{"id":842914,"date":"2025-04-28T17:00:31","date_gmt":"2025-04-28T21:00:31","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/transocean-ltd-reports-first-quarter-2025-results\/"},"modified":"2025-04-28T17:00:31","modified_gmt":"2025-04-28T21:00:31","slug":"transocean-ltd-reports-first-quarter-2025-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/transocean-ltd-reports-first-quarter-2025-results\/","title":{"rendered":"Transocean Ltd. Reports First Quarter 2025 Results"},"content":{"rendered":"
\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three months ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Three months ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n March\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n sequential<\/strong>\n <\/td>\n\u00a0<\/td>\n\n March\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n year-over-year<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n change<\/strong>\n <\/td>\n<\/tr>\n
\n (In millions, except per share amounts, percentages and backlog)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contract drilling revenues<\/td>\n$<\/td>\n906<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n952<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(46<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n763<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n143<\/td>\n\u00a0<\/td>\n<\/tr>\n
Revenue efficiency (1)<\/sup><\/td>\n\u00a0<\/td>\n95.5<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n93.5<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n92.9<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating and maintenance expense<\/td>\n$<\/td>\n618<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n579<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(39<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n523<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(95<\/td>\n)<\/td>\n<\/tr>\n
Net income (loss) attributable to controlling interest<\/td>\n$<\/td>\n(79<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(86<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n98<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(177<\/td>\n)<\/td>\n<\/tr>\n
Basic earnings (loss) per share<\/td>\n$<\/td>\n(0.09<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.10<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.12<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.21<\/td>\n)<\/td>\n<\/tr>\n
Diluted earnings (loss) per share<\/td>\n$<\/td>\n(0.11<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.11<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.11<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.22<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n$<\/td>\n244<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n323<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(79<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n199<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n45<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA margin<\/td>\n\u00a0<\/td>\n26.9<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33.9<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26.0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted net income (loss)<\/td>\n$<\/td>\n(65<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(92<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(22<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(43<\/td>\n)<\/td>\n<\/tr>\n
Adjusted diluted loss per share<\/td>\n$<\/td>\n(0.10<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.09<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.01<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.03<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.07<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Backlog as of the April 2025 Fleet Status Report<\/td>\n$<\/td>\n7.9<\/td>\n\u00a0billion<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

STEINHAUSEN, Switzerland, April 28, 2025 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $79\u00a0million, or loss of $0.11\u00a0per diluted share, for the three months ended March\u00a031, 2025.<\/p>\n

First quarter results included $14\u00a0million, $0.01\u00a0per diluted share, for unfavorable discrete tax items, net. After consideration of these discrete items, first quarter 2025 adjusted net loss was $65\u00a0million, or loss of $0.10\u00a0per diluted share.<\/p>\n

Contract drilling revenues for the three months ended March\u00a031, 2025, decreased sequentially by $46\u00a0million to $906\u00a0million, primarily due to lower revenues generated by one rig that was undergoing contract preparation and mobilization activities during the quarter, lower revenues generated by one rig that was idle in between contracts and two fewer days in the quarter, partially offset by higher revenue efficiency and average daily revenues across the fleet.<\/p>\n

Operating and maintenance expense was $618\u00a0million, compared with $579 million in the prior quarter. The sequential increase was the result of an unfavorable legal outcome in the first quarter, a favorable legal settlement in the fourth quarter and increased costs related to a rig in shipyard, partially offset by lower in-service maintenance costs across our fleet.<\/p>\n

General and administrative expense was $50\u00a0million, down from $56\u00a0million in the fourth quarter due primarily to decreased legal and professional fees.<\/p>\n

Interest expense was $152\u00a0million in the first and fourth quarter, excluding the favorable adjustment of $36\u00a0million and $61\u00a0million, respectively, for the fair value of the bifurcated exchange feature related to the 4.625% exchangeable bonds. Interest income was $8\u00a0million, compared to $10\u00a0million in the prior quarter.<\/p>\n

