Transocean Ltd. Reports Fourth Quarter and Full Year 2025 Results in International Shipping News 21/02/2026 Transocean Ltd. today reported financial results for the fourth quarter and full year of 2025. The Company will hold a conference call and webcast at 9 a.m. EST, 3 p.m. CET, on Friday, February 20, 2026, to discuss the results, with participation details included in this release. 2025 KEY POINTS Operating revenues were $3.965 billion, up 13% from $3.524 billion in 2024. Revenue efficiency(1) was 96.5%, up from 94.5%. Net loss attributable to controlling interest was $2.915 billion, $3.04 per diluted share. Adjusted EBITDA of $1.37 billion, up from $1.148 billion or 19%. Cash flows from operations were $749 million, up $302 million or 68%. Free cash flow was $626 million, up $433 million from $193 million. Total principal amount of debt reduced to $5.686 billion, down $1.258 billion or 18%. Total liquidity of $1.507 billion, including undrawn revolving credit facility. Added $839 million in contract backlog(2) at a weighted average dayrate of $453,000. “During 2025, we took significant strides to strengthen our capital structure, sustainably lowering costs, and ensuring we continue to deliver best in class service to our customers around the world,” said President and Chief Executive Officer, Keelan Adamson. “At just shy of 98%, we delivered our best uptime performance on record while making significant progress in strengthening our balance sheet by retiring approximately $1.3 billion in debt principal and saving nearly $90 million in annualized interest expense. “In 2026, Transocean achieves its 100th year as a company. As we proudly celebrate this centennial milestone, our primary objective will be to exceed our customers’ expectations by delivering safe, efficient, and reliable operations, thereby creating value for our shareholders. “We believe that our recently announced definitive agreement to combine with Valaris is entirely consistent with these objectives. Customers and investors alike will benefit from the expanded fleet of best-in-class, high-specification rigs and strong pro forma cash flow which improves our financial flexibility, enables accelerated debt reduction, and continued investment in our people, assets, and technologies to enhance the delivery of our services.” Net loss attributable to controlling interest was $2.915 billion, $3.04 per diluted share. Full year results included $2.952 billion, $3.08 per diluted share, net unfavorable items as follows: $3.036 billion, $3.16 per diluted share, loss on impairment of assets, net of tax; and $99 million, $0.10 per diluted share, loss on conversion of debt to equity. These are partially offset by: $179 million, $0.18 per diluted share, discrete tax items; and $4 million of other favorable items, net. Excluding these net unfavorable items, Adjusted Net Income was $37 million, $0.04 per diluted share. Total shares outstanding were 1.1 billion at December 31, 2025. 4Q25 FINANCIAL SUMMARY Net income attributable to controlling interest of $25 million, $0.02 per diluted share. Cash provided by operating activities was $349 million, up 42% compared to prior quarter and was primarily related to working capital improvements. Contract drilling revenues were $1.043 billion, up 1.5% compared to prior quarter, primarily related to improved rig utilization, partially offset by slightly lower revenue efficiency across the fleet. Operating and maintenance expense was $605 million,