Transocean Ltd. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the U.S. Securities and Exchange Commission on November 3, 2026, reporting third-quarter contract drilling revenues of $937 million and net income of $26 million.

Key Highlights

  • Contract drilling revenues: $937 million for the three months ended September 30, 2026, compared with $1,028 million in the same period of 2025, according to the filing.
  • Net income (loss) swing: The company reported net income of $26 million for Q3 2026, versus a net loss of $1,923 million in Q3 2025, which included a $1,913 million loss on impairment of assets.
  • Nine-month net income: $267 million for the nine months ended September 30, 2026, compared with a net loss of $2,940 million for the same period of 2025.
  • Earnings per share: Basic and diluted EPS of $0.02 for Q3 2026, versus a loss of $2.00 per share in Q3 2025.
  • Total assets: $15,068 million at September 30, 2026, down from $15,642 million at December 31, 2025.
  • Long-term debt: $4,558 million at September 30, 2026, reduced from $5,212 million at December 31, 2025.
  • Shares outstanding: 1,116,921,983 as of October 27, 2026, per the filing cover page.

Transocean's Third-Quarter 2026 Financial Results: Revenue, Earnings, and Balance Sheet Details

Transocean Ltd. (NYSE:RIG), incorporated in Switzerland, disclosed its unaudited condensed consolidated financial statements for the quarter ended September 30, 2026. According to the filing, contract drilling revenues for the three-month period were $937 million, a decrease from $1,028 million in Q3 2025. For the nine months ended September 30, 2026, revenues totaled $2,984 million, compared with $2,922 million in the same prior-year period.

The company reported operating income of $143 million for Q3 2026, a substantial improvement from an operating loss of $1,677 million in Q3 2025. The filing attributes the prior-year loss largely to a $1,913 million loss on impairment of assets recorded in that quarter, with no such impairment charge recorded in Q3 2026. Total costs and expenses for Q3 2026 were $797 million, including $589 million in operating and maintenance costs, $146 million in depreciation and amortization, and $62 million in general and administrative expenses. Interest expense for the quarter was $134 million, and the filing also recorded an "Other, net" expense of $85 million, contributing to total other expense of $218 million for the quarter.

On the balance sheet, total assets were $15,068 million as of September 30, 2026, compared with $15,642 million at December 31, 2025. Cash and cash equivalents declined to $499 million from $620 million at year-end 2025. The company's accumulated deficit narrowed to $7,193 million from $7,460 million, reflecting the $267 million in net income recorded over the nine-month period. Total equity stood at $8,454 million at September 30, 2026, up from $8,108 million at December 31, 2025. The filing notes that 1,304 million shares were issued and 1,117 million were outstanding at September 30, 2026, with a par value of $0.10 per share.

What Was Disclosed

Transocean's 10-Q for the quarter ended September 30, 2026 reported $937 million in contract drilling revenues, net income of $26 million, long-term debt of $4,558 million, and total equity of $8,454 million, with no asset impairment charges recorded in the current period.