Financial Performance - Contract drilling revenues for Q4 2024 were $952 million, a sequential increase of $4 million from Q3 2024 and a year-over-year increase of $211 million from Q4 2023[3]. - Adjusted net income for Q4 2024 was $27 million, or a loss of $0.09 per diluted share, compared to a net loss of $494 million in Q3 2024[2][9]. - Full year 2024 net loss attributable to controlling interest totaled $512 million, or $0.76 per diluted share, with adjusted net loss of $54 million, or $0.26 per diluted share[9]. - Net loss for 2024 was $512 million, an improvement from a net loss of $954 million in 2023[28]. - The company reported a net income (loss) of $7 million for the quarter ending December 31, 2024, compared to a net loss of $104 million for the same quarter in 2023[34]. Revenue and Utilization - Total contract drilling revenues increased from $2,832 million in 2023 to $3,524 million in 2024, representing a growth of 24.4%[30]. - Average daily revenue for the total fleet rose from $382,300 in 2023 to $430,100 in 2024, an increase of 12.5%[30]. - Total fleet average rig utilization improved from 51.9% in 2023 to 66.8% in 2024, reflecting a significant increase of 28.5%[30]. - Contract drilling revenues for the quarter ending December 31, 2024, were $952 million, up from $741 million in the same quarter of 2023, representing a growth of approximately 28.5%[36]. - Adjusted Contract Drilling Revenues for YTD December 31, 2024, were $3,528 million, an increase from $2,884 million in the same period of 2023, reflecting a growth of approximately 22.4%[36]. Cash Flow and Expenses - Cash provided by operating activities in Q4 2024 was $206 million, an increase of $12 million compared to Q3 2024[7]. - Cash flows from operating activities provided $447 million in 2024, compared to $164 million in 2023[28]. - Free Cash Flow for the year-to-date (YTD) 2024 was $193 million, compared to a negative Free Cash Flow of $263 million in YTD 2023[42]. - Cash provided by operating activities for Q4 2024 was $206 million, up from $98 million in Q4 2023[42]. - Levered Free Cash Flow for Q4 2024 was $147 million, compared to a negative $132 million in Q4 2023[42]. Expenses and Debt - Operating and maintenance expenses for Q4 2024 were $579 million, up from $563 million in Q3 2024, driven by higher in-service maintenance costs[4]. - Interest expense net of capitalized amounts was $152 million in Q4 2024, compared to $154 million in Q3 2024[5]. - Long-term debt decreased from $7,043 million in 2023 to $6,195 million in 2024, a decline of 12.1%[26]. - Debt repayments for YTD 2024 amounted to $2.1 billion, with $30 million in Q4 2024[42]. Tax and Impairment - The effective tax rate for Q4 2024 was 89.0%, significantly up from 6.0% in the prior quarter, primarily due to higher income and increases in valuation allowance[6]. - Income before income taxes for Q4 2024 was $62 million, a significant improvement from a loss of $525 million in Q3 2024 and a loss of $941 million in Q4 2023[38]. - The company incurred a loss on impairment of assets totaling $772 million for the YTD ending December 31, 2024, compared to $57 million for the same period in 2023[36]. - The company reported a loss on impairment of assets of $629 million in Q3 2024, with no such loss reported in Q4 2024[38]. Operational Metrics - The company operates a fleet of 34 mobile offshore drilling units, including 26 ultra-deepwater floaters and eight harsh environment floaters[13]. - Average daily revenue for ultra-deepwater floaters increased from $393,700 in 2023 to $428,000 in 2024, a rise of 8.7%[30]. - Revenue efficiency for the total fleet averaged 94.5% in 2024, compared to 96.8% in 2023, indicating a slight decrease[30]. - Adjusted EBITDA for Q4 2024 was $323 million, with an adjusted EBITDA margin of 33.9%[1]. - The company reported an EBITDA of $532 million for the YTD ending December 31, 2024, compared to $449 million for the same period in 2023, indicating an increase of approximately 18.5%[36].

| | | Three months ended | | | | | Three months | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | ended | | | | | | December 31, | | September 30, | | sequential | | December 31, | | year over-year | | | | 2024 | | 2024 | | change | | 2023 | | change | | | (In millions, except per share amounts, percentages | | | | | | | | | | | | and backlog) | | | | | | | | | | | | Contract drilling revenues | $ 952 | | $ 948 | | $ 4 | | $ 741 | | $ 211 | | | Adjusted contract dri ...

Transocean Ltd. (RIG) , a leading offshore drilling services company,recently announced its quarterly fleet status report. In its report, the company stated that it has secured new contract wins and extensions for its fleet, adding $175 million to its backlog. The new contracts not only strengthen Transocean’s market position but also provide geographical diversification, which helps it mitigate regional market risks.For investors, the growth in backlog is of utmost importance as it directly influences Tran ...

NEW YORK, Feb. 15, 2025 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Transocean Ltd. (NYSE: RIG) between May 1, 2023 and September 2, 2024, both dates inclusive (the "Class Period"), of the important February 24, 2025 lead plaintiff deadline.So What: If you purchased Transocean securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.What to do ...

Transocean Ltd. (RIG) is set to release fourth-quarter earnings on Feb. 17, after the closing bell. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 2 cents per share and the same for revenues is pinned at $958.06 million.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Let us delve into the factors that might have influenced RIG’s performance in the to-be-reported quarter. Before that, it is worth taking a look at the company’s performance in the last reported ...

NEW YORK, Feb. 11, 2025 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Transocean Ltd. ("Transocean Ltd." or the "Company") (NYSE: RIG) of a class action securities lawsuit.CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Transocean Ltd. investors who were adversely affected by alleged securities fraud between May 1, 2023 and September 2, 2024. Follow the link below to get more information and be contacted by a member of our team:https://zlk.com/pslra-1/transocean-ltd-lawsuit- ...

NEW ORLEANS, Feb. 7, 2025 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until February 24, 2025 to file lead plaintiff applications in securities class action lawsuits against Transocean Ltd. (the "Company") (NYSE: RIG), if they purchased the Company's securities between May 1, 2023 and September 2, 2024, inclusive (the "Class Period"). These actions are pending in the United States District Court for the Southern District of New York.Get HelpTransocea ...

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In Transocean To Contact Him Directly To Discuss Their OptionsIf you suffered losses exceeding $75,000 in Transocean between October 31, 2023 and September 2, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).[You may also click here for additional information]NEW YORK, Feb. 7, 2025 /PRN ...

NEW YORK, Feb. 4, 2025 /PRNewswire/ --  Pomerantz LLP is investigating claims on behalf of investors of Transocean Ltd. ("Transocean" or the "Company") (NYSE: RIG). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.The investigation concerns whether Transocean and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action]On September 3, 2024, Tr ...

LOS ANGELES, Feb. 4, 2025 /PRNewswire/ -- The DJS Law Group reminds investors of a class action lawsuit against Transocean Ltd. ("Transocean" or "the Company") (NYSE: RIG) for violations of the federal securities laws.Shareholders who purchased the Company's securities between October 31, 2023 and September 2, 2024, inclusive (the "Class Period"), are encouraged to contact the firm before February 24, 2025.CASE DETAILS: The Company allegedly made false and misleading statements to the market concerning Disc ...