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Investor Relations14 Oct 2025
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Transocean (RIG) investor relations material
Transocean Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary5 Aug, 2025
Executive summary
Contract drilling revenues rose 15% year-over-year to $988 million for Q2 2025, driven by higher activity, improved utilization, and newbuild deployment.
Net loss attributable to controlling interest was $938 million for Q2 2025, including a $1.128 billion asset impairment and $24 million loss on debt conversion, partially offset by a $195 million discrete tax benefit.
Adjusted net income for Q2 2025 was $19 million after excluding non-recurring items.
Backlog as of July 2025 stood at $7.2 billion, with high fleet utilization and premium day rates.
Completed sale of two floaters for $26 million and exchanged $157 million of bonds for 59.4 million shares.
Financial highlights
Q2 2025 contract drilling revenues: $988 million, up from $861 million in Q2 2024; average daily revenue for Q2 2025: $458,600.
Operating and maintenance expense decreased to $599 million from $618 million sequentially.
Interest expense was $141 million, down from $152 million in the prior quarter; interest income increased to $10 million.
Cash and cash equivalents at June 30, 2025: $377 million; total debt: $6.55 billion.
Free cash flow for Q2 2025 was $104 million; capital expenditures were $24 million.
Outlook and guidance
Q3 contract drilling revenues expected between $1.0B–$1.02B; revenue efficiency forecast at 96.5%.
Management expects to reduce debt by over $700 million in 2025, focusing on long-term value creation.
Full-year 2025 contract drilling revenues expected at $3.9B–$3.95B; O&M expense $2.375B–$2.425B.
2025 capital expenditures forecast at ~$120M, slightly above prior guidance due to reimbursed upgrades.
Year-end liquidity projected at $1.45B–$1.55B, assuming convertible instruments are equitized at maturity.
Explain the sequential increase in contract drilling revenues.
What drove the increase in the effective tax rate?
Assess the progress on the $700M debt reduction target.
What's the expected utilization rate by late 2026?
Assess potential impact of tariffs on guidance.
When might Transocean consider shareholder distributions?
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Next Transocean earnings date
Q3 202530 Oct, 2025
Next Transocean earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Deep Sea Expertise
Transocean is an American leading global offshore drilling contractor, primarily specializing in deepwater drilling and harsh environment oil and gas exploration. Established in the early 20th century, it has been involved in multiple significant oil discoveries in some of the world’s most challenging conditions. With its fleet of high-specification drillships, semi-submersibles, and jack-ups, Transocean has cultivated a strong reputation for its skill and experience.
Pioneers in the Offshore Revolution
Transocean's story began in the 1920s, laying the foundation for many innovative technologies and techniques now considered standard in the industry. Over the decades, they have been part of numerous landmark offshore drilling expeditions and have been pivotal in the discovery and extraction of several significant oil and gas reserves. While its origins are firmly rooted in the United States, Transocean's operations have expanded across the globe, operating wherever there is oil to be drilled for.
A Massive Fleet
At the heart of Transocean's operations lies its impressive fleet of drilling rigs. The fleet is equipped to handle various drilling needs, whether in deep water, ultra-deep water, or more challenging environments. Transocean has continually invested in upgrading and modernizing its fleet, ensuring it remains at the forefront of technological advancements. In an industry where operations are fraught with challenges, safety is incredibly important. The company places a rigorous emphasis on maintaining safety standards, regularly training its workforce, and ensuring that its rigs are equipped with the latest safety technologies.
The Customers
Transocean is a contracting firm, which means that they’re hired by other large petroleum companies to conduct drilling for oil. With offices in over 20 countries and operating across 5 continents, Transocean’s place in the global petroleum industry is one of great importance. Even if companies large and small employ its services, the most important customers are international giants such as Shell, Equinor, and Chevron.
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