Transocean Ltd.
RIG · Drilling Oil & Gas Wells · 1.12B shares · +6%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $200M (gross $240M, SBC $40M)
Reference price $7.45 · est. market cap ~$8.3B — last insider sale, 2026-05-21 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D53Offshore driller with strong cash generation but large impairment-driven net losses in a still-recovering cycle.
Strengths
- Strong FCF margin (15.8%, 76th pct) and FCF $626M (86th pct); OCF margin 18.9% (74th pct)
- $6.29bn backlog and improving deepwater demand outlook; pending Valaris combination
Risks
- $3.05bn held-for-sale impairments drove net margin -73.5% and ROE -36%
- Backlog down 28% YoY; cyclical dayrate/utilization exposure and contract-cancellation risk
Notable findings
- Net lossNet loss (net margin -73.5%)
- Strong balance sheetStrong balance sheet — $620M cash & investments
- Insider sellingInsider selling — 6 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
39.3%
Operating margin
-58.9%
Net margin
-73.5%
Return on equity
-36.0%
Return on assets
-18.6%
ROIC
-21.6%
Revenue growth (QoQ)
3.6%
Debt / equity
0.1×
Current ratio
1.6×
Free cash flow
$626M
EBITDA
-$1.7B
Tangible book value
$8.1B
Cash & investments
$620M
Stock comp / revenue
0.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-26 | DEATON CHAD C | Tax withheld | 21K | $6.70 |
| 2026-05-26 | Lacey William F. | Tax withheld | 21K | $6.70 |
| 2026-05-26 | Mohn Frederik Wilhelm | Tax withheld | 26K | $6.70 |
| 2026-05-22 | DEATON CHAD C | Option exercise | 82K | $6.81 |
| 2026-05-22 | Lacey William F. | Option exercise | 82K | $6.81 |
| 2026-05-22 | Mohn Frederik Wilhelm | Option exercise | 82K | $6.81 |
| 2026-05-21 | Long Brady K | Sell | 82K | $7.45 |
| 2026-05-04 | Adamson Keelan | Tax withheld | 72K | $6.82 |
| 2026-05-01 | Adamson Keelan | Option exercise | 181K | — |
| 2026-03-04 | Mackenzie Roderick James | Sell | 78K | $6.36 |
| 2026-03-03 | Adamson Keelan | Tax withheld | 128K | $6.12 |
| 2026-03-03 | Long Brady K | Tax withheld | 88K | $6.12 |
| 2026-03-03 | Mackenzie Roderick James | Tax withheld | 63K | $6.12 |
| 2026-03-03 | Pack Jason | Tax withheld | 28K | $6.12 |
| 2026-03-03 | Vayda Robert Thaddeus | Tax withheld | 63K | $6.12 |
| 2026-03-03 | THIGPEN JEREMY D | Tax withheld | 246K | $6.12 |
| 2026-03-01 | Long Brady K | Option exercise | 98K | $6.25 |
| 2026-03-01 | THIGPEN JEREMY D | Option exercise | 194K | $6.25 |
| 2026-03-01 | THIGPEN JEREMY D | Option exercise | 246K | $6.25 |
| 2026-03-01 | THIGPEN JEREMY D | Option exercise | 172K | $6.25 |
| 2026-03-01 | Vayda Robert Thaddeus | Option exercise | 94K | $6.25 |
| 2026-03-01 | Mackenzie Roderick James | Option exercise | 35K | $6.25 |
| 2026-03-01 | Mackenzie Roderick James | Option exercise | 51K | $6.25 |
| 2026-03-01 | Mackenzie Roderick James | Option exercise | 71K | $6.25 |
| 2026-03-01 | Pack Jason | Option exercise | 15K | $6.25 |
| 2026-03-01 | Pack Jason | Option exercise | 19K | $6.25 |
| 2026-03-01 | Pack Jason | Option exercise | 2.9K | $6.25 |
| 2026-03-01 | Pack Jason | Option exercise | 32K | $6.25 |
| 2026-03-01 | Vayda Robert Thaddeus | Option exercise | 18K | $6.25 |