The Effective Tax Rate(2<\/sup>)<\/sup> was\u00a0(95.8)%, down from 89.0%\u00a0in the prior quarter. The decrease was primarily due to lower operating income in the current quarter compared to the prior quarter. The Effective Tax Rate excluding discrete items was\u00a0(62.3)% compared to\u00a056.7% in the previous quarter.\u00a0\u00a0In the first quarter, cash paid for taxes was $13 million.<\/p>\n

Cash provided by operating activities was $26\u00a0million during the first quarter of 2025, representing a decrease of $180\u00a0million compared to the prior quarter. The sequential decrease was in large part due to reduced collections from customers and increased payroll-related payments that regularly occur in the first quarter of each year.<\/p>\n

First\u00a0quarter\u00a02025 capital expenditures of $60\u00a0million, compared to $29\u00a0million in the prior quarter, were related to capital upgrades for certain rigs in our fleet.<\/p>\n

\u201cThe Transocean team delivered a solid quarter, with an adjusted EBITDA of $244 million on revenues of $906 million,\u201d said Chief Executive Officer, Jeremy Thigpen. \u201cWe also improved our balance sheet with the repayment of $210 million in outstanding debt.\u201d<\/p>\n

Thigpen concluded, \u201cWhile uncertain macroeconomic conditions have resulted in near-term market volatility, including commodity prices, Transocean is very well-positioned to navigate this evolving landscape.\u00a0In addition to continuing to deliver strong operating performance across our highly contracted fleet, we remain engaged in constructive conversations with our customers on opportunities several years in the future.\u201d<\/p>\n

\n Non-GAAP Financial Measures<\/strong>\n <\/p>\n

We present our operating results in accordance with accounting principles generally accepted in the U.S. (\u201cU.S. GAAP\u201d). We believe certain financial measures, such as EBITDA, Adjusted EBITDA, Adjusted Net Income and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.<\/p>\n

All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the company\u2019s website at: www.deepwater.com.<\/p>\n

\n About Transocean<\/strong>\n <\/p>\n

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world.<\/p>\n

Transocean owns or has partial ownership interests in and operates a fleet of 34\u00a0mobile offshore drilling units, consisting of 26\u00a0ultra-deepwater floaters and eight\u00a0harsh environment floaters.<\/p>\n

For more information about Transocean, please visit: www.deepwater.com.<\/p>\n

\n Conference Call Information<\/strong>\n <\/p>\n

Transocean will conduct a teleconference starting at 10\u00a0a.m. EDT, 4\u00a0p.m. CEST, on Tuesday, April\u00a029, 2025, to discuss the results. To participate, dial +1\u00a0785-424-1619 and refer to conference code\u00a0119877 approximately 15\u00a0minutes prior to the scheduled start time.<\/p>\n

The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. Supplemental materials that may be referenced during the teleconference will be available at: www.deepwater.com, by selecting Investors, Financial Reports.<\/p>\n

A replay of the conference call will be available after 1\u00a0p.m. EDT, 7\u00a0p.m. CEST, on Tuesday, April\u00a029, 2025. The replay, which will be archived for approximately 30\u00a0days, can be accessed at +1\u00a0402-220-7202, passcode\u00a0119877. The replay will also be available on the company\u2019s website.<\/p>\n

\n Forward-Looking Statements<\/strong>\n <\/p>\n

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section\u00a027A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management\u2019s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company\u2019s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form\u00a010-K for the year ended December\u00a031, 2024, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.<\/p>\n

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (\u201cFinSA\u201d) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.<\/p>\n

\n Notes<\/strong>\n <\/p>\n\n\n\n\n\n
(1)<\/td>\n\u00a0<\/td>\nRevenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. See the accompanying schedule entitled \u201cRevenue Efficiency.\u201d<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(2)<\/td>\n\u00a0<\/td>\nEffective Tax Rate is defined as income tax expense or benefit divided by income or loss before income taxes. See the accompanying schedule entitled \u201cSupplemental Effective Tax Rate Analysis.\u201d<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Analyst Contact:<\/strong>
\n
Alison Johnson
+1 713-232-7214<\/p>\n

