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PaymentsToAcquirePropertyPlantAndEquipment","accession":"0001451505-26-000061","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json","retrieved_at":"2026-09-19T22:22:03+00:00","reviewed_through":null}},"cash":{"value":509000000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-07","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001451505-26-000061","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json","retrieved_at":"2026-09-19T22:22:03+00:00","reviewed_through":null}},"capex":{"value":24000000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-08-07","concept":"PaymentsToAcquirePropertyPlantAndEquipment","accession":"0001451505-26-000061","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json","retrieved_at":"2026-09-19T22:22:03+00:00","reviewed_through":null}},"revenue":{"value":966000000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-07","concept":"RevenueFromContractWithCustomerExcludingAssessedTax","accession":"0001451505-26-000061","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json","retrieved_at":"2026-09-19T22:22:03+00:00","reviewed_through":null}},"net_income":{"value":170000000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-07","concept":"NetIncomeLoss","accession":"0001451505-26-000061","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json","retrieved_at":"2026-09-19T22:22:03+00:00","reviewed_through":null}},"period_end":"2026-06-30","eps_diluted":{"value":0.04,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-07","concept":"EarningsPerShareDiluted","accession":"0001451505-26-000061","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json","retrieved_at":"2026-09-19T22:22:03+00:00","reviewed_through":null}},"fiscal_label":"2026Q2","gross_profit":null,"debt_long_term":null,"shares_diluted":{"value":1202000000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-07","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001451505-26-000061","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json","retrieved_at":"2026-09-19T22:22:03+00:00","reviewed_through":null}},"operating_income":{"value":152000000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-07","concept":"OperatingIncomeLoss","accession":"0001451505-26-000061","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0001451505.json","retrieved_at":"2026-09-19T22:22:03+00:00","reviewed_through":null}}}],"retrieved_at":"2026-09-19T22:22:03+00:00"},"notes":[],"memory":{"as_of":"2026-09-18","bands":{"1d":{"p10":-1.932,"p50":0.024,"p90":2.052,"p_up":0.51},"5d":{"p10":-4.262,"p50":0.307,"p90":5.771,"p_up":0.537},"10d":{"p10":-6.354,"p50":0.29,"p90":8.416,"p_up":0.543}},"state":"down/above/off/stuck/ordinary/weak/some","reason":null,"coverage":"ok","analogs_n":300,"disclaimer":"Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"Contract visibility can support cash generation, but the test is delivery after maintenance and debt service. A headline backlog including conditional work is not the same as booked firm revenue, and proposed merger economics need a separate ownership and financing bridge.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Firm approvals, better utilization and consistent cash after principal would strengthen the case. Contract delays, reactivation costs or merger obligations exceeding the standalone cash capacity would weaken it."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","title":"August 7 quarterly filing and maturities","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm","title":"August 5 earnings and annual/Q3 guidance","retrieved":"2026-09-19"},{"url":"https://investor.deepwater.com/static-files/bcd2d197-49bc-40fb-b296-e7c79f60b7e3","title":"September conference deck and conditional backlog footnotes","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000064/rig-20260820xex99d1.htm","title":"August 20 KG2 binding award","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000068/rig-20260915xex99d1.htm","title":"September 15 Conqueror award","retrieved":"2026-09-19"}],"business":{"drivers":["Operating days, effective earned rates and revenue efficiency","Rig operating costs, mobilization and contract timing","Interest, capex and debt principal before common cash"],"description":"Transocean owns and operates offshore drilling rigs, primarily ultra-deepwater and harsh-environment floaters. Contract revenue depends on operating days, earned dayrates, technical uptime and mobilization/accounting terms. Maintenance, stacking, interest and debt principal can absorb cash even with substantial backlog. The model covers standalone Transocean while its proposed Valaris acquisition remains pending in the reviewed materials."