| 2026-03-01 | Vayda Robert Thaddeus | Option exercise | 23K | $6.25 |
| 2026-03-01 | Vayda Robert Thaddeus | Option exercise | 22K | $6.25 |
| 2026-03-01 | Adamson Keelan | Option exercise | 68K | $6.25 |
| 2026-03-01 | Adamson Keelan | Option exercise | 104K | $6.25 |
| 2026-03-01 | Adamson Keelan | Option exercise | 146K | $6.25 |
| 2026-03-01 | Long Brady K | Option exercise | 53K | $6.25 |
| 2026-03-01 | Long Brady K | Option exercise | 67K | $6.25 |
| 2026-02-06 | Pack Jason | Tax withheld | 12K | $4.99 |
| 2026-02-06 | Adamson Keelan | Tax withheld | 52K | $4.99 |
| 2026-02-06 | Mackenzie Roderick James | Tax withheld | 27K | $4.99 |
| 2026-02-06 | Long Brady K | Tax withheld | 40K | $4.99 |
| 2026-02-06 | Vayda Robert Thaddeus | Tax withheld | 11K | $4.99 |
| 2026-02-06 | THIGPEN JEREMY D | Tax withheld | 148K | $4.99 |
| 2026-02-05 | Mackenzie Roderick James | Option exercise | 67K | — |
| 2026-02-05 | Pack Jason | Option exercise | 29K | — |
| 2026-02-05 | Vayda Robert Thaddeus | Option exercise | 35K | — |
| 2026-02-05 | Adamson Keelan | Option exercise | 131K | — |
| 2026-02-05 | Long Brady K | Option exercise | 102K | — |
| 2026-02-05 | THIGPEN JEREMY D | Option exercise | 374K | — |
| 2026-01-27 | Adamson Keelan | Sell | 59K | $5.00 |
| 2026-01-27 | Long Brady K | Sell | 99K | $5.00 |
| 2026-01-26 | Adamson Keelan | Sell | 23K | $5.00 |
| 2026-01-26 | Long Brady K | Sell | 16K | $5.00 |
| 2025-12-05 | Adamson Keelan | Sell | 58K | $4.50 |
| 2025-12-04 | Adamson Keelan | Sell | 8.5K | $4.50 |
| 2025-12-03 | Mackenzie Roderick James | Sell | 35K | $4.48 |
| 2025-12-03 | Transocean Ltd. | Sell | 2.0M | $1.02 |
| 2025-12-02 | Transocean Ltd. | Sell | 33K | $0.74 |
| 2025-12-01 | Transocean Ltd. | Sell | 61K | $0.81 |
| 2025-11-28 | Transocean Ltd. | Sell | 28K | $0.90 |
| 2025-11-26 | Vayda Robert Thaddeus | Sell | 30K | $4.29 |
| 2025-11-26 | THIGPEN JEREMY D | Sell | 500K | $4.32 |
| 2025-11-24 | Perestroika (Cyprus) Ltd | Buy | 1.5M | $4.02 |
| 2025-11-24 | Perestroika | Buy | 1.5M | $4.02 |
| 2025-11-24 | Mohn Frederik Wilhelm | Buy | 1.5M | $4.02 |
| 2025-10-31 | Mackenzie Roderick James | Sell | 54K | $3.86 |
| 2025-10-28 | Transocean Ltd. | Conversion | 2.1M | $1.76 |
| 2025-10-24 | Long Brady K | Sell | 97K | $4.00 |
| 2025-10-24 | Adamson Keelan | Sell | 41K | $4.00 |
| 2025-09-26 | Mohn Frederik Wilhelm | Buy | 4.0M | $3.05 |
| 2025-09-26 | Perestroika | Buy | 4.0M | $3.05 |
| 2025-09-26 | Perestroika (Cyprus) Ltd | Buy | 4.0M | $3.05 |
| 2025-06-13 | Mackenzie Roderick James | Sell | 40K | $3.26 |
| 2025-05-30 | Pack Jason | Tax withheld | 1.2K | $2.57 |
| 2025-05-30 | Vayda Robert Thaddeus | Tax withheld | 8.7K | $2.57 |
| 2025-05-29 | Pack Jason | Option exercise | 2.9K | $2.57 |
| 2025-05-29 | Vayda Robert Thaddeus | Option exercise | 22K | $2.57 |
| 2025-05-12 | Mackenzie Roderick James | Sell | 22K | $2.78 |
| 2025-04-30 | CHANG VANESSA C L | Buy | 10K | $2.14 |
| 2025-04-11 | Mackenzie Roderick James | Sell | 22K | $2.23 |
| 2025-03-11 | Mackenzie Roderick James | Sell | 22K | $2.94 |
| 2025-03-03 | Pack Jason | Tax withheld | 26K | $2.95 |
