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World's largest offshore drilling contractor, operating deepwater drillships and semisubmersible rigs for oil and gas companies.
World's largest offshore drilling contractor, operating deepwater drillships and semisubmersible rigs for oil and gas companies.
Rents rigs and crews to oil companies at a daily rate under contracts lasting months to years, so earnings depend on how many of its rigs are working and the rate each earns. Rigs between contracts earn nothing while still costing money. Buying Songa Offshore and Ocean Rig in 2018 made it the largest in the deepwater niche.
Moat: none (installed base, scale). Largest deepwater fleet, but day rates remain commodity-driven by rig supply/demand.
Headquarters: Steinhausen, Switzerland · Founded: 1953 · Employees: 5,600
Size Transocean (RIG) is a United States Energy company (Contract Drilling) with a market value of $5.85B, the 1082nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $5.24 on 6 Nov 2026.
Performance Over six months the shares fell 18.1%, against -14.5% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 8 in its peer set.
Growth Revenue grew 4.0% over the last twelve months (peer median +3.4%); the operating margin is 21.0% (peer median 11.0%).
Valuation It trades at 19.4× forward earnings against a peer median of 14.1× (3rd most expensive of 8).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.7 points below its cost of capital (9.0% WACC).
Credit Transocean has 5 bonds outstanding ($2.53B), rated B by the agencies and trading like BB- at a weighted spread of 253 bp.
Short interest Short interest is 28.0% of the free float (15 Oct 2026).
Next results Next results expected around 22 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.03B | $3.96B | $3.52B | $2.83B | $2.58B |
| Revenue growth | — | +13% | +24% | +10% | — |
| Gross profit | $1.03B | $900M | $586M | $102M | $161M |
| EBITDA | $1.43B | $1.36B | $1.11B | $711M | $831M |
| Net income | $292M | -$2.92B | -$512M | -$954M | -$621M |
| Free cash flow | $800M | $626M | $193M | -$263M | -$269M |
| Capital expenditure | $123M | $123M | $254M | $427M | $717M |
| Total debt | $5.02B | $5.97B | $7.25B | $7.85B | $7.82B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Transocean RIG | $5.85B | -18% | +4% | 21% | 19.4× | 3.8% |
| Noble NE | $6.53B | -18% | -13% | 11% | 36.8× | 19.0% |
| Valaris VAL | $5.54B | -16% | -12% | 11% | 11.1× | n/a |
| Borr Drilling BORR | $1,000M | -45% | +3% | 21% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RIG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.4% | -3.0% | 3rd lowest of 8 |
| 6-month return | -18.1% | -14.5% | 2nd lowest of 8 |
| Distance from 52-week high | -31.6% | -26.9% | 3rd lowest of 8 |
| Revenue growth (TTM) | +4.0% | +3.4% | 4th highest of 8 |
| Operating margin | 21.0% | 11.0% | 2nd highest of 8 |
| Forward P/E | 19.4× | 14.1× | 3rd most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | 3.8% | 16.0% | 2nd least demanding of 6 |
| Growth delivered (Del g) | +4.7% | +11.7% | 2nd lowest of 6 |
| Hurdle (Req g minus delivered) | -0.9 pp | +3.7 pp | 3rd least demanding of 6 |
| ROIC minus cost of capital | -3.7 pp | -4.5 pp | 4th highest of 8 |
| EV / EBITDA | 7.1× | 7.2× | 4th cheapest of 7 |
| Net debt / EBITDA | 3.0× | 1.7× | 2nd most indebted of 8 |
| Bond spread | 253 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Transocean RIG | United States | $5.85B | -18% | +4% | 21% | 19.4× | 3.8% | +4.7% |
| Valaris VAL | United States | $5.54B | -16% | -12% | 11% | 11.1× | n/a | n/a |
| Noble NE | United States | $6.53B | -18% | -13% | 11% | 36.8× | 19.0% | +27.8% |
| Sinopec Oilfield Service 1033.HK | Hong Kong | $4.72B | -14% | +3% | 2% | 13.8× | 12.0% | +2.7% |
| China Oilfield Services 601808.SS | China | $7.30B | -16% | +3% | 12% | 14.1× | -16.5% | +11.7% |
| Helmerich & Payne HP | United States | $3.52B | -7% | +17% | 3% | 26.3× | 19.9% | +16.1% |
| Seadrill SDRL | United States | $2.63B | -13% | +17% | 10% | 15.8× | 16.0% | +6.3% |
| Odfjell Drilling ODL.OL | Norway | $2.57B | +4% | +11% | 23% | 10.0× | n/a | n/a |
Transocean has 5 bonds outstanding with $2.53B face value. The agencies rate it B; its bonds trade like BB-. Weighted yield 7.29%, a spread of 253 bp over government bonds.