Transocean reports Q3 net loss of $28M; adjusted EBITDA rises to $268M; backlog at $7.3B

Transocean Ltd.

2022-Q3 EPS reported -$0.39 revenue$1,969,000,000

Net loss attributable to controlling interest $28M ($0.04/diluted share); adjusted net loss $41M ($0.06).
Total contract drilling revenues $691M (flat sequentially); revenue efficiency 95.0% (down from 97.8%).
Adjusted EBITDA $268M, up from $245M in Q2; contract backlog $7.3B as of October 2022.
Cash from operations $230M vs $41M prior quarter; capex $87M primarily for newbuild drillships.
CEO highlights $1.6B incremental backlog since July; strong demand for high-spec rigs expected to continue.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Transocean Ltd. reported third quarter 2022 results: revenue $691 million, net income $28 million, EPS $0.04 per diluted share.

Period: third quarter 2022
Revenue: $691 million
Net income: $28 million
EPS: $0.04 per diluted share
Result: reported results

Exact text from the filing

Total contract drilling revenues were $691 million, compared to $692 million in the second quarter of 2022 (total adjusted contract drilling revenues of $730 million, compared to $722 million in the second quarter of 2022); ● Revenue efficiency (1) was 95.0%, compared to 97.8% in the prior quarter; ● Operating and maintenance expense was $411 million, compared to $433 million in the prior period; ● Net loss attributable to controlling interest was $28 million, $0.04 per diluted share, compared to $68 million, $0.10 per diluted share, in the second quarter of 2022;

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Source: SEC EDGAR

accession 0001451505-22-000095

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