{"schemaVersion":1,"research":true,"symbol":"rig","name":"Transocean","topic":"moat","path":"/stock/rig/moat","status":"published","version":3,"updatedAt":"2026-10-18T12:14:32.598Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Transocean demonstrates technical capability, improving realized daily revenues and strong recent operating execution, but the supplied disclosures do not establish a durable economic moat. Competitive bidding, price-sensitive awards, realized rig idling and declining firm backlog limit customer dependence and pricing power. Specialized equipment and high uptime support competitiveness without proving protected economics. Acquisition synergies remain prospective.","advantages":[{"mechanism":"intangible_assets","claim":"Technical expertise and operating capability support qualification for demanding drilling projects. Dual-activity equipment, high-pressure capabilities and demonstrated uptime are current strengths, but exclusive technology rights, persistent comparable-rig pricing premiums and durable customer lock-in are not established.","durability":"Recent operating performance supports a competitive capability, with no demonstrated period of protection sufficient for a narrow moat. Contract coverage provides finite revenue visibility rather than durable dependence.","risks":"Qualified contractors compete heavily on price. Equipment improvements elsewhere, additional rig supply, lower customer spending and operational downtime could erode differentiation. Transocean has already idled rigs; firm backlog declined between February 2025 and February 2026. Proposed combination benefits are not demonstrated cost advantages.","invalidation":"The technical differentiation thesis would weaken if uptime deteriorated, comparable equipment became broadly available, or specialized rigs required discounted bids or remained idle. The no-moat conclusion would warrant reconsideration if repeated renewals and sustained premiums for comparable rigs demonstrated customer dependence and pricing resilience through a downturn.","competitors":[],"evidenceIds":["e1","e2","e3","e10","e14"],"counterEvidenceIds":["e4","e5","e6","e7","e8","e9"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business—dual-activity drilling technology","excerpt":"We have eighteen drillships and two harsh environment semisubmersibles that are equipped with dual-activity technology, which allows our rigs to perform simultaneous drilling tasks in a parallel rather than sequential manner, reducing well construction critical path activities and, thereby, improving efficiency in both exploration and development drilling."},{"id":"e2","sourceId":"filing-1","location":"Business—hoisting and blowout preventer capabilities","excerpt":"Two of our drillships are equipped with 1,700 short ton hoisting capacity and 20,000 psi blowout preventers."},{"id":"e3","sourceId":"filing-3","location":"Compensation discussion—2025 achieved uptime","excerpt":"THE COMPANY ACHIEVED COMPANY RECORD-BREAKING UPTIME PERFORMANCE OF 97.7% IN 2025."},{"id":"e4","sourceId":"filing-1","location":"Risk factors—industry competition and market shares","excerpt":"The offshore contract drilling industry is highly competitive with numerous industry participants, none of which has a dominant market share."},{"id":"e5","sourceId":"filing-1","location":"Risk factors—competitive contract bidding","excerpt":"Drilling contracts are traditionally awarded on a competitive bid basis."},{"id":"e6","sourceId":"filing-1","location":"Risk factors—price and technical capability in contract awards","excerpt":"Although rig availability, service quality and technical capability are drivers of customer contract awards, bid pricing and intense price competition are often key determinants for which a qualified contractor is awarded a job."},{"id":"e7","sourceId":"filing-1","location":"Risk factors—realized rig idling and stacking","excerpt":"We have idled and stacked rigs and may in the future idle or stack additional rigs or enter into lower dayrate drilling contracts in response to market conditions."},{"id":"e8","sourceId":"filing-1","location":"Risk factors—historical oversupply and dayrate declines","excerpt":"During periods of low oil and natural gas price levels, new construction has resulted in an oversupply of rigs and has caused a subsequent decline in dayrates and rig utilization rates, sometimes for extended periods of time."