\n Media Contact:<\/strong>
\n
Pam Easton
+1 713-232-7647<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n TRANSOCEAN LTD. AND SUBSIDIARIES
<\/strong>
\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
<\/strong>(In\u00a0millions, except per share data)
(Unaudited)<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three months ended <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n March\u00a031,\u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Contract drilling revenues<\/strong>\n <\/td>\n$<\/td>\n906<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n763<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Costs and expenses<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating and maintenance<\/td>\n\u00a0<\/td>\n618<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n523<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n176<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n185<\/td>\n\u00a0<\/td>\n<\/tr>\n
General and administrative<\/td>\n\u00a0<\/td>\n50<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n52<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n844<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n760<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain (loss) on disposal of assets, net<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6<\/td>\n)<\/td>\n<\/tr>\n
\n Operating income (loss)<\/strong>\n <\/td>\n\u00a0<\/td>\n64<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Other income (expense), net<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest income<\/td>\n\u00a0<\/td>\n8<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense, net of amounts capitalized<\/td>\n\u00a0<\/td>\n(116<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(117<\/td>\n)<\/td>\n<\/tr>\n
Other, net<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n(104<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(90<\/td>\n)<\/td>\n<\/tr>\n
\n Loss before income tax expense (benefit)<\/strong>\n <\/td>\n\u00a0<\/td>\n(40<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(93<\/td>\n)<\/td>\n<\/tr>\n
Income tax expense (benefit)<\/td>\n\u00a0<\/td>\n39<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(191<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net income (loss)<\/strong>\n <\/td>\n\u00a0<\/td>\n(79<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n98<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income attributable to noncontrolling interest<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net income (loss) attributable to controlling interest<\/strong>\n <\/td>\n$<\/td>\n(79<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n98<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Earnings (loss) per share<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n$<\/td>\n(0.09<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.12<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted<\/td>\n$<\/td>\n(0.11<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.11<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Weighted-average shares outstanding<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n\u00a0<\/td>\n883<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n819<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted<\/td>\n\u00a0<\/td>\n958<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n955<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\u00a0TRANSOCEAN LTD. AND SUBSIDIARIES
<\/strong>CONDENSED CONSOLIDATED BALANCE SHEETS
<\/strong>(In\u00a0millions, except share data)
(Unaudited)<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n March\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n<\/tr>\n
\n Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n$<\/td>\n263<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n560<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable, net of allowance of $2 at March 31, 2025 and December 31, 2024<\/td>\n\u00a0<\/td>\n551<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n564<\/td>\n\u00a0<\/td>\n<\/tr>\n
Materials and supplies, net of allowance of $184 and $178 at March 31, 2025 and December 31, 2024, respectively<\/td>\n\u00a0<\/td>\n453<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n439<\/td>\n\u00a0<\/td>\n<\/tr>\n
Assets held for sale<\/td>\n\u00a0<\/td>\n344<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n343<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restricted cash and cash equivalents<\/td>\n\u00a0<\/td>\n428<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n381<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other current assets<\/td>\n\u00a0<\/td>\n165<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n165<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current assets<\/td>\n\u00a0<\/td>\n2,204<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,452<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property and equipment<\/td>\n\u00a0<\/td>\n22,460<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,417<\/td>\n\u00a0<\/td>\n<\/tr>\n
Less accumulated depreciation<\/td>\n\u00a0<\/td>\n(6,746<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,586<\/td>\n)<\/td>\n<\/tr>\n
Property and equipment, net<\/td>\n\u00a0<\/td>\n15,714<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,831<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred tax assets, net<\/td>\n\u00a0<\/td>\n50<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n1,051<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,043<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total assets<\/td>\n$<\/td>\n19,019<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n19,371<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liabilities and equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable<\/td>\n$<\/td>\n273<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n255<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued income taxes<\/td>\n\u00a0<\/td>\n24<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31<\/td>\n\u00a0<\/td>\n<\/tr>\n
Debt due within one\u00a0year<\/td>\n\u00a0<\/td>\n712<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n686<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other current liabilities<\/td>\n\u00a0<\/td>\n647<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n691<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\u00a0<\/td>\n1,656<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,663<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term debt<\/td>\n\u00a0<\/td>\n5,936<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,195<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred tax liabilities, net<\/td>\n\u00a0<\/td>\n519<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n499<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other long-term liabilities<\/td>\n\u00a0<\/td>\n697<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n729<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total long-term liabilities<\/td>\n\u00a0<\/td>\n7,152<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,423<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Commitments and contingencies<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Shares, $0.10 par value, 1,057,879,029 authorized, 141,262,093 conditionally authorized, 940,828,901 issued<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
