Dilution profile // every instrument, one screen, from SEC filings

Transocean Ltd. (RIG)

CIK 1451505 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGHS-3ASR on file 2024-07-01
= is there a registration (S-1/S-3 family) on file without a later withdrawal
no structured fee data on the live registrations, so this is a yes/no, not a size
Overhead supply
LOWwarrants = 2% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
MEDIUM+38% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
LOWoperating cash flow positive
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2020-10-272026-07-28

Latest: 1.12B shares as of Jul 28, 2026 (10-Q).

Cash runway

Self-funding

generates cash

Full breakdown: cash runway tool · source filing →

Warrants

Warrants outstanding: 22.2M underlying shares, as reported Dec 31, 2024 (10-K).

Reported exercise price: $3.71 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $5.0M as of Dec 31, 2022.

Rough fully diluted estimate: 1.14B = 1.12B O/S + 22.2M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
Senior Guaranteed Exchangeable Bonds 4.625 Percent Due September 2029not tagged$259.0M$3.444.625%

Notes exactly as the company dimensioned them in its 10-Q filed Aug 7, 2026. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding1.12BJul 28, 2026
+ Warrants (aggregate, as tagged) (if exercised)22.2MDec 31, 2024
Fully diluted estimate1.14B+2.0% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

S-3ASRJul 1, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →
S-3ASRJun 28, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →
S-3ASRSep 29, 2023no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 4 executed · 0 registered.

EXECUTEDMay 26, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDSep 26, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDSep 24, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDAug 19, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDAug 11, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDJul 22, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDJul 7, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDJun 20, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDJun 3, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
REGISTEREDJul 1, 2024Automatic shelf registration — effective immediately (large filers)S-3ASR
EXECUTEDJun 28, 2024Unregistered share sale disclosed (8-K item 3.02)8-K
REGISTEREDJun 28, 2024Automatic shelf registration — effective immediately (large filers)S-3ASR

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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