},{"id":"e9","sourceId":"filing-1","location":"MD&A—firm backlog comparison through February 19, 2026","excerpt":"The contract backlog for our fleet was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 19, ​ October 15, ​ February 12, ​ ​ ​ 2026 ​ ​ 2025 ​ ​ 2025 ​ ​ (in millions) Contract backlog ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ultra-deepwater floaters ​ $ 4,477 $ 5,105 $ 6,363 ​ Harsh environment floaters ​ ​ 1,587 ​ ​ 1,623 ​ ​ 1,965 ​ Total contract backlog $ 6,064 $ 6,728 $ 8,328 ​ Our contract backlog includes only firm commitments which are represented by signed drilling contracts or, in some cases, by other definitive agreements awaiting contract execution."},{"id":"e10","sourceId":"filing-2","location":"MD&A—first-half 2026 revenue increase attribution","excerpt":"Contract drilling revenues—Contract drilling revenues increased for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to the following: (a) approximately $80 million resulting from higher average daily revenues, (b) approximately $30 million resulting from increased utilization, (c) approximately $25 million resulting from increased reimbursement revenues, and (d) approximately $20 million resulting from improved revenue efficiency for the active fleet."},{"id":"e11","sourceId":"filing-2","location":"Unaudited consolidated statements of operations—2026 and 2025 comparison","excerpt":"AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ 2025 ​ ​ 2026 ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract drilling revenues ​ $ 966 ​ $ 988 ​ $ 2,047 ​ $ 1,894 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating and maintenance ​ ​ 608 ​ ​ 599 ​ ​ 1,214 ​ ​ 1,217 ​ Depreciation and amortization ​ ​ 148 ​ ​ 175 ​ ​ 291 ​ ​ 351 ​ General and administrative ​ ​ 56 ​ ​ 49 ​ ​ 105 ​ ​ 99 ​ ​ ​ ​ 812 ​ ​ 823 ​ ​ 1,610 ​ ​ 1,667 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on impairment of assets ​ ​ — ​ ​ (1,136) ​ ​ — ​ ​ (1,136) ​ Gain (loss) on disposal of assets, net ​ ​ (2) ​ ​ 7 ​ ​ 2 ​ ​ 9 ​ Operating income (loss) ​ ​ 152 ​ ​ (964) ​ ​ 439 ​ ​ (900) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 12 ​ ​ 10 ​ ​ 22 ​ ​ 18 ​ Interest expense ​ ​ 20 ​ ​ (112) ​ ​ (256) ​ ​ (228) ​ Loss on retirement of debt ​ ​ — ​ ​ — ​ ​ (11) ​ ​ — ​ Other, net ​ ​ — ​ ​ (27) ​ ​ 7 ​ ​ (23) ​ ​ ​ ​ 32 ​ ​ (129) ​ ​ (238) ​ ​ (233) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ​ ​ 184 ​ ​ (1,093) ​ ​ 201 ​ ​ (1,133) ​ Income tax expense (benefit) ​ ​ 14 ​ ​ (155) ​ ​ (40) ​ ​ (116) ​ Net income (loss) ​ $ 170 ​ $ (938) ​ $ 241 ​ $ (1,017) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.15 ​ $ (1.06) ​ $ 0.22 ​ $ (1.15) ​ Diluted ​ $ 0.04 ​ $ (1.06) ​ $ 0.21 ​ $ (1.15) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 1,120 ​ ​ 888 ​ ​ 1,115 ​ ​ 885 ​ Diluted ​ ​ 1,202 ​ ​ 888 ​ ​ 1,125 ​ ​ 885 ​ ​ ​ ​ ​ See accompanying notes."},{"id":"e12","sourceId":"filing-2","location":"Unaudited consolidated cash flows—operating cash, capital spending and debt repayment","excerpt":"AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ Cash flows from operating activities ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ 241 ​ $ (1,017) ​ Adjustments to reconcile to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ 291 ​ ​ 351 ​ Share-based compensation expense ​ ​ 15 ​ ​ 16 ​ Loss on impairment of assets ​ ​ — ​ ​ 1,136 ​ Gain on disposal of assets, net ​ ​ (2) ​ ​ (9) ​ Amortization of debt-related balances, net ​ ​ 20 ​ ​ 25 ​ (Gain) loss on adjustment to bifurcated compound exchange feature ​ ​ 19 ​ ​ (65) ​ Loss on retirement of debt ​ ​ 11 ​ ​ — ​ Deferred income tax benefit ​ ​ (73) ​ ​ (157) ​ Other, net ​ ​ (1) ​ ​ 31 ​ Changes in contract liabilities, net ​ ​ (83) ​ ​ (84) ​ Changes in deferred costs, net ​ ​ 46 ​ ​ 16 ​ Changes in other operating assets and liabilities, net ​ ​ (84) ​ ​ (89) ​ Net cash provided by operating activities ​ ​ 400 ​ ​ 154 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from investing activities ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ (52) ​ ​ (84) ​ Investment in equity of unconsolidated affiliates ​ ​ (2) ​ ​ — ​ Proceeds from disposal of assets, net of costs to sell ​ ​ 26 ​ ​ 10 ​ Proceeds from disposal of investment in note receivable from unconsolidated affiliate ​ ​ 13 ​ ​ — ​ Proceeds from disposal of investment in equity of unconsolidated affiliate ​ ​ — ​ ​ 4 ​ Net cash used in investing activities ​ ​ (15) ​ ​ (70) ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities ​ ​ ​ ​ ​ ​ ​ Repayments of debt ​ ​ (586) ​ ​ (240) ​ Other, net ​ ​ (1) ​ ​ (13) ​ Net cash used in financing activities ​ ​ (587) ​ ​ (253) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net decrease in unrestricted and restricted cash and cash equivalents ​ ​ (202) ​ ​ (169) ​ Unrestricted and restricted cash and cash equivalents, beginning of period ​ ​ 997 ​ ​ 941 ​ Unrestricted and restricted cash and cash equivalents, end of period $ 795 ​ $ 772 ​ ​ ​ ​ ​ See accompanying notes."