},"earnings":{"source":"estimated from 10-Q filed 2026-08-07 plus 90 days","next_report_date":"2026-11-05"},"identity":{"cik":1451505,"sic":"1381","name":"Transocean Ltd.","symbol":"RIG","cluster":"Energy, materials & power","exchange":"NYSE"},"research":{"risks":["Conditional awards and options may not become firm contracted work.","Technical downtime and customer schedule changes reduce earned revenue.","Reactivation and maintenance needs may exceed the modeled capex budget.","Debt repayment/refinancing and exchangeable-bond marks complicate common earnings.","Valaris approvals, closing terms and integration remain separate event risks.","Offshore customer capital spending is cyclical and geographically concentrated."],"title":"Backlog is useful only if execution survives the debt schedule","question":"How much standalone rig cash remains after interest, maintenance capex and scheduled principal?","economics":"H1 contract revenue was $2.047B and CFO $400M. Capex of $52M leaves $348M before $586M debt repayments. June cash was $509M plus $286M restricted cash, versus $5.107B principal; $405M principal falls due in the next twelve months, while balance-sheet carrying values differ. Q2 net income includes a $134M exchange-feature gain within interest expense, which is not repeatable cash. Annual revenue guidance is $3.900B-$3.975B and Q3 $920M-$960M. September materials headline $7.7B backlog but footnote the $6.7B August base plus $1B Equinor work awaiting partner approvals. KG2 adds $300M for a two-year term starting Q1 2027 including services/mobilization; Conqueror adds $80M over 170 days excluding those items. These awards inform utilization scenarios but are not simply added to guided revenue. The proposed Valaris combination and $200M-plus synergy ambition remain outside this standalone model.","change_note":"Completed standalone fleet/cash model with conditional backlog, exchange-feature earnings and principal repayment separated.","checkpoints":[{"event":"Firm contract conversion","watch":"Track Equinor conditions and actual KG2/Conqueror starts; separate options from firm terms.","timing":"Fleet reports and partner approvals","date_status":"estimated"},{"event":"Cash and debt service","watch":"Reconcile CFO, restricted cash, mandatory principal and any voluntary redemptions.","timing":"Quarterly accounts","date_status":"estimated"},{"event":"Valaris transaction","watch":"Build a new consolidated ownership/debt model only when the transaction perimeter is established.","timing":"Approval and closing announcements","date_status":"estimated"}],"countercase":"Cash flow can improve while debt principal still absorbs it. Dayrate strength may be offset by idle days, mobilization, maintenance or working-capital timing. A merger would change debt, fleet mix and ownership enough that a standalone cash forecast cannot be read as combined-company value.","limitations":["Standalone Transocean only. The Valaris acquisition remains proposed in reviewed September materials; no acquired sales, new deal shares, combined backlog or projected synergies are consolidated here.","Official August 5 backlog is approximately $6.7B. The September presentation headline $7.7B explicitly includes $1B Equinor work still subject to license-partner approval. Neither figure is annual revenue.","August KG2 $300M includes services and mobilization; September Conqueror $80M excludes those items. Unexercised options are not firm backlog, and awards are not added twice to a fleet revenue forecast.","Operating days, ancillary revenue and quarterly cost allocations are desk assumptions around guidance; this is not a rig-by-rig signed contract schedule. Dayrate units are $M per operating day.","GAAP operating earnings proxy assumes no new impairments/disposal gains. Exchange-feature marks and merger financing can materially change net income and diluted EPS, which are not forecast.","Debt principal timing is a desk allocation of disclosed twelve-month maturities, not a complete amortization schedule or refinancing commitment. Cash after principal excludes voluntary redemptions, deal costs outside the allowance, acquisitions and new financing.","Company liquidity includes restricted cash and revolving availability. June unrestricted cash of $509M is the relevant separate balance; no revolver capacity is treated as cash generated."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Standalone contract revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":940000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Standalone contract revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":950500000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Standalone contract revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":1009250000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Standalone contract revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":1038599999.9999999}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Standalone contract revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release.","label":"H1 revenue","value":2047.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","source_date":"2026-08-07"},{"id":"h1_operating_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release.","label":"H1 operating income","value":439.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","source_date":"2026-08-07"},{"id":"h1_adj_ebitda","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release.","label":"H1 adj ebitda","value":752.