and 883,261,456 outstanding at March 31, 2025, and $0.10 par value, 1,057,879,029 authorized,<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
141,262,093 conditionally authorized, 940,828,901 issued and 875,830,772 outstanding at December 31, 2024<\/td>\n\u00a0<\/td>\n88<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n87<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additional paid-in capital<\/td>\n\u00a0<\/td>\n14,887<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,880<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated deficit<\/td>\n\u00a0<\/td>\n(4,624<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,545<\/td>\n)<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n\u00a0<\/td>\n(141<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(138<\/td>\n)<\/td>\n<\/tr>\n
Total controlling interest shareholders\u2019 equity<\/td>\n\u00a0<\/td>\n10,210<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,284<\/td>\n\u00a0<\/td>\n<\/tr>\n
Noncontrolling interest<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total equity<\/td>\n\u00a0<\/td>\n10,211<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,285<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total liabilities and equity<\/td>\n$<\/td>\n19,019<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n19,371<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\n TRANSOCEAN LTD. AND SUBSIDIARIES
<\/strong>
\n CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<\/strong>(In\u00a0millions)
(Unaudited)<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three months ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n March\u00a031,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n<\/tr>\n
\n Cash flows from operating activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (loss)<\/td>\n$<\/td>\n(79<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n98<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to reconcile to net cash provided by (used in) operating activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amortization of contract intangible asset<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n176<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n185<\/td>\n\u00a0<\/td>\n<\/tr>\n
Share-based compensation expense<\/td>\n\u00a0<\/td>\n8<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Gain) loss on disposal of assets, net<\/td>\n\u00a0<\/td>\n(2<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amortization of debt-related balances, net<\/td>\n\u00a0<\/td>\n13<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain on adjustment to bifurcated compound exchange feature<\/td>\n\u00a0<\/td>\n(36<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10<\/td>\n)<\/td>\n<\/tr>\n
Loss on impairment of investment in unconsolidated affiliates<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income tax expense (benefit)<\/td>\n\u00a0<\/td>\n15<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(164<\/td>\n)<\/td>\n<\/tr>\n
Other, net<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Changes in deferred revenues, net<\/td>\n\u00a0<\/td>\n(38<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n77<\/td>\n\u00a0<\/td>\n<\/tr>\n
Changes in deferred costs, net<\/td>\n\u00a0<\/td>\n(12<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(38<\/td>\n)<\/td>\n<\/tr>\n
Changes in other operating assets and liabilities, net<\/td>\n\u00a0<\/td>\n(23<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(269<\/td>\n)<\/td>\n<\/tr>\n
Net cash provided by (used in) operating activities<\/td>\n\u00a0<\/td>\n26<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(86<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash flows from investing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Capital expenditures<\/td>\n\u00a0<\/td>\n(60<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(83<\/td>\n)<\/td>\n<\/tr>\n
Investment in loan to unconsolidated affiliate<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2<\/td>\n)<\/td>\n<\/tr>\n
Proceeds from disposal of assets, net of costs to sell<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n44<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net cash used in investing activities<\/td>\n\u00a0<\/td>\n(58<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(41<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash flows from financing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Repayments of debt<\/td>\n\u00a0<\/td>\n(210<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(151<\/td>\n)<\/td>\n<\/tr>\n
Other, net<\/td>\n\u00a0<\/td>\n(8<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n<\/tr>\n
Net cash used in financing activities<\/td>\n\u00a0<\/td>\n(218<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(152<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net decrease in unrestricted and restricted cash and cash equivalents<\/td>\n\u00a0<\/td>\n(250<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(279<\/td>\n)<\/td>\n<\/tr>\n
Unrestricted and restricted cash and cash equivalents, beginning of period<\/td>\n\u00a0<\/td>\n941<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n995<\/td>\n\u00a0<\/td>\n<\/tr>\n
Unrestricted and restricted cash and cash equivalents, end of period<\/td>\n$<\/td>\n691<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n716<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n TRANSOCEAN LTD. AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
\n FLEET OPERATING STATISTICS<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three months ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n March\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n March\u00a031,<\/strong>\n <\/td>\n<\/tr>\n
\n Contract Drilling Revenues (in millions)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n<\/tr>\n
Ultra-deepwater floaters<\/td>\n\u00a0<\/td>\n$<\/td>\n658<\/td>\n\u00a0<\/td>\n$<\/td>\n675<\/td>\n\u00a0<\/td>\n$<\/td>\n569<\/td>\n<\/tr>\n
Harsh environment floaters<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n248<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n277<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n194<\/td>\n<\/tr>\n