},{"id":"e13","sourceId":"filing-2","location":"MD&A—operating cost reduction attribution","excerpt":"Costs and expenses—Operating and maintenance costs and expenses decreased for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to the following: (a) a non-cash loss of $34 million in the earlier year resulting from an unfavorable legal outcome, (b) approximately $10 million resulting from rigs sold, and (c) approximately $10 million resulting from lower asset maintenance costs."},{"id":"e14","sourceId":"filing-3","location":"Shareholder letter—reported 2025 operating and capital achievements","excerpt":"​ Key accomplishments include: ​ ■ Achieved exceptional safety results with zero operational integrity events and zero lost-time incidents across our fleet ■ Delivered fleet uptime of nearly 98% ■ At $461,300, earned the highest average daily revenue per rig among our key competitors ■ Retired $1.3 billion in debt, materially exceeding $700 million in scheduled maturities, and reduced annual interest expense by $90 million ■ Streamlined our organizational structure, improved efficiency of rig expenditures and rationalized global shore bases, resulting in an aggregate reduction in operating and support costs of approximately $250 million through 2026 ■ Increased cash flow margins throughout the year, achieving 31% in Q4-25 ■ Further rationalized our offshore fleet by recycling six rigs ■ Completed five major planned “out of service” projects on time and within budget."},{"id":"e15","sourceId":"filing-4","location":"Business—individual negotiation of contract terms","excerpt":"Our offshore drilling services contracts are individually negotiated and vary in their terms and conditions."},{"id":"e16","sourceId":"filing-4","location":"Business—customer convenience termination and fees","excerpt":"Certain of our drilling contracts may be cancelable for the convenience of the customer, typically with payment of an early termination fee."},{"id":"e17","sourceId":"filing-2","location":"MD&A—alternative contractual dayrates and downtime","excerpt":"The contractual operating dayrate may be higher than the actual dayrate we ultimately receive because an alternative contractual dayrate, such as a waiting-on-weather rate, repair rate, standby rate or force majeure rate, may apply under certain circumstances, or because of a number of factors, including rig downtime or suspension of operations."},{"id":"e18","sourceId":"filing-1","location":"MD&A—uncommitted fleet rates as of February 19, 2026","excerpt":"As of February 19, 2026, our uncommitted fleet rates for each of the five years in the period ending December 31, 2030 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2027 ​ ​ ​ 2028 ​ ​ ​ 2029 ​ ​ ​ 2030 Uncommitted fleet rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ultra-deepwater floaters ​ 36 % ​ 52 % ​ 82 % ​ 91 % ​ 98 % ​ Harsh environment floaters ​ 5 % ​ 45 % ​ 97 % ​ 100 % ​ 100 % ​ Performance and Other Key Indicators Contract backlog—We believe our contract backlog provides an indicator of our future revenue-earning opportunities."},{"id":"e19","sourceId":"filing-2","location":"MD&A—conditional three-rig customer agreement","excerpt":"In June 2026, we entered into an agreement with Equinor ASA, conditional upon receipt of license approvals, for three harsh environment semisubmersible rigs."},{"id":"e20","sourceId":"filing-2","location":"MD&A—conditional incremental backlog excluded from reported backlog","excerpt":"The contract, once approved, represents $1.0 billion of incremental contract backlog, excluding additional services, which is not included in the contract backlog presented above."},{"id":"e21","sourceId":"filing-3","location":"Shareholder letter—expected combination synergies and standalone savings","excerpt":"​ Additionally, we expect to achieve more than $200 million in cost synergies – incremental to the approximately $250 million savings expected from Transocean on a standalone basis – with improved cash‑flow generating potential supported by a combined pro forma backlog of close to $11 billion."},{"id":"e22","sourceId":"filing-2","location":"Note 1—conditions for business combination effectiveness","excerpt":"Pursuant to the Agreement, and on the terms and subject to the conditions thereof, at the time on which the order of the Supreme Court of Bermuda providing for its sanction of the Scheme of Arrangement is filed with the Registrar of Companies of Bermuda, the Business Combination will become effective and Valaris will become our wholly owned subsidiary."