For the year ending 2025-12-31, RIG had $56M increase in cash & cash equivalents over the period. $626M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net loss | -2,915 | -512 | -954 | -621 |
| Amortization of contract intangible asset | - | 4 | 52 | 117 |
| Depreciation and amortization | 659 | 739 | 744 | 735 |
| Share-based compensation expense | 35 | 47 | 40 | 29 |
| Loss on impairment of assets | 3,049 | 772 | 57 | - |
| Loss on impairment of investment in unconsolidated affiliate | - | 5 | 5 | - |
| (gain) loss on disposal of assets, net | 7 | -17 | -183 | -10 |
| Amortization of debt-related balances, net | 48 | 53 | 51 | - |
| (gain) loss on adjustment to bifurcated compound exchange feature | 10 | 214 | -127 | -157 |
| (gain) loss on retirement of debt | 3 | 161 | -31 | 8 |
| Loss on conversion of debt to equity | 99 | - | - | - |
| Deferred income tax expense (benefit) | -111 | -42 | 18 | 46 |
| Other, net | -14 | 7 | -43 | -77 |
| Changes in contract liabilities, net | -170 | 45 | 70 | -20 |
| Changes in deferred costs, net | -86 | 2 | 190 | -1 |
| Changes in other operating assets and liabilities, net | 25 | 297 | 113 | 75 |
| Net cash provided by operating activities | 749 | 447 | 164 | 448 |
| Capital expenditures | 123 | 254 | 427 | 717 |
| Investments in equity of unconsolidated affiliates | - | - | 10 | 42 |
| Investment in loans to unconsolidated affiliates | - | 3 | 3 | 5 |
| Proceeds from disposal of assets, net of costs to sell | 84 | 101 | 10 | 7 |
| Cash acquired in acquisition of unconsolidated affiliates | - | 5 | 7 | - |
| Proceeds from disposal of equity investment in unconsolidated affiliate | 6 | - | - | - |
| Net cash used in investing activities | -33 | -151 | -423 | -757 |
| Repayments of debt | 1,556 | 2,103 | 1,717 | 554 |
| Proceeds from issuance of debt, net of issue costs | 492 | 1,770 | 1,983 | 175 |
| Proceeds from issuance of warrants, net of issue costs | - | - | - | 12 |
| Proceeds from issuance of shares, net of issue costs | 421 | - | - | 263 |
| Other, net | -17 | -17 | -3 | -8 |
| Net cash provided by (used in) financing activities | -660 | -350 | 263 | -112 |
| Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 56 | -54 | 4 | -421 |
| Unrestricted and restricted cash and cash equivalents, beginning of period | 941 | 995 | 991 | 1,412 |
| Unrestricted and restricted cash and cash equivalents, end of period | 997 | 941 | 995 | 991 |
Transocean Ltd. (RIG)
Transocean Ltd. (RIG)