Transocean Ltd. (NYSE: RIG) today reported a net loss attributable
to controlling interest of $465 million, $0.64 per
diluted share, for the three months ended March 31, 2023.
First quarter results included net unfavorable items of
$190 million, or $0.26 per diluted share as follows:
- $169 million, $0.23 per
diluted share, loss on disposal of assets; and
- $32 million, $0.04 per diluted
share, loss on retirement of debt.
These unfavorable items were partially offset by:
- $11 million, $0.01 per
diluted share, discrete tax items.
After consideration of these net unfavorable items, first
quarter 2023 adjusted net loss was $275 million,
$0.38 per diluted share.
Contract drilling revenues for the three months ended
March 31, 2023, increased sequentially by $43 million to
$649 million, primarily due to increased activity for rigs
that returned to work after being idle in the fourth quarter and
increased dayrate for two rigs, partially offset by two fewer
calendar days in the first quarter.
Contract intangible amortization represented a non-cash revenue
reduction of $18 million. This compares with $19 million
in the prior period.
Operating and maintenance expense was $409 million,
compared with $423 million in the prior quarter. The
sequential decrease was primarily due to lower in-service
maintenance costs across our fleet.
General and administrative expense was $45 million, down
from $55 million in the fourth quarter of 2022. The decrease
was primarily due to legal, professional fees and advisory
fees.
Interest expense, net of amounts capitalized, was
$249 million, compared with $263 million in the prior
quarter. Interest expense included a non-cash loss of
$133 million, compared with $157 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 $19 million,
compared with $12 million in the previous quarter.
The Effective Tax Rate(2) was (12.3)%, down from (11.0)% in
the prior quarter. The decrease was primarily due to the recording
of deferred taxes related to rig operations and releases of
uncertain tax positions in the fourth quarter of 2022. The
Effective Tax Rate excluding discrete items was (29.0)% compared to
(12.6)% in the previous quarter.
Net cash flows used in operating activities were
$47 million, compared to net cash provided by operating
activities of $178 million in the prior quarter. The first
quarter net cash used in operating activities increased
sequentially primarily due to reduced collections from customers,
increased payments to employees and the timing of interest
payments.
First quarter 2023 capital expenditures of $81 million,
compared to $409 million in the prior quarter, were primarily
related to the cash component of the final milestone payment for
the delivery of Deepwater Titan in December 2022.
“The Transocean team delivered an outstanding quarter of safe,
reliable and efficient operations, with an adjusted EBITDA margin
of 33% on adjusted revenues of $667 million.” said Chief
Executive Officer, Jeremy Thigpen. “The strong performance is the
result of excellent revenue efficiency of nearly 98 percent
and exemplifies our commitment to operational excellence.”
Thigpen continued, “Additionally, the contracts we secured
during the quarter, which were predominantly for our harsh
environment fleet, complement the wave of ultra-deepwater fixtures
we announced over the last several quarters, providing further
evidence of a broad, sustained upcycle.”
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 27 ultra-deepwater floaters and 10 harsh
environment floaters. In addition, Transocean is constructing
one ultra-deepwater drillship and 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, May 2, 2023, to discuss the
results. To participate, dial +1 785-424-1634 and refer to
conference code 761543 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, May 2, 2023.
The replay, which will be archived for approximately 30 days,
can be accessed at +1 402-220-4940, passcode 761543. 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.
Notes
(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 SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except
per share data)(Unaudited) |
|
Three months ended |
|
March 31, |
|
2023 |
|
2022 |
|
|
|
|
|
|
Contract drilling revenues |
$ |
649 |
|
|
$ |
586 |
|
|
|
|
|
|
|
Costs and expenses |
|
|
|
|
|
Operating and maintenance |
|
409 |
|
|
|
412 |
|
Depreciation and amortization |
|
182 |
|
|
|
183 |
|
General and administrative |
|
45 |
|
|
|
42 |
|
|
|
636 |
|
|
|
637 |
|
|
|
|
|
|
|
Gain
(loss) on disposal of assets, net |
|
(170 |
) |
|
|
1 |
|
Operating loss |
|
(157 |
) |
|
|
(50 |
) |
|
|
|
|
|
|
Other income (expense), net |
|
|
|
|
|
Interest income |
|
19 |
|
|
|
2 |
|
Interest expense, net of amounts capitalized |
|
(249 |
) |
|
|
(102 |
) |
Loss on retirement of debt |
|
(32 |
) |
|
|
— |
|
Other, net |
|
5 |
|
|
|
1 |
|
|
|
(257 |
) |
|
|
(99 |
) |
Loss before income tax expense |
|
(414 |
) |
|
|
(149 |
) |
Income
tax expense |
|
51 |
|
|
|
26 |
|
|
|
|
|
|
|
Net loss |
|
(465 |
) |
|
|
(175 |
) |
Net income attributable to noncontrolling interest |
|
— |
|
|
|
— |
|
Net loss attributable to controlling interest |
$ |
(465 |
) |
|
$ |
(175 |
) |
|
|
|
|
|
|
Loss per share, basic and
diluted |
$ |
(0.64 |
) |
|
$ |
(0.26 |
) |
Weighted-average shares, basic
and diluted |
|
728 |
|
|
|
664 |
|
|
|
|
|
|
|
|
|
TRANSOCEAN LTD. AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS(In millions, except share
data)(Unaudited) |
|
March 31, |
|
December 31, |
|
2023 |
|
2022 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
747 |
|
|
$ |
683 |
|
Accounts receivable, net of
allowance of $2 at March 31, 2023 and December 31, 2022 |
|
499 |
|
|
|
485 |
|
Materials and supplies, net of
allowance of $201 and $199 at March 31, 2023 and December 31, 2022,
respectively |
|
390 |
|
|
|
388 |
|
Restricted cash and cash equivalents |
|
208 |
|
|
|
308 |
|
Other current assets |
|
187 |
|
|
|
144 |
|
Total current assets |
|
2,031 |
|
|
|
2,008 |
|
|
|
|
|
|
|
Property and equipment |
|
23,996 |
|
|
|
24,217 |
|
Less accumulated depreciation |
|
(6,876 |
) |
|
|
(6,748 |
) |
Property and equipment, net |
|
17,120 |
|
|
|
17,469 |
|
Contract intangible
assets |
|
38 |
|
|
|
56 |
|
Deferred tax assets, net |
|
17 |
|
|
|
13 |
|
Other assets |
|
988 |
|
|
|
890 |
|
Total assets |
$ |
20,194 |
|
|
$ |
20,436 |
|
|
|
|
|
|
|
Liabilities and
equity |
|
|
|
|
|
Accounts payable |
$ |
246 |
|
|
$ |
281 |
|
Accrued income taxes |
|
28 |
|
|
|
19 |
|
Debt due within one year |
|
283 |
|
|
|
719 |
|
Other current liabilities |
|
496 |
|
|
|
539 |
|
Total current liabilities |
|
1,053 |
|
|
|
1,558 |
|
|
|
|
|
|
|
Long-term debt |
|
7,342 |
|
|
|
6,628 |
|
Deferred tax liabilities, net |
|
533 |
|
|
|
493 |
|
Other
long-term liabilities |
|
941 |
|
|
|
965 |
|
Total long-term liabilities |
|
8,816 |
|
|
|
8,086 |
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
Shares, CHF 0.10 par value,
905,094,091 authorized, 142,362,093 conditionally authorized,
797,245,335 issued and 731,847,899 outstanding at March 31, 2023,
and 905,093,509 authorized, 142,362,675 conditionally authorized,
797,244,753 issued and 721,888,427 outstanding at December 31,
2022 |
|
72 |
|
|
|
71 |
|
Additional paid-in capital |