},{"id":"e23","sourceId":"filing-3","location":"Executive compensation—granted 2025 performance units and measurement period","excerpt":"(2) The performance units granted on February 13, 2025, are subject to a 36-month performance period beginning January 1, 2025, and ending December 31, 2027."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation—free cash flow and relative shareholder return conditions","excerpt":"The actual number of performance units received will be determined in the first 60 days of 2028 and is contingent on the Company’s absolute free cash flow and performance in total shareholder return relative to the Performance Peer Group over a three-year performance measurement period."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation—actual first installment vesting and future schedule","excerpt":"The first installment vested on March 1, 2026, and the other installments will vest on March 1, 2027, and March 1, 2028."},{"id":"e26","sourceId":"filing-3","location":"Audit committee report—independent membership and oversight","excerpt":"​ ​ Transocean 2026 P-71 Proxy Statement Table of Contents AUDIT COMMITTEE REPORT The Audit Committee, consisting of four independent directors, operates under the Audit Committee Charter as adopted by the Board of Directors, in overseeing: ■ The integrity of the financial reporting process resulting in the Company’s financial statements; ■ Compliance with legal and regulatory requirements; ■ The reporting and assurance process for sustainability disclosures that require third party assurance."},{"id":"e27","sourceId":"filing-1","location":"Risk factors—anti-takeover provisions","excerpt":"Our articles of association and Swiss law contain provisions that could prevent or delay an acquisition of the company by means of a tender offer, a proxy contest or otherwise."},{"id":"e28","sourceId":"filing-3","location":"Compensation governance—consultant services during 2025","excerpt":"Neither Pay Governance nor any of its affiliates provided the Company with any other services in 2025."},{"id":"e29","sourceId":"filing-2","location":"Other matters—consent decree penalty, corrective actions and independent audit","excerpt":"Pursuant to the Consent Decree, we agreed to pay an immaterial monetary civil penalty, and we further agreed (i) to take or continue to take certain corrective actions to ensure current and future Permit and CWA compliance, including implementing certain procedures and submitting reports and other information, in each case according to the timelines and as described in the Consent Decree, (ii) to appoint an independent auditor to review, audit and report on our compliance with certain of our obligations thereunder, and (iii) to certain non-exclusive stipulated monetary penalties if we fail to comply with applicable provisions of the Consent Decree."},{"id":"e30","sourceId":"filing-4","location":"Cover page—shares outstanding February 11, 2025","excerpt":"As of February 11, 2025, 878,886,948 shares were outstanding."},{"id":"e31","sourceId":"filing-1","location":"Cover page—shares outstanding February 17, 2026","excerpt":"As of February 17, 2026, 1,102,848,748 shares were outstanding."},{"id":"e32","sourceId":"filing-2","location":"MD&A—personnel and reimbursable cost increases","excerpt":"These decreases were partially offset by the following increases: (a) approximately $25 million resulting from reimbursable costs and (b) approximately $25 million resulting from personnel costs."},{"id":"e33","sourceId":"filing-3","location":"Executive compensation—time-vested RSU weighting in 2025 incentive awards","excerpt":"The target award value of the 2025 RSU grants to each of the Named Executive Officers was weighted at 50% of each officer’s total 2025 LTI target award value."}],"changes":["Retains the previous none verdict: demonstrated operational strengths remain insufficient to establish durable protection from competitive bidding and cyclicality.","Adds explicit criterion assessments supported by reported pricing outcomes, cash generation, dilution, granted incentive terms and governance disclosures."],"limitations":["Only supplied issuer passages were assessed. Sources retain their filed dateKind; no retrieval date was treated as a publication date.","Competition passages identify generic contractor categories without naming competitive peers. Valaris is identified as a combination counterparty, but the supplied passages do not explicitly establish its competitive relationship; competitor arrays therefore remain empty.","Reported daily