Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 001-38373 TRANSOCEAN LTD. (Exact name of registrant as specified in its charter) Switzerland 98-0599916 (St ...

Core Viewpoint - Transocean (NYSE:RIG) is a prominent offshore drilling contractor with a positive outlook from Susquehanna, which raised the price target from $6.50 to $7.50 while maintaining a "Positive" grade [1][4][5] Group 1: Stock Performance - At the time of the announcement, RIG's stock price was $6.52, reflecting a 2.52% increase or $0.16 [2][5] - The stock has experienced significant volatility, with a yearly range between $1.97 and $6.57, indicating the dynamic nature of the energy market [2][5] - RIG's daily trading range has been between $6.11 and $6.53, showcasing fluctuations in investor sentiment [2] Group 2: Market Position - Transocean's market capitalization is approximately $5.89 billion, highlighting its substantial presence in the offshore drilling industry [3][5] - The company has a high trading volume, with 51.24 million shares exchanged on the NYSE, suggesting strong investor interest and confidence [3][5] Group 3: Future Outlook - The decision by Susquehanna to maintain a "Positive" grade and raise the price target indicates optimism regarding Transocean's growth potential, influenced by strategic initiatives and market conditions [4][5] - Investors are expected to closely monitor RIG's performance in light of recent price movements and broader energy market trends [4]

Core Insights - Transocean Ltd. (RIG) reported a fourth-quarter 2025 adjusted EPS of 2 cents, surpassing the Zacks Consensus Estimate of breakeven earnings and improving from a loss of 19 cents in the previous year [1][10] - The company generated total adjusted revenues of $1 billion, exceeding the Zacks Consensus Estimate by $5 million and reflecting a 1.5% increase from the prior year [2][10] Revenue Performance - Ultra-deepwater floaters contributed 69.4% to net contract drilling revenues, while harsh environment floaters accounted for 30.6% [3] - Revenues from ultra-deepwater operations totaled $724 million, up from $675 million year-over-year, while harsh environment revenues reached $319 million, compared to $277 million in the previous year [3] Revenue Efficiency and Day Rates - Revenue efficiency was reported at 96.2%, a decrease from 97.5% in the previous quarter but an increase from 93.5% year-over-year [4] - Average day rates increased to $461,300 from $434,700 in the year-ago quarter, although it slightly missed the Zacks Consensus Estimate of $461,700 [5] Fleet Utilization and Backlog - Fleet utilization rate improved to 85.8% from 66.8% in the prior year [6] - As of February 19, 2026, Transocean's total backlog stood at $6.1 billion [6][10] Cost and Capital Expenditures - Total costs and expenses were reported at $802 million, down 1.6% from $815 million in the previous year [7] - The company spent $28 million on capital investments in the fourth quarter [8] Guidance for Future Performance - For Q1 2026, Transocean expects contract drilling revenues between $1.02 billion and $1.05 billion, with a projected fleet-wide revenue efficiency of 96.5% [11] - For the full year 2026, the company anticipates contract drilling revenues of $3.8 billion to $3.95 billion [13]

Core Viewpoint - TransCode Therapeutics has published a manuscript detailing a novel tumor-selective immunotherapy approach that activates innate immune signaling specifically within cancer cells, enhancing drug delivery imaging capabilities [1]. Group 1: Research and Development - The published study in the journal Molecular Imaging and Biology describes a template-driven RIG-I agonist strategy that selectively activates RIG-I signaling in tumor cells by utilizing overexpressed oncogenic microRNAs, such as miRNA-21, as assembly templates [1]. - This new approach aims to address challenges associated with RIG-I agonists, including off-target immune activation and inefficient systemic delivery [1]. - The findings suggest a method to engage innate immune pathways directly within tumor cells while minimizing systemic toxicity, potentially advancing RIG-I-based immunotherapy towards clinical relevance [1]. Group 2: Clinical Trials and Therapeutic Candidates - TransCode's TTX delivery platform, which is currently under evaluation in clinical trials, is expected to enhance the translational feasibility of this immunotherapy approach [1]. - The company's lead therapeutic candidate, TTX-MC138, targets metastatic tumors that overexpress microRNA-10b, a well-documented biomarker of metastasis [1]. - TransCode's portfolio includes other first-in-class therapeutic candidates designed to mobilize the immune system to recognize and destroy cancer cells [1].

Mohnish Pabrai’s Dalal Street LLC reported an equity portfolio of approximately $402 million in the latest quarter, maintaining its signature high-conviction, concentrated value investing approach. The portfolio remains heavily focused on a small group of cyclical commodity and energy services companies, particularly coal producers and offshore drilling firms — areas where Pabrai has historically sought asymmetric upside tied to industry cycles and capital scarcity.The latest filing suggests selective posit ...

