Transocean Ltd's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Transocean Ltd (RIG) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Transocean Ltd vs Its Competitors
- TTM: Trailing 12-month revenue of 4,027M vs 136,203M combined for its competitors (2.9% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-6.9% annualized vs trailing 12 months), vs accelerating (+4.3%) for its tracked peer group.
- Growth: Transocean Ltd generated -8.9% revenue growth year over year in Q3 2026, vs 6.3% for its competitors combined.
- Profitability: Its 2.8% net margin compares with 6.4% for the peer group.
- Scale: Transocean Ltd ranks #2 of 15 companies by market capitalization in the Oil Well Services & Equipment industry, holding 17.2% of industry market cap.
- Peer revenue share: Transocean Ltd accounted for 2.6% of combined revenue among its tracked peer group, down from 3.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.72M compares with $0.42M for the peer group (1.7x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
RIG Sales vs. its Competitors, Q3 2026
Transocean Ltd reported revenue contraction of 8.85 % year on year in Q3 2026, below its competitors' combined revenue growth of 6.27 %.
With a net margin of 2.77 %, Transocean Ltd reported lower profitability than its competitors (6.38 %).
Transocean Ltd generated 2.57 % of the combined sales of its peer group, down from 2.98 % a year earlier.
API endpoints for this dataset
Transocean Ltd vs. its Competitors, Q3 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Transocean Ltd reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Transocean Ltd and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Transocean ltd | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (3) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (4) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Transocean Ltd's competitor groups requires a Commercial License.
For context: the Oil Well Services & Equipment industry grew revenue -5.0% year over year, combined, vs -8.9% for Transocean Ltd. Transocean Ltd's share of combined industry revenue moved from 5.19% to 4.98%, a loss of 0.21 percentage points.
Transocean Ltd's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Transocean ltd | Yes | Yes | Yes | No |
| Competitors combined (25) | ||||
| Similar-Size Competitors (6) | ||||
| Similar Growth & Profitability (8) | 75.00 % (6 of 8) | 75.00 % (6 of 8) | 87.50 % (7 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
RIG Stock Performance relative to its Competitors
RIG Stock Performance relative to Similar-Size Competitors
RIG Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Nine Energy Service Inc | 282.9% | Outperformed |
| 2 | Matson inc | 282.9% | Outperformed |
| 3 | Patterson uti Energy Inc | 282.9% | Outperformed |
| 4 | National Energy Services Reunited Corp | 282.9% | Outperformed |
| 5 | Valaris Limited | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Transocean Ltd's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of Transocean ltd
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Transocean ltd |
5,905.48 | 4,027.00 |
 Slb Limited |
74,730.24 | 36,886.00 |
 Dover Corp |
27,494.88 | 8,576.81 |
 Halliburton Company |
26,490.88 | 22,476.00 |
 Loews Corp |
22,443.37 | 18,782.00 |
 Lineage Inc |
8,921.64 | 5,386.00 |
| SUBTOTAL | 210,076.45 | 163,753.32 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Transocean ltd versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Transocean Ltd's Competitors Named by the Company
Competitive relationships identified from Transocean Ltd reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Nabors Industries Ltd | Company report | 85% |
| Vantage Drilling International | Company report | 85% |
| Klx Energy Services Holdings Inc | Company report | 85% |
| Mammoth Energy Services Inc | Company report | 85% |
| Helmerich and Payne inc | Company report | 85% |
| Oceaneering International Inc | Company report | 85% |
| Slb Limited | Company report | 85% |
| Diamond Offshore Drilling Inc | Company report | 85% |
| Noble Corporation Plc | Company report | 85% |
| Patterson uti Energy Inc | Company report | 85% |
