Transocean Ltd. Reports Second Quarter 2022 Results

  • Total contract drilling revenues were $692 million, compared to $586 million in the first quarter of 2022 (total adjusted contract drilling revenues of $722 million, compared to $615 million in the first quarter of 2022);
  • Revenue efficiency(1) was 97.8%, compared to 94.9% in the prior quarter;
  • Operating and maintenance expense was $433 million, compared to $412 million in the prior period;
  • Net loss attributable to controlling interest was $68 million, $0.10 per diluted share, compared to $175 million, $0.26 per diluted share, in the first quarter of 2022;
  • Adjusted EBITDA was $245 million, compared to $163 million in the prior quarter;
  • On July 27, 2022, we amended the bank credit agreement for our Secured Credit Facility to extend the maturity date from June 22, 2023 to June 22, 2025. Borrowing capacity is $774 million through June 22, 2023 and thereafter is $600 million through June 22, 2025. The amended secured credit facility also permits us to increase the aggregate amount of commitments by up to $250 million; and
  • Contract backlog was $6.2 billion as of the July 2022 Fleet Status Report.

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