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Dec 31, 2021
Transocean Q4 2021 Earnings Report
Transocean experienced a net loss but delivered strong operational results.
Key Takeaways
Transocean Ltd. reported a net loss attributable to controlling interest of $260 million, or $0.40 per diluted share, for the three months ended December 31, 2021. Contract drilling revenues decreased sequentially by $5 million to $621 million.
Total contract drilling revenues were $621 million, compared to $626 million in the third quarter of 2021.
Revenue efficiency was 94.5%, compared to 98.1% in the prior quarter.
Operating and maintenance expense was $430 million, compared to $398 million in the prior quarter.
Adjusted EBITDA was $250 million, compared to $245 million in the prior quarter.
Revenue by Segment
Forward Guidance
Transocean is optimistic moving into 2022, expecting an upward trend in dayrates.
Positive Outlook
- Energy demand remains resilient driving oil prices to seven-year highs.
- Experiencing a growing list of opportunities from customers across the globe who value our high-specification floating fleet and our strong and consistent operating performance.
- Customer demand is growing.
- Utilization for active high-specification assets pushing higher.
- Expect the upward trend in dayrates to continue as we progress through the year.
Challenges Ahead
- Estimated duration of customer contracts
- Contract dayrate amounts
- Future contract commencement dates and locations
- Planned shipyard projects and other out-of-service time
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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