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Sep 30, 2024
Transocean Q3 2024 Earnings Report
Reported a net loss attributable to controlling interest for the third quarter of 2024.
Key Takeaways
Transocean Ltd. reported a net loss attributable to controlling interest of $494 million, or $0.58 per diluted share. Adjusted net income for the third quarter was $64 million. Contract drilling revenues increased sequentially to $948 million, driven by increased rig utilization and dayrates.
Contract drilling revenues increased sequentially by $87 million to $948 million.
Adjusted EBITDA was $342 million with a margin of 36.0%.
Free cash flow was $136 million for the quarter.
Backlog as of the October 2024 Fleet Status Report was $9.3 billion.
Revenue by Segment
Forward Guidance
Transocean's focus remains on delivering safe, reliable, and efficient operations while maximizing cash generation to improve the balance sheet.
Positive Outlook
- Strong demand for high specification ultra-deepwater and harsh environment rigs.
- Nearly $1.3 billion in backlog booked in the third quarter.
- More than 97% of Transocean’s active fleet is contracted in 2025.
- Clear visibility to future demand.
- Focus on maximizing cash generation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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