| National Energy Services Reunited Corp | Company report | 85% |
| Independence Contract Drilling inc | Company report | 85% |
| Valaris Limited | Company report | 85% |
| Superior Energy Services Inc | Company report | 85% |
| Nov Inc | Company report | 85% |
| Nine Energy Service Inc | Company report | 85% |
| Borr Drilling Limited | Company report | 85% |
| Seadrill Limited | Company report | 85% |
| Oil States International Inc | Company report | 85% |
| Recon Technology Ltd | Company report | 85% |
| Baker Hughes Company | Company report | 85% |
| Vantage Drilling International | Company report | 85% |
| Halliburton Company | Company report | 85% |
| Basic Energy Services Inc | Company report | 85% |
| Sable Offshore Corp | Company report | 85% |
Company report basis, confidence, active dates and source counts for Transocean Ltd's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Transocean Ltd's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Slb Limited | Production Systems 42.33 % |
| Dover Corp | Clean Energy & Fueling 27.13 % |
| Halliburton Company | Completion and Production 54.16 % |
| Loews Corp | CNA Financial Corporation 80.29 % |
| Matson inc | Ocean Transportation Segment 81.62 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Transocean Ltd's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Transocean ltd | 5,905 | 719,107 | 74,643 |
| Slb Limited | 74,730 | 338,404 | 28,541 |
| Dover Corp | 27,495 | 357,367 | 75,230 |
| Halliburton Company | 26,491 | 468,250 | 41,750 |
| Loews Corp | 22,443 | 1,433,740 | 119,008 |
| Lineage Inc | 8,922 | 224,417 | -7,875 |
| PEERS TOTAL | 204,171 | 420,998 | 34,045 |
Transocean Ltd's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Transocean ltd | US 34.90 % |
| Slb Limited | Middle East 29.71 % |
| Dover Corp | United States 56.96 % |
| Halliburton Company | North America 37.87 % |
| Helmerich and Payne inc | United States 58.76 % |
| Oceaneering International Inc | UNITED STATES 41.97 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Transocean Ltd's Position in Industry Market Structure
Market-capitalization share and concentration across all 15 companies in Transocean Ltd's industry classification, broader than the peer set above. Market cap in millions of $.Transocean Ltd ranks #2 of 15 companies by market capitalization in its industry, holding 17.18 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,216, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Noble Corporation Plc | 6,522 | 17.79 % |
| 2 | Transocean ltd | 6,298 | 17.18 % |
| 3 | Valaris Limited | 5,616 | 15.32 % |
| 4 | Patterson uti Energy Inc | 3,772 | 10.29 % |
| 5 | Helmerich and Payne inc | 1,234 | 5.2% |
| 6 | Baytex Energy Corp | 1,234 | 5.2% |
| 7 | Seadrill Limited | 1,234 | 5.2% |
| 8 | Precision Drilling Corporation | 1,234 | 5.2% |
| 9 | Nabors Industries Ltd | 1,234 | 5.2% |
| 10 | Highpeak Energy Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of Transocean Ltd's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Transocean Ltd's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Noble Corporation Plc | 6,522 | 42.23 % |
| 2 | Transocean ltd | 6,298 | 33.21 % |
| 3 | Valaris Limited | 5,616 | 50.61 % |
| 4 | Patterson uti Energy Inc | 1,234 | 12.3% |
| 5 | Helmerich and Payne inc | 1,234 | 12.3% |
| 6 | Baytex Energy Corp | 1,234 | 12.3% |
| 7 | Seadrill Limited | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Transocean Ltd's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Transocean Ltd's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Oil Well Services & Equipment industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (42 companies). See the full Oil Well Services & Equipment industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 40.20 % | 24.27 % (avg) | +15.9 pp |
| Operating Margin | 20.41 % | industry median | +7.8 pp |
| EBITDA Margin | 28.23 % | 12.78 % (avg) | +15.4 pp |
| Capital Intensity (Capex / Revenue) | 3.05 % | 17.76 % (avg) | -14.7 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Transocean Ltd's Valuation vs Competitive Position