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm","source_date":"2026-08-07"},{"id":"h1_cfo","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release.","label":"H1 cfo","value":400.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","source_date":"2026-08-07"},{"id":"h1_capex","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release.","label":"H1 capex","value":52.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","source_date":"2026-08-07"},{"id":"h1_debt_principal","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release.","label":"H1 debt principal","value":586.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","source_date":"2026-08-07"},{"id":"h1_da","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release.","label":"H1 da","value":291.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","source_date":"2026-08-07"},{"id":"h1_sbc","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release.","label":"H1 sbc","value":15.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","source_date":"2026-08-07"},{"id":"h1_net_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release.","label":"H1 net income","value":241.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","source_date":"2026-08-07"},{"id":"h1_contract_liability_use","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release.","label":"H1 contract liability use","value":83.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","source_date":"2026-08-07"},{"id":"h1_deferred_cost_source","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions; adjusted EBITDA is Q1 $440M plus Q2 $312M from the August 5 earnings release.","label":"H1 deferred cost source","value":46.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","source_date":"2026-08-07"},{"id":"h1_fcf","case":"shared","kind":"derived","unit":"USD_millions","basis":"Reported cash flow baseline.","label":"H1 CFO less capex","value":348.0,"period":"H1 2026","formula":{"op":"subtract","refs":["h1_cfo","h1_capex"]},"source_url":null,"source_date":null},{"id":"h1_cash_after_principal","case":"shared","kind":"derived","unit":"USD_millions","basis":"Includes H1 early debt retirement; no automatic forecast repetition.","label":"H1 cash after principal","value":-238.0,"period":"H1 2026","formula":{"op":"subtract","refs":["h1_fcf","h1_debt_principal"]},"source_url":null,"source_date":null},{"id":"cash","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line.","label":"cash","value":509.0,"period":"June/August 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","source_date":"2026-08-07"},{"id":"restricted_cash","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line.","label":"restricted cash","value":286.0,"period":"June/August 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","source_date":"2026-08-07"},{"id":"debt_face","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line.","label":"debt face","value":5107.0,"period":"June/August 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","source_date":"2026-08-07"},{"id":"debt_carrying","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions except operating days. Ancillary is desk arithmetic: Q2 revenue 966 less 1,922 days times $0.4725M earned daily revenue; not a separately reported line.","label":"debt carrying","value":5119.0,"period":"June/August 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","source_date":"2026-08-07"},{"id":"current_debt_face","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions except operating days. 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The Valaris acquisition remains proposed in reviewed September materials; no acquired sales, new deal shares, combined backlog or projected synergies are consolidated here.","Official August 5 backlog is approximately $6.7B. The September presentation headline $7.7B explicitly includes $1B Equinor work still subject to license-partner approval. Neither figure is annual revenue.","August KG2 $300M includes services and mobilization; September Conqueror $80M excludes those items. Unexercised options are not firm backlog, and awards are not added twice to a fleet revenue forecast.","Operating days, ancillary revenue and quarterly cost allocations are desk assumptions around guidance; this is not a rig-by-rig signed contract schedule. Dayrate units are $M per operating day.","GAAP operating earnings proxy assumes no new impairments/disposal gains. Exchange-feature marks and merger financing can materially change net income and diluted EPS, which are not forecast.","Debt principal timing is a desk allocation of disclosed twelve-month maturities, not a complete amortization schedule or refinancing commitment. Cash after principal excludes voluntary redemptions, deal costs outside the allowance, acquisitions and new financing.","Company liquidity includes restricted cash and revolving availability. June unrestricted cash of $509M is the relevant separate balance; no revolver capacity is treated as cash generated."],"reviewed_at":"2026-09-19","schema_version":"operating_model.v1"}}