulting from the resolution of certain litigation, which did not reoccur in the second quarter, partially offset by increased costs related to increased fleet activity and higher reimbursable costs.

Interest expense was $141 million, compared with $152听million in the prior quarter, excluding the favorable adjustment of $29听million and $36听million in the second and first quarter, respectively, for the fair value of the bifurcated exchange feature related to the 4.625% exchangeable bonds due 2029. Interest income was $10听million, compared to $8听million in the prior quarter.

The Effective Tax Rate⁽²⁾ was 14.2%, up from (95.8)% in the prior quarter. The increase was primarily due to losses on rig impairments and the release of unrecognized tax benefits related to uncertain tax positions. Excluding discrete items, the Effective Tax Rate was 70.0% compared to (62.3)% in the previous quarter. In the second quarter, cash paid for taxes was $31听million.

Cash provided by operating activities was $128听million during the second quarter, representing an increase of $102听million compared to the prior quarter. The sequential increase was primarily due to increased cash received from customers and decreased payroll-related payments that regularly occur in the first quarter of each year.

Second听quarter听2025 capital expenditures were $24听million, compared to $60听million in the prior quarter.

鈥淲e reported a quarter of safe, reliable, and efficient operations, resulting in an adjusted EBITDA margin of 35% and free cash generation of $104 million,鈥� said President and Chief Executive Officer, Keelan Adamson. 鈥淭his result reflects favorable revenue efficiency driven by high operational reliability.鈥�

Adamson added, 鈥淲e also continue to improve our balance sheet and are on track to reduce our debt by over $700 million this year, creating long-term value for our shareholders.鈥�

Non-GAAP Financial Measures

We present our operating results in accordance with accounting principles generally accepted in the U.S. (鈥淯.S. GAAP鈥�). We believe certain financial measures, such as EBITDA, Adjusted EBITDA, Adjusted Net Income and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.

All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the company鈥檚 website at: www.deepwater.com.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 32听mobile offshore drilling units, consisting of 24听ultra-deepwater floaters and eight听harsh environment floaters.

For more information about Transocean, please visit: www.deepwater.com.

Conference Call Information

Transocean will conduct a teleconference starting at 9听a.m. EDT, 3听p.m. CEST, on Tuesday, August听5, 2025, to discuss the results. To participate, dial +1听785-424-1116 and refer to conference code听125397 approximately 15听minutes prior to the scheduled start time.

The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. Supplemental materials that may be referenced during the teleconference will be available at: www.deepwater.com, by selecting Investors, Financial Reports.

A replay of the conference call will be available after 12听p.m. EDT, 6听p.m. CEST, on Tuesday, August听5, 2025. The replay, which will be archived for approximately 30听days, can be accessed at +1听402-220-2972, passcode听125397. The replay will also be available on the company鈥檚 website.

Forward-Looking Statements

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section听27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. Forward-looking statements are based on management鈥檚 current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company鈥檚 newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company's most recent Annual Report on Form听10-K for the year ended December听31, 2024, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (鈥淔inSA鈥�) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

Notes

Analyst Contact:
Alison Johnson
+1 713-232-7214

Media Contact:
Pam Easton
+1 713-232-7647