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Transocean Ltd

Transocean Ltd (RIG)

5.77
-0.04
(-0.69%)
Closed May 27 4:00PM
5.77
0.00
(0.00%)
After Hours: 7:00PM

Calls

StrikeBid PriceAsk PriceLast PriceMidpointChangeChange %VolumeOPEN INTLast Trade
1.503.756.400.005.0750.000.00 %00-
2.002.875.900.004.3850.000.00 %00-
2.503.054.350.003.700.000.00 %00-
3.002.722.850.002.7850.000.00 %00-
3.500.000.000.000.000.000.00 %00-
4.001.721.832.031.7750.000.00 %010-
4.501.301.301.301.300.000.00 %023-
5.000.950.950.950.950.000.00 %050-
5.500.160.320.320.24-0.05-13.51 %4692925/24/2024
6.000.060.060.060.060.000.00 %03,127-
6.500.010.020.020.0150.000.00 %228315/24/2024
7.000.010.010.010.010.000.00 %1,5152,0475/24/2024
7.500.010.010.010.010.000.00 %0136-
8.000.010.230.010.120.000.00 %085-
8.500.010.010.010.010.000.00 %010-
9.000.070.070.070.070.000.00 %01-
9.500.000.000.000.000.000.00 %00-
10.000.001.000.000.000.000.00 %00-
10.500.000.000.000.000.000.00 %00-

Real-time discussions and trading ideas: Trade with confidence with our powerful platform.

Puts

StrikeBid PriceAsk PriceLast PriceMidpointChangeChange %VolumeOPEN INTLast Trade
1.500.000.000.000.000.000.00 %00-
2.000.000.530.000.000.000.00 %00-
2.500.000.530.000.000.000.00 %00-
3.000.000.530.000.000.000.00 %00-
3.500.000.010.000.000.000.00 %00-
4.000.010.010.010.010.000.00 %022-
4.500.020.010.020.0150.000.00 %087-
5.000.010.010.010.010.000.00 %0138-
5.500.020.050.040.0350.000.00 %374885/24/2024
6.000.260.370.270.3150.0417.39 %838655/24/2024
6.500.690.820.650.7550.000.00 %0548-
7.001.171.171.171.170.000.00 %03-
7.501.621.800.001.710.000.00 %00-
8.002.122.300.002.210.000.00 %00-
8.502.662.850.002.7550.000.00 %00-
9.000.000.000.000.000.000.00 %00-
9.500.000.000.000.000.000.00 %00-
10.004.155.200.004.6750.000.00 %00-
10.504.654.800.004.7250.000.00 %00-

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RIG Discussion

View Posts
Mother Lode Mother Lode 1 week ago
according to Fidelity short interest is around 18%
👍️0
Mother Lode Mother Lode 1 week ago
"Transocean Insider Bought Shares Worth $12,020,000, According to a Recent SEC Filing"

https://finance.yahoo.com/news/transocean-insider-bought-shares-worth-214741027.html
👍️0
Mother Lode Mother Lode 1 week ago
On 5/17/2024:
Mohn Frederik Wilhelm: bought 2 million shares
Perestroika: bought 2 million shares
Perestroika (Cyprus) Ltd: bought 2 million shares

6 million shares controlled by one guy
👍️ 1
Mother Lode Mother Lode 2 weeks ago
"Memorial Day Travel Expected to Near Record High"

https://oilprice.com/Energy/Energy-General/Memorial-Day-Travel-Expected-to-Near-Record-High.html
👍️0
Mother Lode Mother Lode 4 weeks ago
i would like to know what the net effect of retiring the old and issuance of the new debt is
👍️0
eastunder eastunder 4 weeks ago
RIG Q1 2024 Earnings Transcript

https://finance.yahoo.com/news/transocean-rig-q1-2024-earnings-211512559.html
👍️0
Mother Lode Mother Lode 4 weeks ago
Don't know. I always wait for the transcript.
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eastunder eastunder 4 weeks ago
That's fair.