| 2025-03-03 | Mackenzie Roderick James | Tax withheld | 61K | $2.95 |
| 2025-03-03 | Adamson Keelan | Tax withheld | 121K | $2.95 |
| 2025-03-03 | THIGPEN JEREMY D | Tax withheld | 326K | $2.95 |
| 2025-03-03 | Vayda Robert Thaddeus | Tax withheld | 27K | $2.95 |
| 2025-03-03 | Long Brady K | Tax withheld | 89K | $2.95 |
| 2025-03-01 | Vayda Robert Thaddeus | Option exercise | 28K | $2.95 |
| 2025-03-01 | Pack Jason | Option exercise | 30K | $2.95 |
| 2025-03-01 | Pack Jason | Option exercise | 15K | $2.95 |
| 2025-03-01 | Pack Jason | Option exercise | 19K | $2.95 |
| 2025-03-01 | Mackenzie Roderick James | Option exercise | 70K | $2.95 |
| 2025-03-01 | Mackenzie Roderick James | Option exercise | 35K | $2.95 |
| 2025-03-01 | Mackenzie Roderick James | Option exercise | 51K | $2.95 |
| 2025-03-01 | Long Brady K | Option exercise | 105K | $2.95 |
| 2025-03-01 | Long Brady K | Option exercise | 53K | $2.95 |
| 2025-03-01 | Long Brady K | Option exercise | 67K | $2.95 |
| 2025-03-01 | Adamson Keelan | Option exercise | 135K | $2.95 |
| 2025-03-01 | Adamson Keelan | Option exercise | 68K | $2.95 |
| 2025-03-01 | Adamson Keelan | Option exercise | 104K | $2.95 |
| 2025-03-01 | Vayda Robert Thaddeus | Option exercise | 18K | $2.95 |
| 2025-03-01 | Vayda Robert Thaddeus | Option exercise | 23K | $2.95 |
| 2025-03-01 | THIGPEN JEREMY D | Option exercise | 385K | $2.95 |
| 2025-03-01 | THIGPEN JEREMY D | Option exercise | 194K | $2.95 |
| 2025-03-01 | THIGPEN JEREMY D | Option exercise | 246K | $2.95 |
| 2025-02-11 | Mackenzie Roderick James | Sell | 22K | $3.85 |
| 2025-02-07 | Adamson Keelan | Tax withheld | 138K | $3.66 |
| 2025-02-07 | Mackenzie Roderick James | Tax withheld | 71K | $3.66 |
| 2025-02-07 | Vayda Robert Thaddeus | Tax withheld | 29K | $3.66 |
| 2025-02-07 | Pack Jason | Tax withheld | 31K | $3.66 |
| 2025-02-07 | THIGPEN JEREMY D | Tax withheld | 395K | $3.66 |
| 2025-02-07 | Long Brady K | Tax withheld | 108K | $3.66 |
| 2025-02-06 | Adamson Keelan | Option exercise | 343K | — |
| 2025-02-06 | Pack Jason | Option exercise | 77K | — |
| 2025-02-06 | Mackenzie Roderick James | Option exercise | 177K | — |
| 2025-02-06 | Long Brady K | Option exercise | 267K | — |
| 2025-02-06 | Vayda Robert Thaddeus | Option exercise | 71K | — |
| 2025-02-06 | THIGPEN JEREMY D | Option exercise | 979K | — |
| 2025-01-10 | Mackenzie Roderick James | Sell | 22K | $4.05 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-16 | 0001451505-26-000052 ↗ |
| 8-K | 2026-05-26 | 2026-05-22 | 0001451505-26-000049 ↗ |
| 8-K | 2026-05-19 | 2026-05-19 | 0001104659-26-063883 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001451505-26-000044 ↗ |
| 8-K | 2026-05-05 | 2026-05-04 | 0001104659-26-055235 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001451505-26-000041 ↗ |
| 8-K | 2026-04-16 | 2026-04-16 | 0001451505-26-000032 ↗ |
| 8-K | 2026-04-14 | 2026-04-14 | 0001451505-26-000029 ↗ |
| 8-K | 2026-04-02 | 2026-04-02 | 0001451505-26-000024 ↗ |
| 10-K | 2026-02-23 | 2025-12-31 | 0001451505-26-000018 ↗ |
| 8-K | 2026-02-23 | 2026-02-23 | 0001451505-26-000020 ↗ |
| 8-K | 2026-02-20 | 2026-02-19 | 0001451505-26-000012 ↗ |