Transocean Ltd. Reports $79 Million Q1 2025 Net Loss Amid Revenue Dip

2025-04-30 companies

Switzerland, Tuesday, 29 April 2025.
Transocean Ltd. reported a $79 million net loss in Q1 2025, with contract drilling revenues at $906 million, marking a $46 million sequential decline. Revenue efficiency reached 95.5%.

Revenue and Operational Overview

For the first quarter of 2025, Transocean Ltd. (NYSE: RIG) recorded contract drilling revenues amounting to $906 million, reflecting a sequential decrease of $46 million from the previous quarter. Despite the decline, revenue efficiency improved to 95.5%, up from 93.5% in Q4 2024, indicating the company’s operational strengths amidst challenging market conditions [1][4].

Financial Performance Metrics

Transocean reported an adjusted net loss of $65 million, or $0.10 per diluted share, after accounting for $14 million in unfavorable discrete tax items. This follows a total net loss attributable to controlling interest of $79 million, or a loss of $0.11 per diluted share. The company noted a significant reduction in operating cash flow, declining by $180 million to $26 million compared to the previous quarter [1][2][5].

Cost Management and Capital Expenditure

Operating and maintenance expenses rose to $618 million, an increase of $39 million from Q4 2024, attributed to unfavorable legal outcomes and rig transition costs. Meanwhile, capital expenditures more than doubled from $29 million in Q4 2024 to $60 million in Q1 2025, reflecting the company’s strategic investments aimed at enhancing future operational capabilities [1][2][7].

Future Outlook and Corporate Strategy

With a backlog reported at $7.9 billion, Transocean continues to position itself strongly within the offshore drilling market, operating 34 mobile offshore drilling units, including 26 ultra-deepwater floaters. The company’s CEO, Jeremy Thigpen, emphasized ongoing efforts to navigate macroeconomic uncertainties by reducing debt by $210 million and focusing on securing long-term contracts to ensure future stability and growth [1][3][6].

Sources

financial results Transocean Ltd.