I'm curious what happened in their conference call.
👍️0
Mother Lode Mother Lode 4 weeks ago
as far as I can see most of the energy sector is down. Even CCJ Uranium.
👍️0
eastunder eastunder 4 weeks ago
Transocean Ltd. Reports First Quarter 2024 Results
17:24:00 PM ET, 04/29/2024 - GlobeNewswire



Three months ended March 31, 2024 December 31,2023 Sequential change
(In millions, except per share amounts and backlog)
Contract drilling revenues $763 $741 $22
Adjusted contract drilling revenues $767 $748 $19
Revenue efficiency(1) 92.9% 97.0% (4.1)%
Operating and maintenance expense $523 $569 $(46)
Net income (loss) attrib. to con. int. $98 $(104) $202
Diluted earnings (loss) per share $0.11 $(0.13) $0.24

Adjusted EBITDA $199 $122 $77
Adjusted EBITDA margin 26.0 % 16.3% 9.7%
Adjusted net loss $(22) $(74) $52
Adjusted diluted loss per share $(0.03) $(0.09) $0.06
Backlog as of the April 2024 Fleet Status Report $ 8.9 billion

STEINHAUSEN, Switzerland, April 29, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today reported a net income attributable to controlling interest of $98 million, $0.11 per diluted share, for the three months ended March 31, 2024.

First quarter results included net favorable items of $120 million, $0.14 per diluted share, primarily due to $121 million discrete tax items, net.

After consideration of these net favorable items, first quarter 2024 adjusted net loss was $22 million, $0.03 per diluted share.

Contract drilling revenues for the three months ended March 31, 2024, increased sequentially by $22 million to $763 million, primarily due to increased activity for rigs that returned to work or were fully active this quarter after undergoing contract preparation, higher dayrate and higher reimbursable revenue. This was partially offset by lower revenue efficiency across the fleet, particularly on Deepwater Titan which experienced significant unscheduled downtime related to its blowout preventer, and one less day in the quarter. Deepwater Titan has since resumed dayrate operations.

Contract intangible amortization represented a non-cash revenue reduction of $4 million, compared to $7 million in the prior quarter. The contract intangible assets are now fully amortized.

Operating and maintenance expense was $523 million, compared with $569 million in the prior quarter. The sequential decrease was primarily due to cost savings on rigs that were idle in the first quarter, reduced contract preparation expenses, and lower in-service maintenance cost on the operating fleet. This was partially offset by higher reimbursed expenses.

After consideration of the favorable adjustment of $10 million and $145 million in the first and fourth quarter, respectively, for the fair value of the bifurcated exchange feature related to the 4.625% exchangeable bonds, interest expense net of capitalized amounts was $127 million, compared to $142 million in the prior period. Interest income was $15 million, compared to $10 million in the previous quarter.

The Effective Tax Rate(2) was 206.0%, up from (25.0)% in the prior quarter. The increase was primarily due to changes in deferred taxes related to rig ownership changes, rig movement and contract expirations across multiple jurisdictions. The Effective Tax Rate excluding discrete items was 76.9% compared to (30.0)% in the previous quarter.

Cash used in operating activities was $86 million during the first quarter of 2024, representing a decrease of $184 million compared to cash provided by operations in the prior quarter. The sequential decrease was primarily due to increased payments that regularly occur in the first quarter of each year for payroll-related costs and interest expense.

First quarter 2024 capital expenditures of $83 million were primarily associated with the newbuild ultra-deepwater drillship Deepwater Aquila. This compares with $220 million in the prior quarter.

“Over the first months of 2024, Transocean has achieved some fairly significant milestones. First, we secured a 365-day extension on Deepwater Asgard at a rate of $505,000 per day, once again demonstrating the sustained tightness in the high-specification floater market as well as Transocean’s ability to command industry-leading dayrates,” said Chief Executive Officer Jeremy Thigpen. “Additionally, earlier this month we finalized a $1.8 billion debt refinancing transaction, enabling us to improve near-term liquidity and start the process of simplifying our balance sheet. We also completed the extension of our revolving credit facility to mid-2028, further enhancing our financial flexibility.”

Thigpen concluded, “Looking ahead, we remain encouraged by the demand outlook and expect to see numerous long-term contracts awarded over the next several months. As we work to secure those contracts, we will remain acutely focused on operational execution across our fleet, as we endeavor to maximize the conversion of our industry-leading backlog to cash.”
👍️0
benchman benchman 4 weeks ago
Yep. Best report I have seen from them in years, and we fall :-/
👍️0
eastunder eastunder 4 weeks ago
Things that make you think ...WTH is happening? LOL

RIG 5.27 down .545 (-9.36%) on below ave volume 8:36 am MT on Earnings...

Transocean Swings to Q1 Earnings, Revenue Increases
05:12 AM EDT, 04/30/2024 (MT Newswires) -- Transocean (RIG) reported Q1 earnings of $0.11 per share, swinging from a loss of $0.64 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.17.

Contract drilling revenue for the quarter ended March 31 was $763 million, up from $649 million a year earlier.

Analysts surveyed by Capital IQ expected $779.9 million.

👍️0
eastunder eastunder 4 weeks ago
Lucky them.
👍️0
Mother Lode Mother Lode 4 weeks ago
a lot of short interest (129.5 million. Approximately 18%)
👍️0
benchman benchman 4 weeks ago
First profit in a long time. Exceeded expectations there for sure. Not much market reaction yet though. $RIG
👍️0
Mother Lode Mother Lode 4 weeks ago
"Transocean Ltd (RIG) Q1 2024 Earnings: Surpasses Analyst Revenue Forecasts, Adjusts to Market ..."

https://finance.yahoo.com/news/transocean-ltd-rig-q1-2024-113308802.html
👍️0
eastunder eastunder 4 weeks ago
Reminder; Earnings after the bell today 4/29/24

Transocean Ltd. Announces First Quarter 2024 Earnings Release Date
April 10, 2024 16:23 ET
| Source: Transocean Ltd.

STEINHAUSEN, Switzerland, April 10, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that it will report earnings for the first quarter 2024 on Monday, April 29, 2024.

The company will conduct a teleconference to discuss the results starting at 9 a.m. EDT, 3 p.m. CEST, on Tuesday, April 30, 2024. Individuals who wish to participate should dial +1 785-424-1222 and refer to conference code 102568 approximately 15 minutes prior to the scheduled start time.

The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. A replay of the conference call will be available after 12 p.m. EDT, 6 p.m. CEST, on April 30, 2024. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-0669, passcode 102568. The replay also will be available on the company's website.
👍️0
Mother Lode Mother Lode 4 weeks ago
"Transocean (RIG) to Support Equinor's Barents Sea Endeavours"

https://www.zacks.com/stock/news/2263864/transocean-rig-to-support-equinors-barents-sea-endeavours
👍️0
Mother Lode Mother Lode 1 month ago
"TotalEnergies Beats Q1 Profit Forecast Despite Lower Natural Gas Prices
https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-Beats-Q1-Profit-Forecast-Despite-Lower-Natural-Gas-Prices.html
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
"Transocean (RIG) Prolongs Its Stay With Hess and TotalEnergies"

https://www.zacks.com/stock/news/2262525/transocean-rig-prolongs-its-stay-with-hess-and-totalenergies
👍️0
Mother Lode Mother Lode 1 month ago
"Equinor Beats Q1 Earnings Expectations as Oil and Gas Output Jumps"

https://oilprice.com/Latest-Energy-News/World-News/Equinor-Beats-Q1-Earnings-Expectations-as-Oil-and-Gas-Output-Jumps.html
👍️0
Mother Lode Mother Lode 1 month ago
"Biden Unlikely to Strictly Enforce Sanctions on Iranian Oil Ahead of Elections"

https://oilprice.com/Latest-Energy-News/World-News/Biden-Unlikely-to-Strictly-Enforce-Sanctions-on-Iranian-Oil-Ahead-of-Elections.html
👍️0
Hawkeye_tt Hawkeye_tt 1 month ago
As mentioned before, this continues to be a good Swing Trade. Has pd. well many times....
GL all.
Hawk
👍️0
Mother Lode Mother Lode 1 month ago
International Oil Drilling Boosts SLB’s Net Profit in Q1"

https://oilprice.com/Latest-Energy-News/World-News/International-Oil-Drilling-Boosts-SLBs-Net-Profit-in-Q1.html
👍️0
Mother Lode Mother Lode 1 month ago
Transocean Ltd. Provides Quarterly Fleet Status Report

https://www.globenewswire.com/news-release/2024/04/17/2864996/0/en/Transocean-Ltd-Provides-Quarterly-Fleet-Status-Report.html
👍️0
Mother Lode Mother Lode 1 month ago
"Institutional Investors Double Down On Oil Despite Divestment Pledges"
https://oilprice.com/Energy/Crude-Oil/Institutional-Investors-Double-Down-On-Oil-Despite-Divestment-Pledges.html
👍️0
Mother Lode Mother Lode 1 month ago
"Transocean Ltd. Announces Pricing of Upsized Private Offering of Senior Notes Due 2029 and Senior Notes Due 2031"

https://www.globenewswire.com/news-release/2024/04/11/2861929/0/en/Transocean-Ltd-Announces-Pricing-of-Upsized-Private-Offering-of-Senior-Notes-Due-2029-and-Senior-Notes-Due-2031.html
👍️0
Mother Lode Mother Lode 2 months ago
Retiring Debt:

"Transocean Ltd. (NYSE: RIG) announced that Transocean Inc., its wholly-owned subsidiary (the “Company” and, together with Transocean Ltd., “Transocean”), has commenced an offer to purchase for cash (collectively, the “Offers” and each, an “Offer”) any and all of its outstanding 11.50% Senior Guaranteed Notes due 2027 (the “2027 Super Priority Guaranteed Notes”) and 7.25% Senior Notes due 2025 (the “2025 Priority Guaranteed Notes,” collectively with the 2027 Super Priority Guaranteed Notes, the “Notes”), in each case, from holders thereof (each, a “Holder” and collectively, the “Holders”). Each of the Notes specified in the table below are referred to as a “series” of Notes. The Offers are being made pursuant to an Offer to Purchase, dated April 11, 2024 (the “Offer to Purchase”)."

https://www.globenewswire.com/news-release/2024/04/11/2861511/0/en/Transocean-Ltd-Announces-Cash-Tender-Offers.html
👍️0
Mother Lode Mother Lode 2 months ago
👍️ 1
Mother Lode Mother Lode 2 months ago
"Traders Are Buying Oil At The Fastest Rate Since 2020"

https://oilprice.com/Energy/Crude-Oil/Traders-Are-Buying-Oil-At-The-Fastest-Rate-Since-2020.html
👍️0
Mother Lode Mother Lode 2 months ago
"North Sea Oil and Gas Firms Continue Drilling Despite Climate Goals"

https://oilprice.com/Energy/Crude-Oil/North-Sea-Oil-and-Gas-Firms-Continue-Drilling-Despite-Climate-Goals.html
👍️0
Mother Lode Mother Lode 2 months ago
"Brent Breaks Above $91 as Bullish Sentiment Builds"

https://oilprice.com/Energy/Energy-General/Brent-Breaks-Above-91-as-Bullish-Sentiment-Builds.html
👍️0
Mother Lode Mother Lode 2 months ago
Gregory Lewis at BTIG issues Buy Recommendation on 04/02/24 with a $12.00 price target.
👍️0
Mother Lode Mother Lode 2 months ago
👍️ 1
Mother Lode Mother Lode 2 months ago
"Brent Closes in on $90 as Geopolitical Risk Climbs"

https://oilprice.com/Energy/Energy-General/Brent-Closes-in-on-90-as-Geopolitical-Risk-Climbs.html
👍️0
eastunder eastunder 2 months ago
Transocean Ltd. Announces $195 Million Ultra-Deepwater Drillship Contract
April 01, 2024 16:24 ET
| Source: Transocean Ltd.

STEINHAUSEN, Switzerland, April 01, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced a 365-day contract extension for the Deepwater Asgard with an independent operator in the U.S. Gulf of Mexico. The program is expected to commence in June 2024 in direct continuation of the rig’s current program and includes additional services. The total contract value of approximately $195 million includes a $10.9 million lump sum payment, which is not included in the estimated backlog of approximately $184 million.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 36 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and eight harsh environment floaters. In addition, Transocean is constructing one ultra-deepwater drillship.
👍️ 1
surfer44 surfer44 2 months ago
Gold up too. Bad situation and getting worse.
👍️0
Mother Lode Mother Lode 2 months ago
"Oil Prices Up as Iranian Embassy in Syria Leveled in Airstrike"
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Up-as-Iranian-Embassy-in-Syria-Leveled-in-Airstrike.html
👍️0
Mother Lode Mother Lode 2 months ago
"Oil Could Rise More than Anyone Expects This Year"
https://oilprice.com/Energy/Oil-Prices/Oil-Could-Rise-More-than-Anyone-Expects-This-Year.html
👍️0
Mother Lode Mother Lode 3 months ago
2 large purchases this month
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benchman benchman 3 months ago
All above $5. Nice!
👍️ 1
Mother Lode Mother Lode 3 months ago
Brady K Long buys 355,147 shares
👍️0
Mother Lode Mother Lode 3 months ago
C/O PERESTROIKA AS, TURMSTRASSE 30: adds 1 million shares to increase total to 85,574,894
👍️0
Mother Lode Mother Lode 3 months ago
"14 Best Beaten Down Stocks To Buy Right Now"

https://finance.yahoo.com/news/14-best-beaten-down-stocks-120431736.html

#3 "Transocean Ltd. (NYSE:RIG) is a Switzerland based energy company that provides drilling services and other associated products. Its latest set of financial results kept up a trend of losses but also provided a respite as a loss per share of 9 cents beat analyst estimates of a 23 cent loss.

During 2023’s December quarter, 45 out of the 933 hedge funds profiled by Insider Monkey had held a stake in the firm. Transocean Ltd. (NYSE:RIG)’s largest hedge fund shareholder is Dmitry Balyasny’s Balyasny Asset Management due to its $44.9 million stake."
👍️0
benchman benchman 3 months ago
Yep
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eastunder eastunder 3 months ago
It's certainly in a downtrend!


👍️0
benchman benchman 3 months ago
Nice article, but it's taking a beating this morning
👍️0
eastunder eastunder 3 months ago
Transocean Navigates Rough Seas to Set Sail for Profitability Amidst Financial Turbulence

Transocean Ltd. reveals its Q4 2023 Fleet Status Report, highlighting resilience and growth in the offshore drilling sector. The company's commitment to operational excellence and its advanced fleet, including the Transocean Barents and Deepwater Skyros, set the stage for future success.

Ebenezer Mensah
19 Feb 2024 17:33 EST

https://bnnbreaking.com/finance-nav/transocean-navigates-rough-seas-to-set-sail-for-profitability-amidst-financial-turbulence

In a world where the echoes of industry resonate beneath the ocean's depths, Transocean Ltd. (NYSE: RIG) has emerged from the financial deep with its latest quarterly Fleet Status Report. Amidst the tumultuous waves of the global economy, the offshore drilling behemoth has charted a course through fiscal storms, revealing both challenges and triumphs in its journey. As of today, standing tall against the winds of adversity, Transocean's story is one of resilience, ambition, and the relentless pursuit of excellence in the unyielding frontier of offshore drilling.

Charting New Depths: Financial Highlights and Operational Achievements

Transocean's financial ledger for the fourth quarter of 2023 unveils a narrative of complexity and conquest. Despite an adjusted net loss of $74 million, or $0.09 per diluted share, the company's sails caught wind with contract drilling revenues swelling by $28 million to a robust $741 million. This financial upturn is credited to a series of operational refinements and a steadfast commitment to efficiency and excellence. However, the voyage was not without its squalls. A loss on impairment and diminished revenue from idle rigs cast shadows on the ledger, though not enough to eclipse the gains made through hard-fought operational improvements.

Maintenance and operational expenses surged to $569 million, a testament to the company's commitment to maintaining its fleet's readiness and operational integrity. This increase primarily reflects the costs associated with returning rigs to service and heightened maintenance demands. Yet, in the face of these escalations, Transocean charted a course towards financial stability, bolstered by a remarkable $145 million fair value adjustment in favor of its exchangeable bonds, and a significant uptick in cash flow from operations, which soared by $142 million to $98 million.

The Fleet's Vanguard: Transocean Barents and Deepwater Skyros

At the helm of Transocean's fleet, the Transocean Barents and Deepwater Skyros stand as beacons of innovation and capability. These rigs, embodying the pinnacle of offshore drilling technology, have secured new contracts that not only underscore Transocean's operational excellence but also signify the market's recognition of its high-specification fleet. The estimated fair value of Transocean at US$8.00, juxtaposed with its current share price of $5.17, reflects a market yet to fully align with the company's intrinsic value and potential.

The addition of $3.2 billion to the backlog, as highlighted by CEO Jeremy Thigpen, represents a tidal wave of opportunity. Thigpen's commendation of the company's outstanding safety results and a record 97.6% uptime performance echoes the ethos of Transocean's unwavering commitment to operational excellence and efficiency. With the market's tightness and the anticipation of a multi-year upcycle, Transocean's fleet, including 36 mobile offshore drilling units and one ultra-deepwater drillship under construction, is poised to navigate the high seas of demand in the offshore drilling sector.

A Look Beyond the Horizon: Future Endeavors and Market Outlook

The future for Transocean, much like the oceans it navigates, is vast with both promise and challenges. With a net loss of $954 million for the full year, the company's financial journey reflects the turbulent waters of the global economy and the inherent risks of the offshore drilling industry. Yet, amidst these trials, Transocean's strategic investments, such as the newbuild ultra-deepwater drillship Deepwater Aquila, and its unwavering focus on enhancing its fleet's capabilities, signal a clear vision for the future.

The optimism shared by Thigpen, buoyed by the market's potential for a robust upcycle, illuminates Transocean's path forward. In a world increasingly thirsty for energy and in an industry where depth, precision, and resilience are paramount, Transocean's journey is more than a tale of financial metrics and operational achievements. It's a saga of human ambition, technological triumph, and the indomitable spirit of exploration and discovery.

In conclusion, as Transocean sets its sights on uncharted waters, navigating through fiscal tempests and operational trials, its story is a testament to the enduring allure of the unknown depths. With its fleet at the ready and its course set towards profitability and operational supremacy, Transocean remains a formidable force in the quest to harness the world's offshore resources. The journey ahead, fraught with challenges and ripe with opportunities, is yet another chapter in Transocean's ongoing odyssey across the boundless seas of industry and innovation.
👍️ 1
eastunder eastunder 3 months ago
Transocean Ltd. Reports Fourth Quarter and Full Year 2023 Results
February 19, 2024 17:21 ET
| Source: Transocean Ltd.

https://www.globenewswire.com/news-release/2024/02/19/2831452/0/en/Transocean-Ltd-Reports-Fourth-Quarter-and-Full-Year-2023-Results.html

STEINHAUSEN, Switzerland, Feb. 19, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $104 million, $0.13 per diluted share, for the three months ended December 31, 2023.

Fourth quarter results included net unfavorable items of $30 million, $0.04 per diluted share as follows:

$24 million, $0.03 per diluted share, loss on conversion of debt to equity;
$5 million, $0.01 per diluted share, loss on impairment of our investment in an unconsolidated affiliate; and
$3 million, discrete tax items, net.

These unfavorable items were partially offset by:

$1 million gain on early retirement of debt;
$1 million of other net favorable items.
After consideration of these net unfavorable items, fourth quarter 2023 adjusted net loss was $74 million, $0.09 per diluted share.

Contract drilling revenues for the three months ended December 31, 2023 increased sequentially by $28 million to $741 million due to increased average daily revenue and higher fleet revenue efficiency, as well as increased utilization on four rigs that were undergoing contract preparation and one rig that underwent a special periodic survey in the third quarter. This was partially offset by lower revenue generated by two rigs that were idle and two rigs that were undergoing contract preparation during the fourth quarter.

Contract intangible amortization represented a non-cash revenue reduction of $7 million, compared to $8 million in the prior quarter.

Operating and maintenance expense was $569 million, compared with $524 million in the prior quarter. The sequential increase was primarily due to rigs returning to work after undergoing contract preparation in the prior quarter and higher in-service maintenance costs across our fleet, partially offset by lower activity for two rigs that were idle in the fourth quarter.

After consideration of the fair value adjustment of the bifurcated exchange feature embedded in our 4.625% exchangeable bonds, which was favorable $145 million in the fourth quarter and unfavorable $93 million in the third quarter, interest expense net of amounts capitalized was $142 million, compared with $139 million in the prior period. Interest income was $10 million, compared with $12 million in the previous quarter.

The Effective Tax Rate(2) was (25.0)%, down from 16.3% in the prior quarter. The decrease was primarily due to reduced losses in the current quarter. The Effective Tax Rate excluding discrete items was (30.0)% compared to (8.7)% in the previous quarter.

Cash provided by operating activities was $98 million during the fourth quarter of 2023, representing an increase of $142 million compared to the prior quarter. The sequential increase was primarily due to timing of interest payments and increased collections from customers partially offset by decreased cash collected from, and increased payments to, our unconsolidated affiliates.

Fourth quarter 2023 capital expenditures of $220 million were primarily associated with the newbuild ultra-deepwater drillship Deepwater Aquila. This compares with $50 million in the prior quarter.

“We are very proud of our performance in 2023,” said Chief Executive Officer Jeremy Thigpen. “We added $3.2 billion of backlog in the calendar year, providing additional visibility to future cash flows. In addition to delivering standout personal and process safety results, we finished the year with a company-best 97.6% uptime performance. Notably, we generated these results in a year that included eight large-scale projects, including installation of the 20K BOP on the Deepwater Atlas, the industry’s first eighth-generation drillship, and the timely delivery and commissioning of the Deepwater Titan, our second eighth-generation drillship. Finally, we took delivery of our eighth 1,400 short ton drillship, the Deepwater Aquila.”

Thigpen concluded: “We remain encouraged by the continued tightness in the market and remain focused on delivering value to our shareholders as we progress through what we expect to be a multi-year upcycle.”

Full Year 2023

For the year ended December 31, 2023, net loss attributable to controlling interest totaled $954 million, $1.24 per diluted share. Full year results included $215 million, $0.28 per diluted share, net unfavorable items listed as follows:

$169 million, $0.22 per diluted share, loss on disposal of assets;
$57 million, $0.07 per diluted share, loss on impairment of assets;
$31 million, $0.04 per diluted share, loss on retirement of debt;
$27 million, $0.04 per diluted share, loss on conversion of debt to equity; and
$5 million, $0.01 per diluted share, loss on impairment of our investment in an unconsolidated affiliate; partially offset by,
$74 million, $0.10 per diluted share, related to favorable discrete tax items.
After consideration of these net unfavorable items, adjusted net loss for 2023 was $739 million, $0.96 per diluted share.
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Mother Lode Mother Lode 3 months ago
Ya, I saw all this, but I did not see any Utilization numbers. I thought that would be important.
Would like to see utilization over 60%
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eastunder eastunder 3 months ago
4Q and full year 2023 Earnings Monday 2-19 A

STEINHAUSEN, Switzerland, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that it will report earnings for the fourth quarter and full year 2023 on Monday, February 19, 2024.

The company will conduct a teleconference to discuss the results starting at 9 a.m. EST, 3 p.m. CET, on Tuesday, February 20, 2024. Individuals who wish to participate should dial +1 785-424-1226 and refer to conference code 932678 approximately 15 minutes prior to the scheduled start time.

The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. A replay of the conference call will be available after 12 p.m. EST, 6 p.m. CET, on February 20, 2024. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-2660, passcode 932678. The replay also will be available on the company's website.
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