RIGTransocean Ltd.

Drilling Oil & Gas Wells

Revenue: $4.0B; 13% YoY
Operating margin: -58.9%; 398% YoY
EBITDA: −$1.7B; 621% YoY
Market cap: $7.8B
Employees: —
Net debt / EBITDA: —; $4.2B net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
32% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 54th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$11M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.6B	$2.6B	$2.8B	$3.5B	$4.0B	13%
Operating income	−$112M	−$31M	−$325M	−$417M	−$2.3B	460%
Net income	−$592M	−$621M	−$954M	−$512M	−$2.9B	469%
Operating cash flow	$575M	$448M	$164M	$447M	$749M	68%
Capex	$208M	$717M	$427M	$254M	$123M	52%
Stock-based comp	$28M	$29M	$40M	$47M	$35M	26%

Deal filings

Filed	Form	Acquirer	Price	Premium
Oct 14, 2026	DEFM14A	—	$15.23	8%
May 19, 2026	PREM14A	—	$44.00	8%

13D filers

Filed	Filer	Form	Stake	Intent
Feb 11, 2026	Mohn Frederik Wilhelm	SCHEDULE 13D/A	26.4%	Passive
Sep 30, 2025	Mohn Frederik Wilhelm	SCHEDULE 13D/A	30.8%	Passive
Dec 19, 2022	Perestroika	SC 13D/A	34.2%	Passive
May 17, 2022	Perestroika	SC 13D/A	34.1%	Passive
Jun 24, 2021	Perestroika	SC 13D/A	34.6%	Passive
Aug 18, 2020	Perestroika	SC 13D/A	33.1%	Passive

Insider trading

Open-market buys, 12 mo: $18M · 4
Open-market sells, 12 mo: $7M · 15
Net: $11M

Pay vs performance

No pay-versus-performance disclosure yet.