Transocean Q1 net loss $465M, revenue up 7% sequentially; backlog $8.6B

Transocean Ltd.

2023-Q1 EPS reported -$0.64 revenue$649,000,000

Net loss attributable to controlling interest of $465M ($0.64 per diluted share) versus $350M loss in Q4 2022.
Total contract drilling revenues of $649M, up from $606M in Q4 2022; adjusted revenues of $667M.
Adjusted EBITDA of $217M, compared to $140M in prior quarter; adjusted net loss of $275M ($0.38 per share).
Revenue efficiency 97.8%; operating and maintenance expense $409M, down from $423M.
Contract backlog $8.6B as of April 2023; net cash used in operations $47M versus $178M provided in Q4.

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 first quarter 2023 results: revenue $649 million, net income $465 million, EPS $0.64 per diluted share.

Period: first quarter 2023
Revenue: $649 million
Net income: $465 million
EPS: $0.64 per diluted share
Result: reported results

Exact text from the filing

TRANSOCEAN LTD. REPORTS FIRST QUARTER 2023 RESULTS ● Total contract drilling revenues were $649 million, compared to $606 million in the fourth quarter of 2022 (total adjusted contract drilling revenues of $667 million, compared to $625 million in the fourth quarter of 2022); ● Revenue efficiency (1) was 97.8%, compared to 98.0% in the prior quarter; ● Operating and maintenance expense was $409 million, compared to $423 million in the prior period; ● Net loss attributable to controlling interest was $465 million, $0.64 per diluted share, compared to $350 million, $0.48 per diluted share, in the fourth quarter of 2022; ● Adjusted EBITDA was $217 million, compared to $140 million in the prior quarter; and ● Contract backlog was $8.6 billion as of the April 2023 Fleet Status Report.

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Source: SEC EDGAR

accession 0001451505-23-000057

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