全球两大顶尖海上钻井承包商Transocean与Valaris正式达成合并协议，由Transocean通过全股票交易方式收购Valaris，合并完成后，一家坐拥超70座海上钻 井平台、总价值近1200亿人民币的全球最大海上钻井船东横空出世。 据悉，本次收购为全股票交易模式，交易总价约58亿美元，折合人民币约400.69亿元。交易完成后，合并后新公司的企业总价值将达到约170亿美元，折 合人民币约1174.44亿元，股权结构方面，Transocean原股东将持有合并后公司约53%的股份，Valaris股东则持有剩余47%的股份。 陈洋 Chen Yang yangchen@xindemarine.com 本次合并的核心价值在于实现了两家企业优质海上资产的高度互补，构建起覆盖全场景、全水深的综合服务能力。据统计，合并后的新公司将拥有73座钻 井平台，跻身全球最大钻井平台船队之列，业务全面覆盖超深水、恶劣环境及浅水三大核心市场，形成了"深水+浅水""高毛利+稳现金"的完美业务组合。 具体来看，船队构成涵盖33艘超深水钻井船、9座半潜式钻井平台和31座现代自升式钻井平台，同时手握约100亿美元（折合人民币690.85 ...

Offshore driller Transocean Ltd’s (NYSE:RIG) stock closed higher Friday after the company posted mixed fourth-quarter results and highlighted progress on its pending merger with its rival, Valaris Ltd.. Here’s what investors need to know.Transocean stock is gaining positive traction. Why are RIG shares climbing?Earnings Miss But Revenue Beats ExpectationsTransocean delivered adjusted earnings of two cents per share, missing Wall Street's eight cent consensus, while revenue climbed to $1.04 billion, slightly ...

Investors with a lot of money to spend have taken a bullish stance on Transocean (NYSE:RIG).And retail traders should know.We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with RIG, it often means somebody knows something is about to happen.Today, Benzinga's options scanner spotted 8 options trades for Transocean.This isn't norm ...

Financial Data and Key Metrics Changes - In Q4 2025, the company reported an Adjusted EBITDA of $385 million and free cash flow of $321 million, with a year-on-year increase in Adjusted EBITDA of nearly 20% to $1.37 billion and free cash flow rising to $626 million [4][5] - The company retired approximately $1.3 billion in debt during the year, reducing annual interest expense by nearly $90 million and enhancing financial flexibility [5][6] - Total liquidity at the end of Q4 was approximately $1.5 billion, including $620 million in unrestricted cash and cash equivalents [16] Business Line Data and Key Metrics Changes - The company achieved record uptime performance just shy of 98% across its fleet, with zero operational integrity events and zero lost time incidents [6] - The company executed five major planned out-of-service projects on time and on budget, and recycled six rigs in 2025 [6] Market Data and Key Metrics Changes - The outlook for deepwater offshore drilling is strengthening, with expectations for deepwater utilization to exceed 90% through 2027 [10] - In the US Gulf, long-term demand remains robust, driven by new lease awards and improved fiscal terms [10] - The rig count in Africa is expected to increase from roughly 15 to at least 20 over the next couple of years, with significant multi-year program awards anticipated [11] Company Strategy and Development Direction - The company aims to optimize the value of its differentiated assets and generate industry-leading free cash flow, with a backlog of approximately $6 billion [7][8] - The recent acquisition of Valaris is seen as transformational, expected to create cost synergies exceeding $200 million and enhance shareholder returns [8][9] - The company is focused on establishing a stronger capital structure to weather business cycles and improve operational efficiencies [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming inflection point for offshore drilling, supported by customer conversations and increasing tender activity [33][34] - The company anticipates a pivot back towards traditional hydrocarbon sources among producers, indicating a shift in focus from renewables to offshore drilling [74][75] Other Important Information - The company has identified opportunities for rig movements to capitalize on demand in various regions, including Africa and Asia [42][46] - The guidance for 2026 reflects some idle time on specific rigs, but management expects free cash flow to be in line with or better than 2025 levels [18][67] Q&A Session Summary Question: Impact of Valaris acquisition on chartering strategy - Management indicated that the acquisition allows for cost efficiencies and improved service provision to customers, enhancing project execution reliability [22][24] Question: Confidence in offshore drilling inflection timing - Management cited customer conversations and increasing tender activity as key indicators of confidence in the timing of the market inflection [33][34] Question: Petrobras blend-and-extend negotiations - Management stated that the guidance reflects their best estimates and does not include significant upside from these negotiations [38] Question: Fleet placement and rig movements - Management noted that opportunities are developing in Africa and Asia, and rigs can be moved to meet demand in various regions [42][46] Question: Customer feedback on Valaris acquisition - Management reported overwhelmingly positive feedback from customers regarding the acquisition and its potential benefits [53][55]

Transocean (NYSE:RIG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsDavid Keddington - VP and TreasurerKeelan Adamson - President and CEORoddie Mackenzie - Chief Commercial OfficerThad Vayda - CFOConference Call ParticipantsDoug Becker - AnalystEddie Kim - AnalystFredrik Stene - AnalystGreg Lewis - AnalystKeith Beckmann - AnalystNoel Parks - AnalystOperatorHello, and welcome everyone joining today's Q4 2025 Transocean earnings call. At this time, all participants are in a listen-on ...