|
13,992 |
|
|
|
13,984 |
|
Accumulated deficit |
|
(3,544 |
) |
|
|
(3,079 |
) |
Accumulated other comprehensive loss |
|
(196 |
) |
|
|
(185 |
) |
Total controlling interest shareholders’ equity |
|
10,324 |
|
|
|
10,791 |
|
Noncontrolling interest |
|
1 |
|
|
|
1 |
|
Total equity |
|
10,325 |
|
|
|
10,792 |
|
Total liabilities and equity |
$ |
20,194 |
|
|
$ |
20,436 |
|
|
TRANSOCEAN LTD. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In millions) |
(Unaudited) |
|
Three months ended |
|
March 31, |
|
2023 |
|
2022 |
Cash flows from
operating activities |
|
|
|
|
|
Net loss |
$ |
(465 |
) |
|
$ |
(175 |
) |
Adjustments to reconcile to net cash provided by operating
activities: |
|
|
|
|
|
Contract intangible asset amortization |
|
18 |
|
|
|
29 |
|
Depreciation and amortization |
|
182 |
|
|
|
183 |
|
Share-based compensation expense |
|
9 |
|
|
|
7 |
|
(Gain) loss on disposal of assets, net |
|
170 |
|
|
|
(1 |
) |
Fair value adjustment to bifurcated compound exchange feature |
|
133 |
|
|
|
— |
|
Loss on retirement of debt |
|
32 |
|
|
|
— |
|
Deferred income tax expense |
|
36 |
|
|
|
23 |
|
Other, net |
|
27 |
|
|
|
21 |
|
Changes in deferred revenues, net |
|
6 |
|
|
|
(11 |
) |
Changes in deferred costs, net |
|
(24 |
) |
|
|
(4 |
) |
Changes in other operating assets and liabilities, net |
|
(171 |
) |
|
|
(73 |
) |
Net
cash used in operating activities |
|
(47 |
) |
|
|
(1 |
) |
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
|
Capital expenditures |
|
(81 |
) |
|
|
(106 |
) |
Investments in equity of unconsolidated affiliates |
|
(10 |
) |
|
|
(15 |
) |
Proceeds from disposal of assets, net |
|
1 |
|
|
|
1 |
|
Net
cash used in investing activities |
|
(90 |
) |
|
|
(120 |
) |
|
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
|
|
Repayments of debt |
|
(1,564 |
) |
|
|
(165 |
) |
Proceeds from issuance of debt, net of issue costs |
|
1,665 |
|
|
|
— |
|
Proceeds from issuance of shares, net of issue costs |
|
— |
|
|
|
103 |
|
Other, net |
|
— |
|
|
|
(3 |
) |
Net
cash provided by (used in) financing activities |
|
101 |
|
|
|
(65 |
) |
|
|
|
|
|
|
Net
decrease in unrestricted and restricted cash and cash
equivalents |
|
(36 |
) |
|
|
(186 |
) |
Unrestricted and restricted cash and cash equivalents, beginning of
period |
|
991 |
|
|
|
1,412 |
|
Unrestricted and restricted cash and cash equivalents, end of
period |
$ |
955 |
|
|
$ |
1,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TRANSOCEAN LTD. AND SUBSIDIARIES |
FLEET OPERATING STATISTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
March 31, |
|
December 31 |
|
March 31, |
Contract Drilling
Revenues (in millions) |
2023 |
|
2022 |
|
2022 |
Contract drilling
revenues |
|
|
|
|
|
|
|
|
|
|
|
Ultra-deepwater floaters |
$ |
484 |
|
|
$ |
434 |
|
|
$ |
390 |
|
Harsh environment floaters |
|
165 |
|
|
|
172 |
|
|
|
196 |
|
Total contract drilling
revenues |
$ |
649 |
|
|
$ |
606 |
|
|
$ |
586 |
|
|
Three months ended |
|
March 31, |
|
December 31 |
|
March 31, |
Average Daily
Revenue (1) |
2023 |
|
2022 |
|
2022 |
Ultra-deepwater floaters |
$ |
360,000 |
|
|
$ |
344,800 |
|
|
$ |
305,600 |
|
Harsh environment
floaters |
|
376,000 |
|
|
|
357,900 |
|
|
|
399,100 |
|
Total fleet average daily revenue |
$ |
364,100 |
|
|
$ |
348,600 |
|
|
$ |
334,500 |
|
|
Three months ended |
|
March 31, |
|
December 31 |
|
March 31, |
Utilization
(2) |
2023 |
|
2022 |
|
2022 |
Ultra-deepwater floaters |
52.5 |
% |
|
47.9 |
% |
|
49.8 |
% |
Harsh environment
floaters |
50.1 |
% |
|
53.5 |
% |
|
60.3 |
% |
Total fleet average rig utilization |
51.9 |
% |
|
49.4 |
% |
|
52.7 |
% |
|
Three months ended |
|
March 31, |
|
December 31 |
|
March 31, |
Revenue
Efficiency (3) |
2023 |
|
2022 |
|
2022 |
Ultra-deepwater floaters |
97.4 |
% |
|
97.8 |
% |
|
94.9 |
% |
Harsh environment
floaters |
98.7 |
% |
|
98.4 |
% |
|
95.0 |
% |
Total fleet average revenue efficiency |
97.8 |
% |
|
98.0 |
% |
|
94.9 |
% |
|
|
|
|
|
|
|
|
|
(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 |
|
03/31/23 |
Adjusted Net
Loss |
|
|
Net loss attributable to controlling interest, as reported |
$ |
(465 |
) |
Loss on disposal of assets, net |
|
169 |
|
Loss on retirement of debt |
|
32 |
|
Discrete tax items |
|
(11 |
) |
Net
loss, as adjusted |
$ |
(275 |
) |
|
|
|
Adjusted Diluted Loss
Per Share: |
|
|
Diluted loss per share, as
reported |
$ |
(0.64 |
) |
Loss on disposal of assets, net |
|
0.23 |
|
Loss on retirement of debt |
|
0.04 |
|
Discrete tax items |
|
(0.01 |
) |
Diluted loss per share, as adjusted |
$ |
(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 |
|
03/31/23 |
|
|
|
Contract drilling revenues |
$ |
649 |
|
Contract intangible asset amortization |
|
18 |
|
Adjusted Contract
Drilling Revenues |
$ |
667 |
|
|
|
|
Net loss |
$ |
(465 |
) |
Interest expense, net of interest income |
|
230 |
|
Income tax expense |
|
51 |
|
Depreciation and amortization |
|
182 |
|
Contract intangible asset amortization |
|
18 |
|
EBITDA |
|
16 |
|
|
|
|
Loss on disposal of assets, net |
|
169 |
|
Loss on retirement of debt |
|
32 |
|
Adjusted
EBITDA |
$ |
217 |
|
|
|
|
|
|
|
Loss margin |
|
(71.6 |
)% |
EBITDA margin |
|
2.4 |
% |
Adjusted EBITDA margin |
|
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 |
|
March 31, |
|
December 31, |
|
March 31, |
|
2023 |
|
2022 |
|
2022 |
|
|
|
|
|
|
|
|
|
Loss before income taxes |
$ |
(414 |
) |
|
$ |
(315 |
) |
|
$ |
(149 |
) |
Loss on disposal of assets, net |
|
169 |
|
|
|
— |
|
|
|
— |
|
(Gain) loss on retirement of debt |
|
32 |
|
|
|
(1 |
) |
|
|
— |
|
Adjusted loss before income
taxes |
$ |
(213 |
) |
|
$ |
(316 |
) |
|
$ |
(149 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
$ |
51 |
|
|
$ |
35 |
|
|
$ |
26 |
|
Loss on disposal of assets, net |
|
— |
|
|
|
— |
|
|
|
— |
|
(Gain) loss on retirement of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
Changes in estimates (1) |
|
11 |
|
|
|
5 |
|
|
|
8 |
|
Adjusted income tax
expense |
$ |
62 |
|
|
$ |
40 |
|
|
$ |
34 |
|
|
|
|
|
|
|
|
|
|
Effective Tax
Rate (2) |
|
(12.3 |
)% |
|
|
(11.0 |
)% |
|
|
(17.6 |
)% |
|
|
|
|
|
|
|
|
|
Effective Tax Rate,
excluding discrete items (3) |
|
(29.0 |
)% |
|
|
(12.6 |
)% |
|
|
(22.8 |
)% |
|
|
|
|
|
|
|
|
|
(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) Our effective tax rate is calculated as
income tax expense or benefit divided by income or loss before
income taxes.
(3) 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.
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