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Sep 30, 2023
Transocean Q3 2023 Earnings Report
Transocean experienced a net loss with decreased contract drilling revenues and adjusted EBITDA.
Key Takeaways
Transocean Ltd. reported a net loss of $220 million, or $0.28 per diluted share, for the three months ended September 30, 2023. Contract drilling revenues decreased to $713 million. Adjusted EBITDA was $162 million.
Total contract drilling revenues were $713 million, compared to $729 million in the second quarter of 2023.
Revenue efficiency was 95.4%, compared to 97.2% in the prior quarter.
Operating and maintenance expense was $524 million, compared to $484 million in the prior quarter.
Adjusted EBITDA was $162 million, compared to $237 million in the prior quarter.
Revenue by Segment
Forward Guidance
Transocean believes that it remains in the early stages of a multi-year upcycle.
Positive Outlook
- Transocean increased its backlog for the sixth consecutive quarter, ending the third quarter at $9.4 billion dollars.
- The backlog contains many of the industry’s highest dayrate fixtures.
- Secured a three-year contract for Deepwater Aquila in Brazil.
- The addition of the Aquila further reinforces Transocean’s leadership position in the high-specification, ultra-deepwater drilling market.
- Transocean is uniquely positioned to capitalize on current and future opportunities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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