RIG — what changed in the latest 10-Q
A section-by-section comparison of RIG's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-05 vs the prior 10-Q · 2025-10-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +30 | −48 | ~13 | 38 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 0 |
| Controls & procedures | Text added/removed | +1 | −2 | ~1 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~4 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-05
◾our expectations regarding the timing, completion and anticipated benefits of the proposed business combination (the “Business Combination”) with Valaris Limited, an exempted company limited by shares incorporated under the laws of Bermuda (“Valaris”);
◾the availability of borrowings under our Secured Credit Facility, as well as the timing of any amendments thereto; and
Agreement to acquire Valaris—On February 9, 2026, we and Valaris entered into a Business Combination Agreement (the "Agreement") providing for the Business Combination. Pursuant to the Agreement, and on the terms and subject to the conditions thereof, we will acquire all of the issued and outstandin…
Debt redemption—In March 2026, we made a cash payment of $365 million, including an early redemption premium, to retire the outstanding $358 million aggregate principal amount of the 8.375% senior secured notes due February 2028 (the “8.375% Senior Secured Notes”). See “—Liquidity and Capital Resour…
Exercised warrants—In April 2026, we issued 9.7 million Transocean Ltd. shares as net settlement of 22.2 million warrants exercised by holders to purchase Transocean Ltd. shares. See “—Liquidity and Capital Resources.”
Text removed vs the prior filing · source: 10-Q · 2025-10-30
◾the effects of public health threats, pandemics and epidemics and the potential adverse impacts thereof;
◾the availability of borrowings under our Secured Credit Facility; and
Held-for-sale asset impairments—In the nine months ended September 30, 2025, we recognized an aggregate loss of $3.05 billion ($3.04 billion, or $3.34 per diluted share, net of tax), associated with the impairment of six ultra-deepwater floaters and one harsh environment floater, together with relat…
Share issuance—In September 2025, we issued 143.8 million Transocean Ltd. shares and received $421 million aggregate cash proceeds, net of issue costs. See “—Liquidity and Capital Resources.”
Debt issuance—On October 15, 2025, we issued $500 million aggregate principal amount of 7.875% senior guaranteed notes due October 2032 and received $492 million aggregate cash proceeds, net of issue costs. See “—Liquidity and Capital Resources.”
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-05
Internal control over financial reporting—There were no changes to our internal control over financial reporting during the quarter ended March 31, 2026, that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
Text removed vs the prior filing · source: 10-Q · 2025-10-30
and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2025.
Internal control over financial reporting—There were no changes to our internal control over financial reporting during the quarter ended September 30, 2025, that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice