– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
STEINHAUSEN, Switzerland, July 31, 2023 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $165 million, $0.22 per diluted share, for the three months ended June 30, 2023.
Second quarter results included net unfavorable items of $55 million, or $0.07 per diluted share as follows:
After consideration of these net unfavorable items, second quarter 2023 adjusted net loss was $110 million, or $0.15 per diluted share.
Contract drilling revenues for the three months ended June 30, 2023, increased sequentially by $80 million to $729 million, primarily due to increased activity for rigs that returned to work after being idle in the first quarter, the commencement of operations of the newbuild Deepwater Titan and $19 million of revenues associated with the early termination of Transocean Endurance and Transocean Barents, partially offset by reduced activity for two rigs that were idle in the second quarter of 2023.
Contract intangible amortization represented a non-cash revenue reduction of $19 million. This compares with $18 million in the prior quarter.
Operating and maintenance expense was $484 million, compared with $409 million in the prior quarter. The sequential increase was primarily due to rigs that returned to work after being idle, the commencement of operations of the newbuild Deepwater Titan and higher costs associated with two rigs undergoing contract preparation.
Interest expense, net of amounts capitalized, was $168 million, compared with $249 million in the prior quarter. Interest expense included a non-cash loss of $46 million, compared with $133 million in the prior quarter, associated with the fair value adjustment of the bifurcated exchange feature embedded in our exchangeable bonds issued in September of 2022. Interest income was $11 million, compared with $19 million in the previous quarter.
The Effective Tax Rate(2) was 8.8%, up from (12.3)% in the prior quarter. The increase was primarily due to updates to our forecast to include losses on revaluation of our exchangeable bonds. The Effective Tax Rate excluding discrete items was 11.7% compared to (29.0)% in the previous quarter.
Cash provided by operating activities was $157 million during the second quarter of 2023, representing an increase of $204 million compared to the prior quarter. The sequential increase is primarily due to increased collections from customers, reduced payments for payroll-related items, and reduced payments for interest.
Second quarter 2023 capital expenditures of $76 million decreased primarily due to reduced spending for our newbuild rigs under construction. This compares with $81 million in the prior quarter.
“During the second quarter, we continued to benefit from increased demand for our fleet of high-specification floaters. As of our latest fleet status report, we secured an additional $1.2 billion of backlog at a weighted average dayrate of approximately $456,000,” said Chief Executive Officer, Jeremy Thigpen. “As evidenced by our customers contracting rigs well in advance of their programs and committing to long-term contracts, the outlook for our high-specification assets and services remains robust.”
Thigpen concluded, “In addition to securing contracts at market-leading rates, our focus remains on the flawless execution of our offshore operations to maximize the value of our $9.2 billion backlog for our shareholders.”
Non-GAAP Financial Measures
We present our operating results in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). We believe certain financial measures, such as Adjusted Contract Drilling Revenues, EBITDA, Adjusted EBITDA and Adjusted Net Income, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.
All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the company’s website at: www.deepwater.com.
About Transocean
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-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 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. In addition, Transocean holds a noncontrolling ownership interest in a company that is constructing one ultra-deepwater drillship.
For more information about Transocean, please visit: www.deepwater.com.
Conference Call Information
Transocean will conduct a teleconference starting at 9 a.m. EDT, 3 p.m. CEST, on Tuesday, August 1, 2023, to discuss the results. To participate, dial +1 785-424-1222 and refer to conference code 623461 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. Supplemental materials that may be referenced during the teleconference will be available at: www.deepwater.com, by selecting Investors, Financial Reports.
A replay of the conference call will be available after 12 p.m. EDT, 6 p.m. CEST, on Tuesday, August 1, 2023. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-7343, passcode 623461. The replay will also be available on the company’s website.
Forward-Looking Statements
The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, such as COVID-19, and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2022, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com.
This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.
| (1) | Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. See the accompanying schedule entitled “Revenue Efficiency.” | |
| (2) | Effective Tax Rate is defined as income tax expense or benefit divided by income or loss before income taxes. See the accompanying schedule entitled “Supplemental Effective Tax Rate Analysis.” | |
Analyst Contact:Alison Johnson+1 713-232-7214
Media Contact:Pam Easton+1 713-232-7647
| TRANSOCEAN LTD. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (In millions, except per share data) |
| (Unaudited) |
| Three months ended | Six months ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||
| Contract drilling revenues | $ | 729 | $ | 692 | $ | 1,378 | $ | 1,278 | |||||||||
| Costs and expenses | |||||||||||||||||
| Operating and maintenance | 484 | 433 | 893 | 845 | |||||||||||||
| Depreciation and amortization | 186 | 184 | 368 | 367 | |||||||||||||
| General and administrative | 48 | 43 | 93 | 85 | |||||||||||||
| 718 | 660 | 1,354 | 1,297 | ||||||||||||||
| Loss on impairment of assets | (53 | ) | — | (53 | ) | — | |||||||||||
| Loss on disposal of assets, net | — | (4 | ) | (170 | ) | (3 | ) | ||||||||||
| Operating income (loss) | (42 | ) | 28 | (199 | ) | (22 | ) | ||||||||||
| Other income (expense), net | |||||||||||||||||
| Interest income | 11 | 4 | 30 | 6 | |||||||||||||
| Interest expense, net of amounts capitalized | (168 | ) | (100 | ) | (417 | ) | (202 | ) | |||||||||
| Loss on retirement of debt | — | — | (32 | ) | — | ||||||||||||
| Other, net | 18 | 3 | 23 | 4 | |||||||||||||
| (139 | ) | (93 | ) | (396 | ) | (192 | ) | ||||||||||
| Loss before income tax expense (benefit) | (181 | ) | (65 | ) | (595 | ) | (214 | ) | |||||||||
| Income tax expense (benefit) | (16 | ) | 3 | 35 | 29 | ||||||||||||
| Net loss | (165 | ) | (68 | ) | (630 | ) | (243 | ) | |||||||||
| Net income attributable to noncontrolling interest | — | — | — | — | |||||||||||||
| Net loss attributable to controlling interest | $ | (165 | ) | $ | (68 | ) | $ | (630 | ) | $ | (243 | ) | |||||
| Loss per share, basic and diluted | $ | (0.22 | ) | $ | (0.10 | ) | $ | (0.85 | ) | $ | (0.36 | ) | |||||
| Weighted-average shares, basic and diluted | 761 | 692 | 745 | 678 | |||||||||||||
| TRANSOCEAN LTD. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (In millions, except share data) |
| (Unaudited) |
| June 30, | December 31, | ||||||||
| 2023 | 2022 | ||||||||
| Assets | |||||||||
| Cash and cash equivalents | $ | 821 | $ | 683 | |||||
| Accounts receivable, net of allowance of $3 and $2 at June 30, 2023 and December 31, 2022, respectively | 523 | 485 | |||||||
| Materials and supplies, net of allowance of $202 and $199 at June 30, 2023 and December 31, 2022, respectively | 397 | 388 | |||||||
| Restricted cash and cash equivalents | 213 | 308 | |||||||
| Other current assets | 281 | 144 | |||||||
| Total current assets | 2,235 | 2,008 | |||||||
| Property and equipment | 23,527 | 24,217 | |||||||
| Less accumulated depreciation | (6,607 | ) | (6,748 | ) | |||||
| Property and equipment, net | 16,920 | 17,469 | |||||||
| Contract intangible assets | 19 | 56 | |||||||
| Deferred tax assets, net | 45 | 13 | |||||||
| Other assets | 994 | 890 | |||||||
| Total assets | $ | 20,213 | $ | 20,436 | |||||
| Liabilities and equity | |||||||||
| Accounts payable | $ | 285 | $ | 281 | |||||
| Accrued income taxes | 16 | 19 | |||||||
| Debt due within one year | 293 | 719 | |||||||
| Other current liabilities | 547 | 539 | |||||||
| Total current liabilities | 1,141 | 1,558 | |||||||
| Long-term debt | 7,154 | 6,628 | |||||||
| Deferred tax liabilities, net | 552 | 493 | |||||||
| Other long-term liabilities | 961 | 965 | |||||||
| Total long-term liabilities | 8,667 | 8,086 | |||||||
| Commitments and contingencies | |||||||||
| Shares, CHF 0.10 par value, 1,021,294,549 authorized, 142,362,093 conditionally authorized, 831,845,482 issued | |||||||||
| and 766,655,180 outstanding at June 30, 2023, and 905,093,509 authorized, 142,362,675 conditionally | |||||||||
| authorized, 797,244,753 issued and 721,888,427 outstanding at December 31, 2022 | 76 | 71 | |||||||
| Additional paid-in capital | 14,233 | 13,984 | |||||||
| Accumulated deficit | (3,709 | ) | (3,079 | ) | |||||
| Accumulated other comprehensive loss | (196 | ) | (185 | ) | |||||
| Total controlling interest shareholders’ equity | 10,404 | 10,791 | |||||||
| Noncontrolling interest | 1 | 1 | |||||||
| Total equity | 10,405 | 10,792 | |||||||
| Total liabilities and equity | $ | 20,213 | $ | 20,436 | |||||
| TRANSOCEAN LTD. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (In millions) |
| (Unaudited) |
| Six months ended | |||||||||
| June 30, | |||||||||
| 2023 | 2022 | ||||||||
| Cash flows from operating activities | |||||||||
| Net loss | $ | (630 | ) | $ | (243 | ) | |||
| Adjustments to reconcile to net cash provided by operating activities: | |||||||||
| Contract intangible asset amortization | 37 | 59 | |||||||
| Depreciation and amortization | 368 | 367 | |||||||
| Share-based compensation expense | 20 | 15 | |||||||
| Loss on impairment of assets | 53 | — | |||||||
| Loss on disposal of assets, net | 170 | 3 | |||||||
| Fair value adjustment to bifurcated compound exchange feature | 179 | — | |||||||
| Loss on retirement of debt | 32 | — | |||||||
| Deferred income tax expense | 27 | 25 | |||||||
| Other, net | 46 | 32 | |||||||
| Changes in deferred revenues, net | 27 | (31 | ) | ||||||
| Changes in deferred costs, net | (37 | ) | 13 | ||||||
| Changes in other operating assets and liabilities, net | (182 | ) | (200 | ) | |||||
| Net cash provided by operating activities | 110 | 40 | |||||||
| Cash flows from investing activities | |||||||||
| Capital expenditures | (157 | ) | (221 | ) | |||||
| Investments in equity of unconsolidated affiliates | (10 | ) | (19 | ) | |||||
| Proceeds from disposal of assets, net | 4 | 4 | |||||||
| Net cash used in investing activities | (163 | ) | (236 | ) | |||||
| Cash flows from financing activities | |||||||||
| Repayments of debt | (1,568 | ) | (257 | ) | |||||
| Proceeds from issuance of debt, net of issue costs | 1,665 | — | |||||||
| Proceeds from issuance of shares, net of issue costs | — | 206 | |||||||
| Other, net | (1 | ) | (4 | ) | |||||
| Net cash provided by (used in) financing activities | 96 | (55 | ) | ||||||
| Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 43 | (251 | ) | ||||||
| Unrestricted and restricted cash and cash equivalents, beginning of period | 991 | 1,412 | |||||||
| Unrestricted and restricted cash and cash equivalents, end of period | $ | 1,034 | $ | 1,161 | |||||
| TRANSOCEAN LTD. AND SUBSIDIARIES | |||||||||||
| FLEET OPERATING STATISTICS | |||||||||||
| Three months ended | |||||||||||
| June 30, | March 31 | June 30, | |||||||||
| Contract Drilling Revenues (in millions) | 2023 | 2023 | 2022 | ||||||||
| Contract drilling revenues | |||||||||||
| Ultra-deepwater floaters | $ | 536 | $ | 484 | $ | 451 | |||||
| Harsh environment floaters | 193 | 165 | 241 | ||||||||
| Total contract drilling revenues | $ | 729 | $ | 649 | $ | 692 | |||||
| Three months ended | |||||||||||
| June 30, | March 31 | June 30, | |||||||||
| Average Daily Revenue (1) | 2023 | 2023 | 2022 | ||||||||
| Ultra-deepwater floaters | $ | 380,600 | $ | 360,000 | $ | 334,400 | |||||
| Harsh environment floaters | 332,000 | 376,000 | 406,000 | ||||||||
| Total fleet average daily revenue | $ | 367,000 | $ | 364,100 | $ | 358,100 | |||||
| Three months ended | ||||||||||||
| June 30, | March 31 | June 30, | ||||||||||
| Utilization (2) | 2023 | 2023 | 2022 | |||||||||
| Ultra-deepwater floaters | 53.7 | % | 52.5 | % | 53.8 | % | ||||||
| Harsh environment floaters | 57.7 | % | 50.1 | % | 70.0 | % | ||||||
| Total fleet average rig utilization | 54.7 | % | 51.9 | % | 58.2 | % | ||||||
| Three months ended | |||||||||||
| June 30, | March 31 | June 30, | |||||||||
| Revenue Efficiency (3) | 2023 | 2023 | 2022 | ||||||||
| Ultra-deepwater floaters | 97.3 | % | 97.4 | % | 96.8 | % | |||||
| Harsh environment floaters | 96.8 | % | 98.7 | % | 99.5 | % | |||||
| Total fleet average revenue efficiency | 97.2 | % | 97.8 | % | 97.8 | % | |||||
| (1) Average daily revenue is defined as operating revenues, excluding revenues for contract terminations, reimbursements and contract intangible amortization, earned per operating day. An operating day is defined as a day for which a rig is contracted to earn a dayrate during the firm contract period after operations commence. | |||||||||||
| (2) Rig utilization is defined as the total number of operating days divided by the total number of rig calendar days in the measurement period, expressed as a percentage. | |||||||||||
| (3) Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. | |||||||||||
| TRANSOCEAN LTD. AND SUBSIDIARIES | |||||||||||||||||||||||||
| NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS | |||||||||||||||||||||||||
| ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE | |||||||||||||||||||||||||
| (in millions, except per share data) | |||||||||||||||||||||||||
| YTD | QTD | YTD | |||||||||||||||||||||||
| 06/30/23 | 06/30/23 | 03/31/23 | |||||||||||||||||||||||
| Adjusted Net Loss | |||||||||||||||||||||||||
| Net loss attributable to controlling interest, as reported | $ | (630 | ) | $ | (165 | ) | $ | (465 | ) | ||||||||||||||||
| Loss on impairment of assets | 53 | 53 | — | ||||||||||||||||||||||
| Loss on disposal of assets, net | 169 | — | 169 | ||||||||||||||||||||||
| Loss on debt conversion | 3 | 3 | — | ||||||||||||||||||||||
| Loss on retirement of debt | 32 | — | 32 | ||||||||||||||||||||||
| Discrete tax items | (12 | ) | (1 | ) | (11 | ) | |||||||||||||||||||
| Net loss, as adjusted | $ | (385 | ) | $ | (110 | ) | $ | (275 | ) | ||||||||||||||||
| Adjusted Diluted Loss Per Share: | |||||||||||||||||||||||||
| Diluted loss per share, as reported | $ | (0.85 | ) | $ | (0.22 | ) | $ | (0.64 | ) | ||||||||||||||||
| Loss on impairment of assets | 0.07 | 0.07 | — | ||||||||||||||||||||||
| Loss on disposal of assets, net | 0.23 | — | 0.23 | ||||||||||||||||||||||
| Loss on debt conversion | — | — | — | ||||||||||||||||||||||
| Loss on retirement of debt | 0.04 | — | 0.04 | ||||||||||||||||||||||
| Discrete tax items | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
| Diluted loss per share, as adjusted | $ | (0.52 | ) | $ | (0.15 | ) | $ | (0.38 | ) | ||||||||||||||||
| YTD | QTD | YTD | QTD | YTD | QTD | YTD | |||||||||||||||||||||||
| 12/31/22 | 12/31/22 | 09/30/22 | 09/30/22 | 06/30/22 | 06/30/22 | 03/31/22 | |||||||||||||||||||||||
| Adjusted Net Loss | |||||||||||||||||||||||||||||
| Net loss attributable to controlling interest, as reported | $ | (621 | ) | $ | (350 | ) | $ | (271 | ) | $ | (28 | ) | $ | (243 | ) | $ | (68 | ) | $ | (175 | ) | ||||||||
| Gain on retirement of debt | (8 | ) | (1 | ) | (7 | ) | (7 | ) | — | — | — | ||||||||||||||||||
| Discrete tax items | (19 | ) | (5 | ) | (14 | ) | (6 | ) | (8 | ) | — | (8 | ) | ||||||||||||||||
| Net loss, as adjusted | $ | (648 | ) | $ | (356 | ) | $ | (292 | ) | $ | (41 | ) | $ | (251 | ) | $ | (68 | ) | $ | (183 | ) | ||||||||
| Adjusted Diluted Loss Per Share: | |||||||||||||||||||||||||||||
| Diluted loss per share, as reported | $ | (0.89 | ) | $ | (0.48 | ) | $ | (0.39 | ) | $ | (0.04 | ) | $ | (0.36 | ) | $ | (0.10 | ) | $ | (0.26 | ) | ||||||||
| Gain on retirement of debt | (0.01 | ) | — | (0.01 | ) | (0.01 | ) | — | — | — | |||||||||||||||||||
| Discrete tax items | (0.03 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.01 | ) | — | (0.02 | ) | ||||||||||||||||
| Diluted loss per share, as adjusted | $ | (0.93 | ) | $ | (0.49 | ) | $ | (0.42 | ) | $ | (0.06 | ) | $ | (0.37 | ) | $ | (0.10 | ) | $ | (0.28 | ) | ||||||||
| TRANSOCEAN LTD. AND SUBSIDIARIES | |||||||||||||||||||||||||
| NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS | |||||||||||||||||||||||||
| ADJUSTED CONTRACT DRILLING REVENUES | |||||||||||||||||||||||||
| EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION AND RELATED MARGINS | |||||||||||||||||||||||||
| (in millions, except percentages) | |||||||||||||||||||||||||
| YTD | QTD | YTD | |||||||||||||||||||||||
| 06/30/23 | 06/30/23 | 03/31/23 | |||||||||||||||||||||||
| Contract drilling revenues | $ | 1,378 | $ | 729 | $ | 649 | |||||||||||||||||||
| Contract intangible asset amortization | 37 | 19 | 18 | ||||||||||||||||||||||
| Adjusted Contract Drilling Revenues | $ | 1,415 | $ | 748 | $ | 667 | |||||||||||||||||||
| Net loss | $ | (630 | ) | $ | (165 | ) | $ | (465 | ) | ||||||||||||||||
| Interest expense, net of interest income | 387 | 157 | 230 | ||||||||||||||||||||||
| Income tax expense (benefit) | 35 | (16 | ) | 51 | |||||||||||||||||||||
| Depreciation and amortization | 368 | 186 | 182 | ||||||||||||||||||||||
| Contract intangible asset amortization | 37 | 19 | 18 | ||||||||||||||||||||||
| EBITDA | 197 | 181 | 16 | ||||||||||||||||||||||
| Loss on disposal of assets, net | 169 | — | 169 | ||||||||||||||||||||||
| Loss on impairment | 53 | 53 | — | ||||||||||||||||||||||
| Loss on debt conversion | 3 | 3 | — | ||||||||||||||||||||||
| Loss on retirement of debt | 32 | — | 32 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 454 | $ | 237 | $ | 217 | |||||||||||||||||||
| Loss margin | (45.7 | ) | % | (22.6 | ) | % | (71.6 | ) | % | ||||||||||||||||
| EBITDA margin | 13.9 | % | 24.2 | % | 2.4 | % | |||||||||||||||||||
| Adjusted EBITDA margin | 32.1 | % | 31.7 | % | 32.5 | % | |||||||||||||||||||
| YTD | QTD | YTD | QTD | YTD | QTD | YTD | |||||||||||||||||||||||
| 12/31/22 | 12/31/22 | 09/30/22 | 09/30/22 | 06/30/22 | 06/30/22 | 03/31/22 | |||||||||||||||||||||||
| Contract drilling revenues | $ | 2,575 | $ | 606 | $ | 1,969 | $ | 691 | $ | 1,278 | $ | 692 | $ | 586 | |||||||||||||||
| Contract intangible asset amortization | 117 | 19 | 98 | 39 | 59 | 30 | 29 | ||||||||||||||||||||||
| Adjusted Contract Drilling Revenues | $ | 2,692 | $ | 625 | $ | 2,067 | $ | 730 | $ | 1,337 | $ | 722 | $ | 615 | |||||||||||||||
| Net loss | $ | (621 | ) | $ | (350 | ) | $ | (271 | ) | $ | (28 | ) | $ | (243 | ) | $ | (68 | ) | $ | (175 | ) | ||||||||
| Interest expense, net of interest income | 534 | 251 | 283 | 87 | 196 | 96 | 100 | ||||||||||||||||||||||
| Income tax expense (benefit) | 59 | 35 | 24 | (5 | ) | 29 | 3 | 26 | |||||||||||||||||||||
| Depreciation and amortization | 735 | 186 | 549 | 182 | 367 | 184 | 183 | ||||||||||||||||||||||
| Contract intangible asset amortization | 117 | 19 | 98 | 39 | 59 | 30 | 29 | ||||||||||||||||||||||
| EBITDA | 824 | 141 | 683 | 275 | 408 | 245 | 163 | ||||||||||||||||||||||
| Gain on retirement of debt | (8 | ) | (1 | ) | (7 | ) | (7 | ) | — | — | — | ||||||||||||||||||
| Adjusted EBITDA | $ | 816 | $ | 140 | $ | 676 | $ | 268 | $ | 408 | $ | 245 | $ | 163 | |||||||||||||||
| Loss margin | (24.1 | ) | % | (57.8 | ) | % | (13.8 | ) | % | (4.1 | ) | % | (19.0 | ) | % | (9.8 | ) | % | (29.9 | ) | % | ||||||||
| EBITDA margin | 30.6 | % | 22.7 | % | 33.0 | % | 37.6 | % | 30.5 | % | 33.9 | % | 26.5 | % | |||||||||||||||
| Adjusted EBITDA margin | 30.3 | % | 22.4 | % | 32.7 | % | 36.7 | % | 30.5 | % | 33.9 | % | 26.5 | % | |||||||||||||||
| TRANSOCEAN LTD. AND SUBSIDIARIES | |||||||||||||||||||||
| SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS | |||||||||||||||||||||
| (in millions, except tax rates) | |||||||||||||||||||||
| Three months ended | Six months ended | ||||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||
| Loss before income taxes | $ | (181 | ) | $ | (414 | ) | $ | (65 | ) | $ | (595 | ) | $ | (214 | ) | ||||||
| Loss on impairment of assets | 53 | — | — | 53 | — | ||||||||||||||||
| Loss on disposal of assets, net | — | 169 | — | 169 | — | ||||||||||||||||
| Loss on debt conversion | 3 | — | — | 3 | — | ||||||||||||||||
| Loss on retirement of debt | — | 32 | — | 32 | — | ||||||||||||||||
| Adjusted loss before income taxes | $ | (125 | ) | $ | (213 | ) | $ | (65 | ) | $ | (338 | ) | $ | (214 | ) | ||||||
| Income tax expense (benefit) | $ | (16 | ) | $ | 51 | $ | 3 | $ | 35 | $ | 29 | ||||||||||
| Loss on impairment of assets | — | — | — | — | — | ||||||||||||||||
| Loss on disposal of assets, net | — | — | — | — | — | ||||||||||||||||
| Loss on debt conversion | — | — | — | — | — | ||||||||||||||||
| Loss on retirement of debt | — | — | — | — | — | ||||||||||||||||
| Changes in estimates (1) | 1 | 11 | — | 12 | 8 | ||||||||||||||||
| Adjusted income tax expense (benefit) (2) | $ | (15 | ) | $ | 62 | $ | 3 | $ | 47 | $ | 37 | ||||||||||
| Effective Tax Rate (3) | 8.8 | % | (12.3 | ) | % | (4.7 | ) | % | (5.9 | ) | % | (13.7 | ) | % | |||||||
| Effective Tax Rate, excluding discrete items (4) | 11.7 | % | (29.0 | ) | % | (5.2 | ) | % | (14.0 | ) | % | (17.5 | ) | % | |||||||
| (1) Our estimates change as we file tax returns, settle disputes with tax authorities, or become aware of changes in laws and other events that have an effect on our (a) deferred taxes, (b) valuation allowances on deferred taxes and (c) other tax liabilities. | |||||||||||||||||||||
| (2) The three months ended June 30, 2023 included $32 million of additional tax benefit, reflecting the cumulative effect of a decrease in the annual effective tax rate from the previous quarter estimate. | |||||||||||||||||||||
| (3) Our effective tax rate is calculated as income tax expense or benefit divided by income or loss before income taxes. | |||||||||||||||||||||
| (4) Our effective tax rate, excluding discrete items, is calculated as income tax expense or benefit, excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes), divided by income or loss before income taxes, excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes related to estimating the annual effective tax rate. | |||||||||||||||||||||
ШТАЙНХАУЗЕН, Швейцария, 31 июля 2023 г. (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) сегодня сообщила о чистом убытке, относящемся к контрольному пакету акций, в размере 165 миллионов долларов, или 0,22 доллара на разводненную акцию, за три месяца, закончившихся 30 июня 2023 года.
Результаты второго квартала включали чистые неблагоприятные статьи в размере 55 миллионов долларов, или 0,07 доллара на разводненную акцию, следующим образом:
После учета этих чистых неблагоприятных статей скорректированный чистый убыток за второй квартал 2023 года составил 110 миллионов долларов, или 0,15 доллара на разводненную акцию.
Доходы от контрактного бурения за три месяца, закончившихся 30 июня 2023 года, последовательно увеличились на 80 миллионов долларов до 729 миллионов долларов, главным образом за счет увеличения активности буровых установок, которые вернулись к работе после простоя в первом квартале, начала эксплуатации нового глубоководного титана и доходов в размере 19 миллионов долларов, связанных с досрочное прекращение работы Transocean Endurance и Transocean Barents, частично компенсированное снижением активности двух буровых установок, которые простаивали во втором квартале 2023 года.
Амортизация нематериальных активов по контракту привела к сокращению неденежной выручки на 19 миллионов долларов. Это сопоставимо с 18 миллионами долларов в предыдущем квартале.
Расходы на эксплуатацию и техническое обслуживание составили 484 миллиона долларов по сравнению с 409 миллионами долларов в предыдущем квартале. Последовательный рост был обусловлен главным образом тем, что буровые установки вернулись к работе после простоя, началом эксплуатации новой глубоководной установки Titan и более высокими затратами, связанными с подготовкой контрактов на две буровые установки.
Процентные расходы за вычетом капитализированных сумм составили 168 миллионов долларов по сравнению с 249 миллионами долларов в предыдущем квартале. Процентные расходы включали неденежный убыток в размере 46 миллионов долларов США по сравнению со 133 миллионами долларов США в предыдущем квартале, связанный с корректировкой справедливой стоимости функции раздвоенного обмена, встроенной в наши облигации, подлежащие обмену, выпущенные в сентябре 2022 года. Процентный доход составил 11 миллионов долларов по сравнению с 19 миллионами долларов в предыдущем квартале.
Эффективная налоговая ставка(2) составила 8,8%, по сравнению с (12,3)% в предыдущем квартале. Увеличение произошло в основном за счет обновления нашего прогноза с учетом убытков от переоценки наших облигаций, подлежащих обмену. Эффективная налоговая ставка без учета отдельных статей составила 11,7% по сравнению с (29,0)% в предыдущем квартале.
Денежные средства, полученные в результате операционной деятельности, составили 157 миллионов долларов во втором квартале 2023 года, что на 204 миллиона долларов больше по сравнению с предыдущим кварталом. Последовательный рост в первую очередь обусловлен увеличением поступлений от клиентов, сокращением выплат по статьям, связанным с заработной платой, и сокращением выплат по процентам.
Капитальные затраты во втором квартале 2023 года в размере 76 миллионов долларов снизились в основном за счет сокращения расходов на наши новые буровые установки, находящиеся в стадии строительства. Это сопоставимо с 81 миллионом долларов в предыдущем квартале.
“Во втором квартале мы продолжали извлекать выгоду из возросшего спроса на наш парк плавучих средств с высокими техническими характеристиками. Согласно нашему последнему отчету о состоянии флота, мы обеспечили дополнительное отставание в 1,2 миллиарда долларов при средневзвешенной дневной ставке примерно в 456 000 долларов”, - сказал главный исполнительный директор Джереми Тигпен. “Как свидетельствует тот факт, что наши клиенты заключают контракты на буровые установки заблаговременно до начала реализации своих программ и берут на себя обязательства по долгосрочным контрактам, перспективы наших активов и услуг с высокими техническими характеристиками остаются устойчивыми”.
Тигпен заключил: “В дополнение к заключению контрактов по лучшим на рынке ставкам, мы по-прежнему сосредоточены на безупречном выполнении наших оффшорных операций, чтобы максимизировать стоимость нашего портфеля в размере 9,2 миллиарда долларов для наших акционеров”.
Финансовые показатели, не относящиеся к GAAP
Мы представляем результаты нашей деятельности в соответствии с принципами бухгалтерского учета, общепринятыми в США (“ОПБУ США”). Мы считаем, что определенные финансовые показатели, такие как скорректированная выручка от бурения по контракту, EBITDA, скорректированный показатель EBITDA и скорректированная чистая прибыль, которые не являются показателями GAAP, предоставляют пользователям нашей финансовой отчетности дополнительную информацию, которая может быть полезна при оценке наших операционных показателей. Мы считаем, что такие показатели, не относящиеся к GAAP, если рассматривать их в сочетании с нашими операционными результатами, представленными в соответствии с ОПБУ США, могут быть использованы для лучшей оценки нашей деятельности от периода к периоду и по сравнению с показателями других компаний в нашей отрасли, независимо от методов финансирования, первоначальной стоимости или структуры капитала. Такие показатели, не относящиеся к ОПБУ, следует рассматривать как дополнение, а не как замену финансовых показателей, подготовленных в соответствии с ОПБУ США.
Все сверки показателей, не относящихся к GAAP, с наиболее сопоставимыми показателями по GAAP США отображаются в количественных таблицах на веб-сайте компании по адресу: www.deepwater.com .
О Transocean
Transocean - ведущий международный поставщик услуг по контрактному бурению нефтяных и газовых скважин на шельфе. Компания специализируется на технически сложных секторах мирового бизнеса по морскому бурению, уделяя особое внимание услугам по бурению на сверхглубоких водоемах и в суровых условиях окружающей среды, и управляет плавучим морским буровым флотом самой высокой спецификации в мире.
Transocean владеет или имеет частичную долю владения и управляет флотом из 37 мобильных морских буровых установок, состоящим из 28 сверхглубоководных плавучих средств и девяти плавучих средств для работы в суровых условиях. Кроме того, Transocean владеет неконтролирующей долей участия в компании, которая строит одно сверхглубоководное буровое судно.
Для получения дополнительной информации о Transocean, пожалуйста, посетите: www.deepwater.com .
Информация о конференц-звонке
Transocean проведет телеконференцию, которая начнется в 9:00 по восточному времени во вторник, 1 августа 2023 года, для обсуждения результатов. Чтобы принять участие, наберите +1 785-424-1222 и укажите код конференции 623461 примерно за 15 минут до запланированного времени начала.
Телеконференция будет транслироваться одновременно в режиме только для прослушивания по адресу: www.deepwater.com , путем выбора инвесторов, новостей и веб-трансляций. Дополнительные материалы, на которые можно будет ссылаться во время телеконференции, будут доступны по адресу: www.deepwater.com , путем выбора инвесторов, финансовых отчетов.
Повтор телефонной конференции будет доступен после 12:00 по восточному времени во вторник, 1 августа 2023 года. Повтор, который будет храниться в архиве примерно 30 дней, можно получить по телефону +1 402-220-7343, код доступа 623461. Повтор также будет доступен на веб-сайте компании.
Заявления прогнозного характера
Описанные здесь заявления, которые не являются историческими фактами, являются прогнозными заявлениями по смыслу раздела 27А Закона о ценных бумагах 1933 года с поправками и раздела 21Е Закона о фондовой бирже 1934 года с поправками. Эти утверждения могут содержать такие слова, как "возможно", "намереваюсь", "буду", "если", "ожидаю" или другие подобные выражения. Заявления прогнозного характера основаны на текущих ожиданиях и допущениях руководства и подвержены присущим им неопределенностям, рискам и изменениям обстоятельств, которые трудно предсказать. В результате фактические результаты могут существенно отличаться от тех, которые указаны в этих прогнозных заявлениях. Факторы, которые могут привести к существенному отличию фактических результатов, включают, но не ограничиваются ими, предполагаемую продолжительность контрактов с клиентами, суммы дневной ставки по контракту, даты и местоположения начала действия будущих контрактов, планируемые проекты на верфях и другие периоды простоя, продажи буровых установок, сроки поставок нового оборудования компании, операционные опасности и задержки, риски, связанные с международными операциями, действия клиентов и других третьих сторон, колебания текущих и будущих цен на нефть и газ, глобальное и региональное предложение и спрос на нефть и газ, намерение отказаться от определенных буровых установок, успех нашего бизнеса после предыдущих приобретений, последствия распространения и мер по смягчению последствий, предпринимаемых правительствами, предприятиями и частными лицами, связанных с инфекционными заболеваниями, такими как COVID-19, и другими факторами, включая эти и другие риски, рассмотренные в последнем годовом отчете компании по форме 10-К за год, закончившийся 31 декабря 2022 г., а также в другие заявки компании в SEC, с которыми можно бесплатно ознакомиться на веб-сайте SEC по адресу: www.sec.gov . Если один или несколько из этих рисков или неопределенностей материализуются (или другие последствия такого развития событий ухудшатся), или если лежащие в их основе предположения окажутся неверными, фактические результаты могут существенно отличаться от тех, которые указаны, выражены или подразумеваются в таких прогнозных заявлениях. Все последующие письменные и устные заявления прогнозного характера, относящиеся к компании или лицам, действующим от нашего имени, в полном объеме прямо оговариваются со ссылкой на эти риски и неопределенности. Вам не следует чрезмерно полагаться на заявления прогнозного характера. Каждое прогнозное заявление действует только на дату конкретного заявления, и мы не берем на себя никаких обязательств публично обновлять или пересматривать какие-либо прогнозные заявления, чтобы отразить события или обстоятельства, которые происходят или о которых нам становится известно после даты настоящего заявления, за исключением случаев, когда иное может потребоваться по закону. Все сверки финансовых показателей, не относящихся к GAAP, с наиболее сопоставимыми показателями GAAP отображаются в количественных таблицах на веб-сайте компании по адресу: www.deepwater.com .
Настоящий пресс-релиз или документы, на которые даны ссылки, не являются предложением о продаже или приглашением к предложению о покупке каких-либо ценных бумаг и не являются проспектом ценных бумаг по смыслу Швейцарского закона о финансовых услугах (“FinSA”) или рекламой по смыслу FinSA. Инвесторы должны полагаться на свою собственную оценку Transocean и его ценных бумаг, включая достоинства и связанные с ними риски. Ничто, содержащееся в настоящем документе, не является обещанием или заверением в отношении будущей работы Transocean и на него нельзя полагаться.
| (1) | Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. See the accompanying schedule entitled “Revenue Efficiency.” | |
| (2) | Effective Tax Rate is defined as income tax expense or benefit divided by income or loss before income taxes. See the accompanying schedule entitled “Supplemental Effective Tax Rate Analysis.” | |
Контактное лицо для аналитиков: Элисон Джонсон+1 713-232-7214
Контакты для сми: Пэм Истон+1 713-232-7647
| Transocean LTD. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (In millions, except per share data) |
| (Unaudited) |
| Three months ended | Six months ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||
| Contract drilling revenues | $ | 729 | $ | 692 | $ | 1,378 | $ | 1,278 | |||||||||
| Costs and expenses | |||||||||||||||||
| Operating and maintenance | 484 | 433 | 893 | 845 | |||||||||||||
| Depreciation and amortization | 186 | 184 | 368 | 367 | |||||||||||||
| General and administrative | 48 | 43 | 93 | 85 | |||||||||||||
| 718 | 660 | 1,354 | 1,297 | ||||||||||||||
| Loss on impairment of assets | (53 | ) | — | (53 | ) | — | |||||||||||
| Loss on disposal of assets, net | — | (4 | ) | (170 | ) | (3 | ) | ||||||||||
| Operating income (loss) | (42 | ) | 28 | (199 | ) | (22 | ) | ||||||||||
| Other income (expense), net | |||||||||||||||||
| Interest income | 11 | 4 | 30 | 6 | |||||||||||||
| Interest expense, net of amounts capitalized | (168 | ) | (100 | ) | (417 | ) | (202 | ) | |||||||||
| Loss on retirement of debt | — | — | (32 | ) | — | ||||||||||||
| Other, net | 18 | 3 | 23 | 4 | |||||||||||||
| (139 | ) | (93 | ) | (396 | ) | (192 | ) | ||||||||||
| Loss before income tax expense (benefit) | (181 | ) | (65 | ) | (595 | ) | (214 | ) | |||||||||
| Income tax expense (benefit) | (16 | ) | 3 | 35 | 29 | ||||||||||||
| Net loss | (165 | ) | (68 | ) | (630 | ) | (243 | ) | |||||||||
| Net income attributable to noncontrolling interest | — | — | — | — | |||||||||||||
| Net loss attributable to controlling interest | $ | (165 | ) | $ | (68 | ) | $ | (630 | ) | $ | (243 | ) | |||||
| Loss per share, basic and diluted | $ | (0.22 | ) | $ | (0.10 | ) | $ | (0.85 | ) | $ | (0.36 | ) | |||||
| Weighted-average shares, basic and diluted | 761 | 692 | 745 | 678 | |||||||||||||
| Transocean LTD. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (In millions, except share data) |
| (Unaudited) |
| June 30, | December 31, | ||||||||
| 2023 | 2022 | ||||||||
| Assets | |||||||||
| Cash and cash equivalents | $ | 821 | $ | 683 | |||||
| Accounts receivable, net of allowance of $3 and $2 at June 30, 2023 and December 31, 2022, respectively | 523 | 485 | |||||||
| Materials and supplies, net of allowance of $202 and $199 at June 30, 2023 and December 31, 2022, respectively | 397 | 388 | |||||||
| Restricted cash and cash equivalents | 213 | 308 | |||||||
| Other current assets | 281 | 144 | |||||||
| Total current assets | 2,235 | 2,008 | |||||||
| Property and equipment | 23,527 | 24,217 | |||||||
| Less accumulated depreciation | (6,607 | ) | (6,748 | ) | |||||
| Property and equipment, net | 16,920 | 17,469 | |||||||
| Contract intangible assets | 19 | 56 | |||||||
| Deferred tax assets, net | 45 | 13 | |||||||
| Other assets | 994 | 890 | |||||||
| Total assets | $ | 20,213 | $ | 20,436 | |||||
| Liabilities and equity | |||||||||
| Accounts payable | $ | 285 | $ | 281 | |||||
| Accrued income taxes | 16 | 19 | |||||||
| Debt due within one year | 293 | 719 | |||||||
| Other current liabilities | 547 | 539 | |||||||
| Total current liabilities | 1,141 | 1,558 | |||||||
| Long-term debt | 7,154 | 6,628 | |||||||
| Deferred tax liabilities, net | 552 | 493 | |||||||
| Other long-term liabilities | 961 | 965 | |||||||
| Total long-term liabilities | 8,667 | 8,086 | |||||||
| Commitments and contingencies | |||||||||
| Shares, CHF 0.10 par value, 1,021,294,549 authorized, 142,362,093 conditionally authorized, 831,845,482 issued | |||||||||
| and 766,655,180 outstanding at June 30, 2023, and 905,093,509 authorized, 142,362,675 conditionally | |||||||||
| authorized, 797,244,753 issued and 721,888,427 outstanding at December 31, 2022 | 76 | 71 | |||||||
| Additional paid-in capital | 14,233 | 13,984 | |||||||
| Accumulated deficit | (3,709 | ) | (3,079 | ) | |||||
| Accumulated other comprehensive loss | (196 | ) | (185 | ) | |||||
| Total controlling interest shareholders’ equity | 10,404 | 10,791 | |||||||
| Noncontrolling interest | 1 | 1 | |||||||
| Total equity | 10,405 | 10,792 | |||||||
| Total liabilities and equity | $ | 20,213 | $ | 20,436 | |||||
| Transocean LTD. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (In millions) |
| (Unaudited) |
| Six months ended | |||||||||
| June 30, | |||||||||
| 2023 | 2022 | ||||||||
| Cash flows from operating activities | |||||||||
| Net loss | $ | (630 | ) | $ | (243 | ) | |||
| Adjustments to reconcile to net cash provided by operating activities: | |||||||||
| Contract intangible asset amortization | 37 | 59 | |||||||
| Depreciation and amortization | 368 | 367 | |||||||
| Share-based compensation expense | 20 | 15 | |||||||
| Loss on impairment of assets | 53 | — | |||||||
| Loss on disposal of assets, net | 170 | 3 | |||||||
| Fair value adjustment to bifurcated compound exchange feature | 179 | — | |||||||
| Loss on retirement of debt | 32 | — | |||||||
| Deferred income tax expense | 27 | 25 | |||||||
| Other, net | 46 | 32 | |||||||
| Changes in deferred revenues, net | 27 | (31 | ) | ||||||
| Changes in deferred costs, net | (37 | ) | 13 | ||||||
| Changes in other operating assets and liabilities, net | (182 | ) | (200 | ) | |||||
| Net cash provided by operating activities | 110 | 40 | |||||||
| Cash flows from investing activities | |||||||||
| Capital expenditures | (157 | ) | (221 | ) | |||||
| Investments in equity of unconsolidated affiliates | (10 | ) | (19 | ) | |||||
| Proceeds from disposal of assets, net | 4 | 4 | |||||||
| Net cash used in investing activities | (163 | ) | (236 | ) | |||||
| Cash flows from financing activities | |||||||||
| Repayments of debt | (1,568 | ) | (257 | ) | |||||
| Proceeds from issuance of debt, net of issue costs | 1,665 | — | |||||||
| Proceeds from issuance of shares, net of issue costs | — | 206 | |||||||
| Other, net | (1 | ) | (4 | ) | |||||
| Net cash provided by (used in) financing activities | 96 | (55 | ) | ||||||
| Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 43 | (251 | ) | ||||||
| Unrestricted and restricted cash and cash equivalents, beginning of period | 991 | 1,412 | |||||||
| Unrestricted and restricted cash and cash equivalents, end of period | $ | 1,034 | $ | 1,161 | |||||
| Transocean LTD. AND SUBSIDIARIES | |||||||||||
| FLEET OPERATING STATISTICS | |||||||||||
| Three months ended | |||||||||||
| June 30, | March 31 | June 30, | |||||||||
| Contract Drilling Revenues (in millions) | 2023 | 2023 | 2022 | ||||||||
| Contract drilling revenues | |||||||||||
| Ultra-deepwater floaters | $ | 536 | $ | 484 | $ | 451 | |||||
| Harsh environment floaters | 193 | 165 | 241 | ||||||||
| Total contract drilling revenues | $ | 729 | $ | 649 | $ | 692 | |||||
| Three months ended | |||||||||||
| June 30, | March 31 | June 30, | |||||||||
| Average Daily Revenue (1) | 2023 | 2023 | 2022 | ||||||||
| Ultra-deepwater floaters | $ | 380,600 | $ | 360,000 | $ | 334,400 | |||||
| Harsh environment floaters | 332,000 | 376,000 | 406,000 | ||||||||
| Total fleet average daily revenue | $ | 367,000 | $ | 364,100 | $ | 358,100 | |||||
| Three months ended | ||||||||||||
| June 30, | March 31 | June 30, | ||||||||||
| Utilization (2) | 2023 | 2023 | 2022 | |||||||||
| Ultra-deepwater floaters | 53.7 | % | 52.5 | % | 53.8 | % | ||||||
| Harsh environment floaters | 57.7 | % | 50.1 | % | 70.0 | % | ||||||
| Total fleet average rig utilization | 54.7 | % | 51.9 | % | 58.2 | % | ||||||
| Three months ended | |||||||||||
| June 30, | March 31 | June 30, | |||||||||
| Revenue Efficiency (3) | 2023 | 2023 | 2022 | ||||||||
| Ultra-deepwater floaters | 97.3 | % | 97.4 | % | 96.8 | % | |||||
| Harsh environment floaters | 96.8 | % | 98.7 | % | 99.5 | % | |||||
| Total fleet average revenue efficiency | 97.2 | % | 97.8 | % | 97.8 | % | |||||
| (1) Average daily revenue is defined as operating revenues, excluding revenues for contract terminations, reimbursements and contract intangible amortization, earned per operating day. An operating day is defined as a day for which a rig is contracted to earn a dayrate during the firm contract period after operations commence. | |||||||||||
| (2) Rig utilization is defined as the total number of operating days divided by the total number of rig calendar days in the measurement period, expressed as a percentage. | |||||||||||
| (3) Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. | |||||||||||
| Transocean LTD. AND SUBSIDIARIES | |||||||||||||||||||||||||
| NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS | |||||||||||||||||||||||||
| ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE | |||||||||||||||||||||||||
| (in millions, except per share data) | |||||||||||||||||||||||||
| YTD | QTD | YTD | |||||||||||||||||||||||
| 06/30/23 | 06/30/23 | 03/31/23 | |||||||||||||||||||||||
| Adjusted Net Loss | |||||||||||||||||||||||||
| Net loss attributable to controlling interest, as reported | $ | (630 | ) | $ | (165 | ) | $ | (465 | ) | ||||||||||||||||
| Loss on impairment of assets | 53 | 53 | — | ||||||||||||||||||||||
| Loss on disposal of assets, net | 169 | — | 169 | ||||||||||||||||||||||
| Loss on debt conversion | 3 | 3 | — | ||||||||||||||||||||||
| Loss on retirement of debt | 32 | — | 32 | ||||||||||||||||||||||
| Discrete tax items | (12 | ) | (1 | ) | (11 | ) | |||||||||||||||||||
| Net loss, as adjusted | $ | (385 | ) | $ | (110 | ) | $ | (275 | ) | ||||||||||||||||
| Adjusted Diluted Loss Per Share: | |||||||||||||||||||||||||
| Diluted loss per share, as reported | $ | (0.85 | ) | $ | (0.22 | ) | $ | (0.64 | ) | ||||||||||||||||
| Loss on impairment of assets | 0.07 | 0.07 | — | ||||||||||||||||||||||
| Loss on disposal of assets, net | 0.23 | — | 0.23 | ||||||||||||||||||||||
| Loss on debt conversion | — | — | — | ||||||||||||||||||||||
| Loss on retirement of debt | 0.04 | — | 0.04 | ||||||||||||||||||||||
| Discrete tax items | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
| Diluted loss per share, as adjusted | $ | (0.52 | ) | $ | (0.15 | ) | $ | (0.38 | ) | ||||||||||||||||
| YTD | QTD | YTD | QTD | YTD | QTD | YTD | |||||||||||||||||||||||
| 12/31/22 | 12/31/22 | 09/30/22 | 09/30/22 | 06/30/22 | 06/30/22 | 03/31/22 | |||||||||||||||||||||||
| Adjusted Net Loss | |||||||||||||||||||||||||||||
| Net loss attributable to controlling interest, as reported | $ | (621 | ) | $ | (350 | ) | $ | (271 | ) | $ | (28 | ) | $ | (243 | ) | $ | (68 | ) | $ | (175 | ) | ||||||||
| Gain on retirement of debt | (8 | ) | (1 | ) | (7 | ) | (7 | ) | — | — | — | ||||||||||||||||||
| Discrete tax items | (19 | ) | (5 | ) | (14 | ) | (6 | ) | (8 | ) | — | (8 | ) | ||||||||||||||||
| Net loss, as adjusted | $ | (648 | ) | $ | (356 | ) | $ | (292 | ) | $ | (41 | ) | $ | (251 | ) | $ | (68 | ) | $ | (183 | ) | ||||||||
| Adjusted Diluted Loss Per Share: | |||||||||||||||||||||||||||||
| Diluted loss per share, as reported | $ | (0.89 | ) | $ | (0.48 | ) | $ | (0.39 | ) | $ | (0.04 | ) | $ | (0.36 | ) | $ | (0.10 | ) | $ | (0.26 | ) | ||||||||
| Gain on retirement of debt | (0.01 | ) | — | (0.01 | ) | (0.01 | ) | — | — | — | |||||||||||||||||||
| Discrete tax items | (0.03 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.01 | ) | — | (0.02 | ) | ||||||||||||||||
| Diluted loss per share, as adjusted | $ | (0.93 | ) | $ | (0.49 | ) | $ | (0.42 | ) | $ | (0.06 | ) | $ | (0.37 | ) | $ | (0.10 | ) | $ | (0.28 | ) | ||||||||
| Transocean LTD. AND SUBSIDIARIES | |||||||||||||||||||||||||
| NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS | |||||||||||||||||||||||||
| ADJUSTED CONTRACT DRILLING REVENUES | |||||||||||||||||||||||||
| EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION AND RELATED MARGINS | |||||||||||||||||||||||||
| (in millions, except percentages) | |||||||||||||||||||||||||
| YTD | QTD | YTD | |||||||||||||||||||||||
| 06/30/23 | 06/30/23 | 03/31/23 | |||||||||||||||||||||||
| Contract drilling revenues | $ | 1,378 | $ | 729 | $ | 649 | |||||||||||||||||||
| Contract intangible asset amortization | 37 | 19 | 18 | ||||||||||||||||||||||
| Adjusted Contract Drilling Revenues | $ | 1,415 | $ | 748 | $ | 667 | |||||||||||||||||||
| Net loss | $ | (630 | ) | $ | (165 | ) | $ | (465 | ) | ||||||||||||||||
| Interest expense, net of interest income | 387 | 157 | 230 | ||||||||||||||||||||||
| Income tax expense (benefit) | 35 | (16 | ) | 51 | |||||||||||||||||||||
| Depreciation and amortization | 368 | 186 | 182 | ||||||||||||||||||||||
| Contract intangible asset amortization | 37 | 19 | 18 | ||||||||||||||||||||||
| EBITDA | 197 | 181 | 16 | ||||||||||||||||||||||
| Loss on disposal of assets, net | 169 | — | 169 | ||||||||||||||||||||||
| Loss on impairment | 53 | 53 | — | ||||||||||||||||||||||
| Loss on debt conversion | 3 | 3 | — | ||||||||||||||||||||||
| Loss on retirement of debt | 32 | — | 32 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 454 | $ | 237 | $ | 217 | |||||||||||||||||||
| Loss margin | (45.7 | ) | % | (22.6 | ) | % | (71.6 | ) | % | ||||||||||||||||
| EBITDA margin | 13.9 | % | 24.2 | % | 2.4 | % | |||||||||||||||||||
| Adjusted EBITDA margin | 32.1 | % | 31.7 | % | 32.5 | % | |||||||||||||||||||
| YTD | QTD | YTD | QTD | YTD | QTD | YTD | |||||||||||||||||||||||
| 12/31/22 | 12/31/22 | 09/30/22 | 09/30/22 | 06/30/22 | 06/30/22 | 03/31/22 | |||||||||||||||||||||||
| Contract drilling revenues | $ | 2,575 | $ | 606 | $ | 1,969 | $ | 691 | $ | 1,278 | $ | 692 | $ | 586 | |||||||||||||||
| Contract intangible asset amortization | 117 | 19 | 98 | 39 | 59 | 30 | 29 | ||||||||||||||||||||||
| Adjusted Contract Drilling Revenues | $ | 2,692 | $ | 625 | $ | 2,067 | $ | 730 | $ | 1,337 | $ | 722 | $ | 615 | |||||||||||||||
| Net loss | $ | (621 | ) | $ | (350 | ) | $ | (271 | ) | $ | (28 | ) | $ | (243 | ) | $ | (68 | ) | $ | (175 | ) | ||||||||
| Interest expense, net of interest income | 534 | 251 | 283 | 87 | 196 | 96 | 100 | ||||||||||||||||||||||
| Income tax expense (benefit) | 59 | 35 | 24 | (5 | ) | 29 | 3 | 26 | |||||||||||||||||||||
| Depreciation and amortization | 735 | 186 | 549 | 182 | 367 | 184 | 183 | ||||||||||||||||||||||
| Contract intangible asset amortization | 117 | 19 | 98 | 39 | 59 | 30 | 29 | ||||||||||||||||||||||
| EBITDA | 824 | 141 | 683 | 275 | 408 | 245 | 163 | ||||||||||||||||||||||
| Gain on retirement of debt | (8 | ) | (1 | ) | (7 | ) | (7 | ) | — | — | — | ||||||||||||||||||
| Adjusted EBITDA | $ | 816 | $ | 140 | $ | 676 | $ | 268 | $ | 408 | $ | 245 | $ | 163 | |||||||||||||||
| Loss margin | (24.1 | ) | % | (57.8 | ) | % | (13.8 | ) | % | (4.1 | ) | % | (19.0 | ) | % | (9.8 | ) | % | (29.9 | ) | % | ||||||||
| EBITDA margin | 30.6 | % | 22.7 | % | 33.0 | % | 37.6 | % | 30.5 | % | 33.9 | % | 26.5 | % | |||||||||||||||
| Adjusted EBITDA margin | 30.3 | % | 22.4 | % | 32.7 | % | 36.7 | % | 30.5 | % | 33.9 | % | 26.5 | % | |||||||||||||||
| Transocean LTD. AND SUBSIDIARIES | |||||||||||||||||||||
| SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS | |||||||||||||||||||||
| (in millions, except tax rates) | |||||||||||||||||||||
| Three months ended | Six months ended | ||||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||
| Loss before income taxes | $ | (181 | ) | $ | (414 | ) | $ | (65 | ) | $ | (595 | ) | $ | (214 | ) | ||||||
| Loss on impairment of assets | 53 | — | — | 53 | — | ||||||||||||||||
| Loss on disposal of assets, net | — | 169 | — | 169 | — | ||||||||||||||||
| Loss on debt conversion | 3 | — | — | 3 | — | ||||||||||||||||
| Loss on retirement of debt | — | 32 | — | 32 | — | ||||||||||||||||
| Adjusted loss before income taxes | $ | (125 | ) | $ | (213 | ) | $ | (65 | ) | $ | (338 | ) | $ | (214 | ) | ||||||
| Income tax expense (benefit) | $ | (16 | ) | $ | 51 | $ | 3 | $ | 35 | $ | 29 | ||||||||||
| Loss on impairment of assets | — | — | — | — | — | ||||||||||||||||
| Loss on disposal of assets, net | — | — | — | — | — | ||||||||||||||||
| Loss on debt conversion | — | — | — | — | — | ||||||||||||||||
| Loss on retirement of debt | — | — | — | — | — | ||||||||||||||||
| Changes in estimates (1) | 1 | 11 | — | 12 | 8 | ||||||||||||||||
| Adjusted income tax expense (benefit) (2) | $ | (15 | ) | $ | 62 | $ | 3 | $ | 47 | $ | 37 | ||||||||||
| Effective Tax Rate (3) | 8.8 | % | (12.3 | ) | % | (4.7 | ) | % | (5.9 | ) | % | (13.7 | ) | % | |||||||
| Effective Tax Rate, excluding discrete items (4) | 11.7 | % | (29.0 | ) | % | (5.2 | ) | % | (14.0 | ) | % | (17.5 | ) | % | |||||||
| (1) Our estimates change as we file tax returns, settle disputes with tax authorities, or become aware of changes in laws and other events that have an effect on our (a) deferred taxes, (b) valuation allowances on deferred taxes and (c) other tax liabilities. | |||||||||||||||||||||
| (2) The three months ended June 30, 2023 included $32 million of additional tax benefit, reflecting the cumulative effect of a decrease in the annual effective tax rate from the previous quarter estimate. | |||||||||||||||||||||
| (3) Our effective tax rate is calculated as income tax expense or benefit divided by income or loss before income taxes. | |||||||||||||||||||||
| (4) Our effective tax rate, excluding discrete items, is calculated as income tax expense or benefit, excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes), divided by income or loss before income taxes, excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes related to estimating the annual effective tax rate. | |||||||||||||||||||||