revenue leadership is an issuer comparison without named peers, comparable-rig adjustments or evidence of sustained premiums. Higher average daily revenue can reflect fleet and contract mix.","The proxy's operating achievements are issuer-reported historical results. Expected savings through 2026 and acquisition synergies are forward-looking rather than fully demonstrated outcomes.","Firm backlog is maximum contractual revenue and runs off as services are delivered; its decline alone does not establish customer losses. Conditional customer awards are excluded from firm commitments.","Active-fleet utilization claims do not establish full-fleet utilization or customer renewal rates. Supplied uncommitted fleet rates include broader idle and stacked exposure.","Actual incentive grants and some vesting are disclosed, but executive ownership amounts, ownership-rule compliance and final performance-unit payouts are not established. Proposed shareholder resolutions are not treated as adopted.","No supplied passage confirms completion of the combination or approval of the conditional three-rig agreement after the latest filing."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Specialized equipment and achieved uptime support technical competitiveness, but price often determines awards among qualified contractors and no participant has dominant share. Exclusive rights or a protected cost advantage are unproven.","evidenceIds":["e1","e2","e3","e4","e6"]},{"criterion":"durability","grade":1,"rationale":"Firm contracts provide finite visibility, but backlog declined from $8.328 billion in February 2025 to $6.064 billion in February 2026. Historical oversupply and dayrate declines undermine through-cycle durability; backlog runoff alone is not evidence of lost customers.","evidenceIds":["e8","e9","e18"]},{"criterion":"customer_dependency","grade":1,"rationale":"Customers commit to drilling campaigns, but competitive rebidding and convenience termination provisions limit dependence. No demonstrated switching costs or renewal premium is supplied.","evidenceIds":["e5","e9","e16"]},{"criterion":"erosion_resilience","grade":1,"rationale":"Improved daily revenues and revenue efficiency show recent progress, but actual rig idling and historical supply-driven pricing declines demonstrate fragility. Proposed synergies do not yet establish resilience.","evidenceIds":["e7","e8","e10","e21"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Higher average daily revenues contributed approximately $80 million to first-half 2026 revenue growth, and the proxy reports 2025 daily revenue leadership. These are positive realized outcomes, but fleet mix and price-sensitive bidding prevent attribution to a durable comparable-rig premium.","evidenceIds":["e10","e14","e6"]},{"criterion":"retention","grade":2,"rationale":"Firm backlog and increased utilization provide indirect evidence of continuing customer demand. They do not establish repeat-customer renewal rates; uncommitted exposure remains substantial. The three-rig agreement is additional demand evidence subject to approval, not realized retention.","evidenceIds":["e9","e10","e18","e19","e20"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half 2026 revenues increased while operating and maintenance expense was broadly flat, supporting improved operating profitability. Some improvement reflects a prior-year legal charge and rig sales, while personnel costs increased. This demonstrates recent improvement rather than durable downturn protection.","evidenceIds":["e11","e13","e32","e8"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Contracts are individually negotiated, but competitive bidding constrains terms and existing contracts expose revenue to lower alternative dayrates and customer convenience termination. Negotiating flexibility is present but weak.","evidenceIds":["e15","e5","e6","e16","e17"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 operating cash flow of $400 million, capital expenditures of $52 million and debt repayments of $586 million demonstrate cash generation and deleveraging. However, cash balances declined and shares outstanding increased from approximately 879 million in February 2025 to 1.103 billion in February 2026. Acquisition returns and projected savings remain unproven.","evidenceIds":["e12","e30","e31","e21","e22"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 performance-unit grants use a three-year period with absolute free cash flow and relative shareholder return conditions. Time-vested awards also have multiyear schedules, with one installment disclosed as vested. This supports strong alignment