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Mar 31, 2023
Transocean Q1 2023 Earnings Report
Transocean experienced a net loss but demonstrated strong operational performance and revenue efficiency.
Key Takeaways
Transocean Ltd. reported a net loss attributable to controlling interest of $465 million, or $0.64 per diluted share, for the three months ended March 31, 2023. However, the company delivered strong operational performance with an adjusted EBITDA margin of 33% on adjusted revenues of $667 million, and a revenue efficiency of nearly 98 percent.
Total contract drilling revenues were $649 million.
Revenue efficiency was 97.8%.
Adjusted EBITDA was $217 million.
Contract backlog was $8.6 billion as of the April 2023 Fleet Status Report.
Transocean
Transocean
Transocean Revenue by Segment
Revenue by Segment
Ultra-deepwater floaters Revenue
CapyFin.comHarsh environment floaters Revenue
CapyFin.com Forward Guidance
Transocean's CEO indicated the contracts secured during the quarter, predominantly for the harsh environment fleet, complement the wave of ultra-deepwater fixtures announced over the last several quarters, providing further evidence of a broad, sustained upcycle.
Revenue & Expenses
Visualization of income flow from segment revenue to net income