Total contract drilling revenues<\/td>\n\u00a0<\/td>\n$<\/td>\n906<\/td>\n\u00a0<\/td>\n$<\/td>\n952<\/td>\n\u00a0<\/td>\n$<\/td>\n763<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three months ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n March\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n March\u00a031,<\/strong>\n <\/td>\n<\/tr>\n
\n Average Daily Revenue <\/strong>
\n
\n (1)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n<\/tr>\n
Ultra-deepwater floaters<\/td>\n\u00a0<\/td>\n$<\/td>\n443,600<\/td>\n\u00a0<\/td>\n$<\/td>\n428,200<\/td>\n\u00a0<\/td>\n$<\/td>\n422,900<\/td>\n<\/tr>\n
Harsh environment floaters<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n443,600<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n452,600<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n367,900<\/td>\n<\/tr>\n
Total fleet average daily revenue<\/td>\n\u00a0<\/td>\n$<\/td>\n443,600<\/td>\n\u00a0<\/td>\n$<\/td>\n434,700<\/td>\n\u00a0<\/td>\n$<\/td>\n408,200<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Three months ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n March\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n March\u00a031,<\/strong>\n <\/td>\n<\/tr>\n
\n Revenue Efficiency <\/strong>
\n
\n (2)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n<\/tr>\n
Ultra-deepwater floaters<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n94.3<\/td>\n%<\/td>\n\u00a0<\/td>\n92.0<\/td>\n%<\/td>\n\u00a0<\/td>\n92.7<\/td>\n%<\/td>\n<\/tr>\n
Harsh environment floaters<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n99.3<\/td>\n%<\/td>\n\u00a0<\/td>\n97.6<\/td>\n%<\/td>\n\u00a0<\/td>\n93.3<\/td>\n%<\/td>\n<\/tr>\n
Total fleet average revenue efficiency<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n95.5<\/td>\n%<\/td>\n\u00a0<\/td>\n93.5<\/td>\n%<\/td>\n\u00a0<\/td>\n92.9<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Three months ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n March\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n March\u00a031,<\/strong>\n <\/td>\n<\/tr>\n
\n Utilization <\/strong>
\n
\n (3)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n<\/tr>\n
Ultra-deepwater floaters<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n61.5<\/td>\n%<\/td>\n\u00a0<\/td>\n64.3<\/td>\n%<\/td>\n\u00a0<\/td>\n51.2<\/td>\n%<\/td>\n<\/tr>\n
Harsh environment floaters<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n69.5<\/td>\n%<\/td>\n\u00a0<\/td>\n75.0<\/td>\n%<\/td>\n\u00a0<\/td>\n62.0<\/td>\n%<\/td>\n<\/tr>\n
Total fleet average rig utilization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n63.4<\/td>\n%<\/td>\n\u00a0<\/td>\n66.8<\/td>\n%<\/td>\n\u00a0<\/td>\n53.7<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (1)<\/sup> Average daily revenue is defined as operating revenues, excluding revenues for contract terminations, reimbursements and contract intangible amortization, earned per operating day. An operating day is defined as a day for which a rig is contracted to earn a dayrate during the firm contract period after operations commence.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (2)<\/sup> Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (3)<\/sup> Rig utilization is defined as the total number of operating days divided by the total number of rig calendar days in the measurement period, expressed as a percentage.<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n TRANSOCEAN LTD. AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
\n NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS<\/strong>\n <\/td>\n<\/tr>\n
\n ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE<\/strong>\n <\/td>\n<\/tr>\n
(in millions, except per share data)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 03\/31\/25<\/strong>\n <\/td>\n<\/tr>\n
\n Adjusted Net Loss<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss attributable to controlling interest, as reported<\/td>\n$<\/td>\n(79<\/td>\n)<\/td>\n<\/tr>\n
Discrete tax items<\/td>\n\u00a0<\/td>\n14<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net loss, as adjusted<\/strong>\n <\/td>\n$<\/td>\n(65<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Adjusted Diluted Loss Per Share:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted loss per share, as reported<\/td>\n$<\/td>\n(0.11<\/td>\n)<\/td>\n<\/tr>\n
Discrete tax items<\/td>\n\u00a0<\/td>\n0.01<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Diluted loss per share, as adjusted<\/strong>\n <\/td>\n$<\/td>\n(0.10<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 12\/31\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 12\/31\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 03\/31\/24<\/strong>\n <\/td>\n<\/tr>\n
\n Adjusted Net Income (Loss)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (loss) attributable to controlling interest, as reported<\/td>\n\u00a0<\/td>\n$<\/td>\n(512<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(519<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(494<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(25<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(123<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n98<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss on impairment of assets, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n755<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n755<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n617<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n138<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n138<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss on impairment of investment in unconsolidated affiliates<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain on retirement of debt<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(161<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(161<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(140<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(140<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Discrete tax items<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(141<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(161<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(38<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(123<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(121<\/td>\n)<\/td>\n<\/tr>\n
