Transocean Ltd.
In the published model solve dated 2026-Q2, anchored at $5.14, Transocean Ltd. (RIG) is priced for +4.7% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 from SEC EDGAR filings.
• Transocean owns and contracts offshore drilling rigs, concentrated in ultra-deepwater and harsh-environment floaters, and earns dayrate revenue under multi-year contracts, so its value rests on a backlog the company says stood at roughly $7.1 billion as of early May 2026. • The defining risk is the balance sheet: net debt is about $5.5 billion against interest coverage of only 1.4 times, so a soft patch in dayrates would press a heavily leveraged structure even while the rigs keep working. • W
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521 institutional managers reported holding RIG in 13F filings for the quarter ended 2026-03-31. Together they hold about 80% of the company; the top 10 hold 40%. 127 opened new positions that quarter. Held by Vanguard Group, BlackRock, Dimensional Fund Advisors, among others. On the short side, 219.1M shares were sold short as of the 2026-06-15 count, about 19% of shares outstanding (8.1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
RIG's share count grew 78.8% over the past five years. It pays no dividend.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at RIG over the trailing three years: 2024: 12 buys totaling $100.69M; 2025: 7 buys totaling $54.71M. 10 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
RIG's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-02 | -2.1% | -11.7% |
| 2023-11-01 | +0.3% | -6.8% |
| 2024-02-22 | +3.2% | +19.1% |
| 2024-05-01 | -9.4% | -1.7% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
RIG's latest 8-K filings: 2026-08-05 (items 2.02, 7.01, 9.01); 2026-07-01 (items 7.01, 8.01, 9.01); 2026-06-16 (items 7.01, 9.01); 2026-05-26 (items 3.02, 5.03, 5.07, 9.01); 2026-05-19 (items 1.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.