Valuation multiples vs the Oil Well Services & Equipment industry average (42 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Oil Well Services & Equipment industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 30.4x | 34.7x | -4.3x |
| EV / EBITDA | 11.6x | 14.3x | -2.6x |
| P/B | 0.7x | 1.7x | -0.9x |
| Return on Equity | 5.05 % | industry aggregate | 2.24 % |
| Return on Invested Capital | 3.38 % | -0.51 % (avg) | 3.89 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Transocean Ltd's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | -28.55 % | - | - | -21.45 % | 0.74 % | 9.98 % | 24.44 % | 12.51 % |
| Operating Margin | -84.22 % | - | -23.35 % | -4.38 % | -1.20 % | -11.48 % | -11.83 % | -58.94 % |
| Return on Invested Capital | -6.98 % | -3.54 % | -2.02 % | -0.36 % | -0.10 % | -1.14 % | -1.49 % | -9.83 % |
| P/E | - | - | - | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Transocean Ltd's Strategic Group Map
Transocean Ltd is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Transocean Ltd's trailing-12-month revenue growth of 4.0% and operating margin of 20.4% compares with an average of 2.5% growth and 16.8% margin across its 8 closest peers by combined growth, margin and ROIC -- Transocean Ltd sits above that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Transocean Ltd's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Transocean Ltd falls in the Dog quadrant: relative market share of 0.97x vs its largest competitor, in an industry growing revenue -3.6% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Transocean Ltd's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 1,216 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 3.05 % vs industry average 17.76 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Transocean Ltd's dedicated Suppliers and Customers pages, not here.
Transocean Ltd's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Transocean Ltd falls in the Low attractiveness / High strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Transocean Ltd's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 7.8 points above the industry median.
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Latest-quarter revenue run-rate is decelerating (-6.9% annualized vs trailing 12 months).
Opportunities
- Trades at a lower P/E than the industry average (30.4x vs 34.7x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Transocean Ltd's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Transocean ltd | 0.58 | 1.55 | 0.94 |
| Slb Limited | 0.19 | 1.37 | 0.38 |
| Dover Corp | - | 1.89 | 0.48 |
| Halliburton Company | 0.35 | 2.04 | 0.66 |
| Loews Corp | 0.04 | 0.89 | 0.46 |
| Lineage Inc | - | 0.85 | 0.67 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Transocean Ltd's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Transocean ltd | Q3 2026 | -8.9 % | - |
| Slb Limited | Q3 2026 | +5.8 % | -5.0 % |
| Dover Corp | Q3 2026 | +7.5 % | -51.6 % |
| Halliburton Company | Q3 2026 | +1.8 % | +1,985.0 % |
| Loews Corp | Q3 2026 | +1.9 % | -42.9 % |
| Lineage Inc | Q2 2026 | +0.8 % | - |
| PEERS TOTAL | +5.8 % | +228.5 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Transocean Ltd's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Transocean ltd | Q3 2026 | +0.9 % | +290.9 % |
| Slb Limited | Q3 2026 | +93.4 % | +15.0 % |
| Dover Corp | Q3 2026 | +6.9 % | +2.3 % |
| Halliburton Company | Q3 2026 | - | +1.9 % |
| Loews Corp | Q3 2026 | +1.9 % | +68.6 % |
| Lineage Inc | Q2 2026 | +1.7 % | -23.3 % |
Transocean Ltd's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Transocean ltd | 2.74% | 2.61% | 5.05% |
| Slb Limited | 5.63% | 7.16% | 11.40% |
| Dover Corp | 13.30% | 16.39% | 23.89% |
| Halliburton Company | 7.85% | 9.85% | 18.41% |
| Loews Corp | 1.81% | 2.25% | 7.95% |
| Lineage Inc | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Transocean Ltd's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Transocean ltd | 29.11 | 1.47 |
| Slb Limited | 24.00 | 2.03 |
| Dover Corp | 33.42 | 3.21 |
| Halliburton Company | 13.38 | 1.18 |
| Loews Corp | 15.47 | 1.19 |
| Lineage Inc | - | 1.66 |
| PEERS AVERAGE | 15.75 | 1.28 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.