\n Net income (loss), as adjusted<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(54<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(81<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n64<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(145<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(123<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(22<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Adjusted Diluted Earnings (Loss) Per Share:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted earnings (loss) per share, as reported<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.76<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.11<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.65<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.58<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.03<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.15<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.11<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss on impairment of assets, net of tax<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.82<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.82<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.64<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.17<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.17<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss on impairment of investment in unconsolidated affiliates<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain on retirement of debt<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.18<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.18<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.02<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.17<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.17<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Discrete tax items<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.15<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.02<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.18<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.04<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.15<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.14<\/td>\n)<\/td>\n<\/tr>\n
\n Diluted earnings (loss) per share, as adjusted<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(0.26<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.09<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.18<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.18<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.15<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.03<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n TRANSOCEAN LTD. AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
\n NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS<\/strong>\n <\/td>\n<\/tr>\n
\n ADJUSTED CONTRACT DRILLING REVENUES<\/strong>\n <\/td>\n<\/tr>\n
\n EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION AND RELATED MARGINS<\/strong>\n <\/td>\n<\/tr>\n
(in millions, except percentages)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 03\/31\/25<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Contract drilling revenues<\/strong>\n <\/td>\n$<\/td>\n906<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net loss<\/strong>\n <\/td>\n$<\/td>\n(79<\/td>\n)<\/td>\n<\/tr>\n
Interest expense, net of interest income<\/td>\n\u00a0<\/td>\n108<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense<\/td>\n\u00a0<\/td>\n39<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n176<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n EBITDA<\/strong>\n <\/td>\n\u00a0<\/td>\n244<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Adjusted EBITDA<\/strong>\n <\/td>\n$<\/td>\n244<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss margin<\/td>\n\u00a0<\/td>\n(8.7<\/td>\n)%<\/td>\n<\/tr>\n
EBITDA margin<\/td>\n\u00a0<\/td>\n26.9<\/td>\n%<\/td>\n<\/tr>\n
Adjusted EBITDA margin<\/td>\n\u00a0<\/td>\n26.9<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 12\/31\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 12\/31\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 03\/31\/24<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Contract drilling revenues<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n3,524<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n952<\/td>\n\u00a0<\/td>\n$<\/td>\n2,572<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n948<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,624<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n861<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n763<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contract intangible asset amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Adjusted Contract Drilling Revenues<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n3,528<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n952<\/td>\n\u00a0<\/td>\n$<\/td>\n2,576<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n948<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,628<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n861<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n767<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net income (loss)<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(512<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n7<\/td>\n\u00a0<\/td>\n$<\/td>\n(519<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(494<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(25<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(123<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n98<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense, net of interest income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n312<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n81<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n231<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n69<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n162<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n102<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense (benefit)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(66<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(31<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(35<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n156<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(191<\/td>\n)<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n739<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n180<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n559<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n190<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n369<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n184<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n185<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contract intangible asset amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n EBITDA<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n532<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n323<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n209<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(266<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n475<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n277<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n198<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss on impairment of assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n772<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n772<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n629<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n143<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n143<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss on impairment of investment in unconsolidated affiliates<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain on retirement of debt<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(161<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(161<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(140<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(140<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Adjusted EBITDA<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n1,148<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n323<\/td>\n\u00a0<\/td>\n$<\/td>\n825<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n342<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n483<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n284<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n199<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Profit (loss) margin<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14.5<\/td>\n)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.7<\/td>\n%<\/td>\n\u00a0<\/td>\n(20.2<\/td>\n)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(52.0<\/td>\n)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1.5<\/td>\n)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14.3<\/td>\n)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12.9<\/td>\n%<\/td>\n<\/tr>\n
EBITDA margin<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15.1<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33.9<\/td>\n%<\/td>\n\u00a0<\/td>\n8.1<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(28.1<\/td>\n)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29.2<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32.2<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25.8<\/td>\n%<\/td>\n<\/tr>\n
Adjusted EBITDA margin<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32.5<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33.9<\/td>\n%<\/td>\n\u00a0<\/td>\n32.0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36.0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29.7<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33.0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26.0<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n TRANSOCEAN LTD. AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
\n SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS<\/strong>\n <\/td>\n<\/tr>\n
(in millions, except tax rates)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three months ended <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n March\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December\u00a031,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n March\u00a031,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (loss) before income taxes<\/td>\n\u00a0<\/td>\n$<\/td>\n(40<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n62<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(93<\/td>\n)<\/td>\n<\/tr>\n
Loss on impairment of investment in unconsolidated affiliates<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted income (loss) before income taxes<\/td>\n\u00a0<\/td>\n$<\/td>\n(40<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n62<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(92<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense (benefit)<\/td>\n\u00a0<\/td>\n$<\/td>\n39<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n55<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(191<\/td>\n)<\/td>\n<\/tr>\n
Loss on impairment of investment in unconsolidated affiliates<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Changes in estimates (1)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(20<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n121<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted income tax expense (benefit)<\/td>\n\u00a0<\/td>\n$<\/td>\n25<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n35<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(70<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Effective Tax Rate <\/strong>(2)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (95.8<\/strong>\n <\/td>\n\n )%<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 89.0<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 206.0<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Effective Tax Rate, excluding discrete items<\/strong> (3)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (62.3<\/strong>\n <\/td>\n\n )%<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 56.7<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 76.9<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(1) Our estimates change as we file tax returns, settle disputes with tax authorities, or become aware of changes in laws, operational changes and rig movements that have an effect on our (a) deferred taxes, (b) valuation allowances on deferred taxes and (c) other tax liabilities.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(2) Our effective tax rate is calculated as income tax expense or benefit divided by income or loss before income taxes.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(3) Our effective tax rate, excluding discrete items, is calculated as income tax expense or benefit, excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes), divided by income or loss before income taxes, excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes related to estimating the annual effective tax rate.<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n TRANSOCEAN LTD. AND SUBSIDIARIES<\/strong>\n <\/td>\n<\/tr>\n
\n NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS<\/strong>\n <\/td>\n<\/tr>\n
\n FREE CASH FLOW AND LEVERED FREE CASH FLOW<\/strong>\n <\/td>\n<\/tr>\n
(in millions)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 03\/31\/25<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash provided by operating activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n26<\/td>\n\u00a0<\/td>\n<\/tr>\n
Capital expenditures<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(60<\/td>\n)<\/td>\n<\/tr>\n
\n Free Cash Flow<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(34<\/td>\n)<\/td>\n<\/tr>\n
Debt repayments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(210<\/td>\n)<\/td>\n<\/tr>\n
