Overview

A class action lawsuit has been filed against Transocean Ltd. (“Transocean” or the “Company”) (NYSE: RIG) and certain of the Company’s current and former senior executive officers alleging violations of the federal securities laws.  The Transocean class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Transocean securities between October 31, 2023, and September 2, 2024, both dates inclusive (the “Class Period”).  Investors have until February 24, 2025, to seek appointment as lead plaintiff in the Transocean class action lawsuit.

Transocean, together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide.  Transocean currently owns or operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floating rigs and eight harsh environment floating rigs.  The Company’s rigs are categorized as under contract, “idle,” or “stacked.” An “idle” rig is one being held between contracts and readily available for operations.  A “stacked” rig, on the other hand, is minimally manned or unmanned and typically is expected to continue to be inactive for an extended period.  The Company provides monthly fleet updates as to the status of its ships.  As of October 18, 2023, the Company had 13 stacked or idle rigs.  Of those 13, two were marked idle: the Discoverer Inspiration (as of April 2023) and the Development Driller III (as of August 2023).

The Transocean class action lawsuit alleges that Defendants, throughout the Class Period, made materially false and misleading statements regarding the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Discoverer Inspiration and the Development Driller III were considered non-strategic assets; (2) the Company’s recorded asset valuations were overstated; (3) as a result, the Company would take nearly twice the vessels’ sale price in impairment if sold; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.  As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.

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If you purchased or otherwise acquired Transocean securities between October 31, 2023, and September 2, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as lead plaintiff in the Transocean class action lawsuit is February 24, 2025.