in design, although half of 2025 target long-term awards were time-vested RSUs; ownership compliance and final performance payouts are not established.","evidenceIds":["e23","e24","e25","e33"]},{"criterion":"execution","grade":3,"rationale":"Reported 97.7% uptime, completed planned projects on time and within budget, and improved first-half 2026 revenue efficiency support strong recent execution. These are issuer-reported achievements supported by operating and cash-flow outcomes, without proof of exceptional multicycle durability.","evidenceIds":["e3","e14","e10","e12"]},{"criterion":"governance","grade":2,"rationale":"An independent audit committee and a compensation consultant providing no other services in 2025 support oversight. Anti-takeover provisions and corrective obligations under a consent decree temper the assessment. Proposed elections and authorizations are not treated as completed actions.","evidenceIds":["e26","e28","e27","e29"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"3867250d60b77e080210f911d7519181959779cfc4c6cf31da019b59c5412a15","updatedAt":"2026-10-18T12:14:32.598Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000018/rig-20251231x10k.htm","publishedAt":"2026-02-23","sha256":"928b6f823628d2e51ff34745dc0f6c3ba60d3b1bb4786e0a08d850a31f269c8c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","publishedAt":"2026-08-07","sha256":"24b3d52ff3725d1a2e485d7ba07651ab34d305fb51762f402942c4b5ed484f9a","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1451505/000110465926037805/rig-20260522xdef14a.htm","publishedAt":"2026-03-31","sha256":"616279d3689078e60c99a21d25a00290e013ec9598c49efb19160100ed659034","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150525000018/rig-20241231x10k.htm","publishedAt":"2025-02-18","sha256":"34c913dc26eaad1056e4ba963e0364ccb78c6e3de415168eb5207605aa90dc33","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150524000015/rig-20231231x10k.htm","publishedAt":"2024-02-21","sha256":"26695b08b1b2544900186e43c899d4af9fc679bcc1d29588f8dd65bd0fddd5e7","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000044/rig-20260331x10q.htm","publishedAt":"2026-05-05","sha256":"a6b5a9c72c89647a9d6469004180b010126b8bbb1fec647abca5e67f73880ff6","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:999afde1b6039c9ec717005f7cd231adb9c0df6ee7cf25fb3c8244e4de2c0d2a","usage":{"input_tokens":83494,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3817,"reasoning_output_tokens":140}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":33.60719874804382,"operating_margin":-4.381846635367762,"roic":null,"fcf_margin":14.358372456964005,"sbc_revenue":1.0954616588419406},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":34.79611650485437,"operating_margin":-1.2038834951456312,"roic":null,"fcf_margin":-10.446601941747574,"sbc_revenue":1.1262135922330097},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":29.8728813559322,"operating_margin":-11.475988700564972,"roic":null,"fcf_margin":-9.286723163841808,"sbc_revenue":1.4124293785310735},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":37.59931895573212,"operating_margin":-11.833144154370034,"roic":null,"fcf_margin":5.4767309875141885,"sbc_revenue":1.3337116912599318},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":39.31904161412358,"operating_margin":-58.94073139974779,"roic":null,"fcf_margin":15.788146279949558,"sbc_revenue":0.8827238335435058},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000018/rig-20251231x10k.htm","publishedAt":"2026-02-23","sha256":"928b6f823628d2e51ff34745dc0f6c3ba60d3b1bb4786e0a08d850a31f269c8c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","publishedAt":"2026-08-07","sha256":"24b3d52ff3725d1a2e485d7ba07651ab34d305fb51762f402942c4b5ed484f9a","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1451505/000110465926037805/rig-20260522xdef14a.htm","publishedAt":"2026-03-31","sha256":"616279d3689078e60c99a21d25a00290e013ec9598c49efb19160100ed659034","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150525000018/rig-20241231x10k.htm","publishedAt":"2025-02-18","sha256":"34c913dc26eaad1056e4ba963e0364ccb78c6e3de415168eb5207605aa90dc33","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150524000015/rig-20231231x10k.htm","publishedAt":"2024-02-21","sha256":"26695b08b1b2544900186e43c899d4af9fc679bcc1d29588f8dd65bd0fddd5e7","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000044/rig-20260331x10q.htm","publishedAt":"2026-05-05","sha256":"a6b5a9c72c89647a9d6469004180b010126b8bbb1fec647abca5e67f73880ff6","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"none","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}