A noteworthy transformation is taking place in the global offshore rig market, where there is a shift in capital expenditure (capex) dynamics. This shift, highlighted in investment bank Evercore ISI's Offshore Rig Market Snapshot, has been occurring since early 2023, relocating from North America to international markets.The driving forces behind this change include the decline in natural gas prices in the United States, leading several rig owners to redeploy their vessels to international waters. This move ...

Transocean (RIG) closed the latest trading day at $5.59, indicating a -1.93% change from the previous session's end. This change lagged the S&P 500's daily loss of 0.07%.The offshore oil and gas drilling contractor's stock has dropped by 4.36% in the past month, falling short of the Oils-Energy sector's gain of 0.36% and the S&P 500's gain of 3.98%.The investment community will be paying close attention to the earnings performance of Transocean in its upcoming release. It is anticipated that the company wil ...

pabst_ell Transocean Ltd. (NYSE:RIG) is set to finish 2023 with an impressive gain, returning nearly 50%. Despite volatile conditions in the energy market, the understanding is that this segment of offshore drilling services remains in a "multi-year upcycle" as exploration and production giants add spending to replace hydrocarbon reserves. The company is benefiting from a fleet transformation by focusing on its strengths in ultra-deepwater and "harsh environment" offshore drilling floaters. In many ways ...

Transocean Ltd. (NYSE:RIG) Q3 2023 Earnings Conference Call October 31, 2023 9:00 AM ET Company Participants Alison Johnson - Director of Investor Relations Jeremy Thigpen - Chief Executive Officer Mark Mey - Executive Vice President & Chief Financial Officer Roddie Mackenzie - Executive Vice President & Chief Commercial Officer Conference Call Participants Greg Lewis - BTIG Eddie Kim - Barclays Kurt Hallead - Benchmark David Smith - Pickering Energy Partners Scott Gruber - Citigroup Fredrik Stene - Clarkso ...

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) Commission file number 001-38373 Transocean Ltd. (Exact name of registrant as specified in its charter) Switzerland 98-05 ...

Transocean Ltd. (NYSE:RIG) Q2 2023 Earnings Conference Call August 1, 2023 9:00 AM ET Company Participants Alison Johnson - Director-IR Jeremy Thigpen - CEO Mark Mey - EVP and CFO Roddie Mackenzie - EVP and Chief Commercial Officer Conference Call Participants Kurt Hallead - Benchmark Eddie Kim - Barclays Greg Lewis - BTIG Fredrik Stene - Clarksons Securities Operator Good day, everyone, and welcome to today’s Q2 2023 Transocean's Earnings Call. [Operator Instructions] Please note this call maybe recorded. ...

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 001-38373 Transocean Ltd. (Exact name of registrant as specified in its charter) Switzerland 98-0599916 ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

Transocean Ltd. (NYSE:RIG) Q1 2023 Earnings Conference Call May 2, 2023 9:00 AM ET Company Participants Alison Johnson – Director-Investor Relations Jeremy Thigpen – Chief Executive Officer Keelan Adamson – President and Chief Operating Officer Mark Mey – Executive Vice President and Chief Financial Officer Roddie Mackenzie – Executive Vice President and Chief Commercial Officer Conference Call Participants James West – Evercore ISI Thomas Johnson – Morgan Stanley Eddie Kim – Barclays David Smith – Pickerin ...

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 001-38373 Transocean Ltd. (Exact name of registrant as specified in its charter) Switzerland 98-059991 ...

Financial Data and Key Metrics Changes - For Q4 2022, Transocean reported adjusted EBITDA of $140 million on adjusted revenue of $625 million, resulting in an adjusted EBITDA margin of approximately 20% [5][28] - The company ended Q4 2022 with a total liquidity of approximately $1.8 billion, including unrestricted cash of approximately $683 million [29][34] - The net loss attributable to controlling interest was $350 million or $0.48 per diluted share, with an adjusted net loss of $356 million [28][30] Business Line Data and Key Metrics Changes - Adjusted contract drilling revenues for Q4 2022 were approximately $625 million, with an average day rate of $349,000, exceeding guidance due to more operating days and higher-than-expected recharge revenue [29][30] - Operating and maintenance expenses for Q4 2022 were $423 million, below guidance due to lower in-service maintenance expenses [29] Market Data and Key Metrics Changes - Active drillship utilization is expected to remain at or above 97% for the next two years, with demand for rigs and services anticipated to remain elevated [19][20] - Brazil is leading incremental demand for offshore drilling services, with potential for up to 19 floater awards, driving higher day rates which have increased by 117% from 2020 to 2022 [21][22] Company Strategy and Development Direction - The company is focused on maintaining a disciplined approach to rig reactivations, ensuring that contracts cover reactivation costs and provide suitable returns [39][41] - Transocean is investing in deep-sea mineral exploration, diversifying its operations and contributing to a lower carbon economy [10][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the offshore drilling industry's recovery, with expectations for increased drilling activity and day rates [25][26] - The company anticipates that the number of wells drilled offshore will increase by nearly 15% in 2023, with Brazil expected to remain a significant source of demand [20][21] Other Important Information - The company has secured $1.5 billion in backlog during Q4 2022, bringing the full year backlog added to approximately $4 billion [6] - Transocean has taken several liability management actions to improve liquidity, including extending credit facilities and refinancing senior notes [27][28] Q&A Session Summary Question: What is Transocean's position on rig reactivations? - Management clarified that reactivations will only occur if customers cover the costs and provide suitable returns, potentially leading to a later reactivation compared to peers [39][40] Question: How is the harsh environment market developing? - Management noted that several rigs have moved out of Norway to other regions, and they expect to see increased demand for high-efficiency drilling packages in South America [44][45] Question: What is the outlook for multi-year contracts from majors? - Management indicated that while Petrobras is moving quickly to secure rigs, they expect majors to also begin locking in multi-year contracts as supply diminishes [48][49] Question: Are there expected increases in operational costs? - Management acknowledged that inflation and a tight labor market are leading to cost increases in the range of 5% to 8% for offshore crews and operational expenses [50][51] Question: What is the strategy for managing the balance sheet? - Management emphasized the goal of simplifying the balance sheet and using organic cash flows to deleverage, focusing on reducing various types of debt over time [55][56]