Debt repayments, paid from debt proceeds<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Levered Free Cash Flow<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(244<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 12\/31\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 12\/31\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/24<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 03\/31\/24<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash provided by (used in) operating activities<\/td>\n\u00a0<\/td>\n$<\/td>\n447<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n206<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n241<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n194<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n47<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n133<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(86<\/td>\n)<\/td>\n<\/tr>\n
Capital expenditures<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(254<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(29<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(225<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(58<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(167<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(84<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(83<\/td>\n)<\/td>\n<\/tr>\n
\n Free Cash Flow<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n193<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n177<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n136<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(120<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(169<\/td>\n)<\/td>\n<\/tr>\n
Debt repayments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,103<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(30<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,073<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(258<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,815<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,664<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(151<\/td>\n)<\/td>\n<\/tr>\n
Debt repayments, paid from debt proceeds<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,748<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,748<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n99<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,649<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,649<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Levered Free Cash Flow<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(162<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n147<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(309<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(23<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(286<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n34<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(320<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n QTD<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 12\/31\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 12\/31\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 09\/30\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 06\/30\/23<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 03\/31\/23<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash provided by (used in) operating activities<\/td>\n\u00a0<\/td>\n$<\/td>\n164<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n98<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n66<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(44<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n110<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n157<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(47<\/td>\n)<\/td>\n<\/tr>\n
Capital expenditures<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(427<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(220<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(207<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(50<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(157<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(76<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(81<\/td>\n)<\/td>\n<\/tr>\n
\n Free Cash Flow<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(263<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(122<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(141<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(94<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(47<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n81<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(128<\/td>\n)<\/td>\n<\/tr>\n
Debt repayments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,717<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,707<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(139<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,568<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,564<\/td>\n)<\/td>\n<\/tr>\n
Debt repayments, paid from debt proceeds<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,156<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,156<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,156<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,156<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Levered Free Cash Flow<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(824<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(132<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(692<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(233<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(459<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n77<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(536<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

\"\"
\n
\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Three months ended \u00a0 \u00a0 \u00a0 \u00a0 Three months ended \u00a0 \u00a0 \u00a0 \u00a0 March\u00a031, \u00a0 December\u00a031, \u00a0 sequential \u00a0 March\u00a031, \u00a0 year-over-year \u00a0 2025 \u00a0 2024 \u00a0 change \u00a0 2024 \u00a0 change (In millions, except per share amounts, percentages and backlog) \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Contract drilling revenues $ 906 \u00a0 \u00a0 $ 952 \u00a0 \u00a0 $ (46 ) \u00a0 $ 763 \u00a0 \u00a0 $ 143 \u00a0 Revenue efficiency (1) \u00a0 95.5 % \u00a0 \u00a0 93.5 % \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 92.9 % \u00a0 \u00a0 \u00a0 Operating and maintenance expense $ 618 \u00a0 \u00a0 $ 579 \u00a0 \u00a0 $ (39 ) \u00a0 $ 523 \u00a0 \u00a0 $ … <\/p>\n

Continue reading “Transocean Ltd. Reports First Quarter 2025 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-842914","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nTransocean Ltd. Reports First Quarter 2025 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/transocean-ltd-reports-first-quarter-2025-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transocean Ltd. 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