Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Summary of activity for vested and unvested stock options outstanding

The following table summarizes activity during the year ended December 31, 2025 for vested service-based stock options outstanding under our incentive plan:


							Weighted-average
		Number		Weighted-average			remaining		Aggregate
		of shares		exercise price			contractual term		intrinsic value
		under option		per share			(years)		(in millions)
Outstanding at January 1, 2025		4,069,334		$	9.53		2.93		$	—
Forfeited		(17,006)			8.35
Outstanding at December 31, 2025		4,052,328		$	9.54		1.92		$	—

Vested and exercisable at December 31, 2025		4,052,328		$	9.54		1.92		$	—

Service awards

Share Based Compensation

Summary of unvested deferred units activity

The following table summarizes unvested activity during the year ended December 31, 2025 for service-based units granted under our incentive plan:


		Number		Weighted-average
		of		grant-date fair value
		units		per unit
Unvested at January 1, 2025		7,659,028		$	5.44
Granted		6,852,828			3.47
Vested		(5,280,936)			4.72
Forfeited		(113,268)			4.46
Unvested at December 31, 2025		9,117,652		$	4.23

Performance awards

Share Based Compensation

Summary of unvested deferred units activity

The following table summarizes unvested activity during the year ended December 31, 2025 for performance-based units under our incentive plan:


		Number		Weighted-average
		of		grant-date fair value
		units		per unit
Unvested at January 1, 2025		3,495,925		$	5.78
Granted		3,138,657			3.35
Vested		(1,439,846)			6.74
Unvested at December 31, 2025		5,194,736		$	4.04

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Transocean Ltd. 10-K