transocean ltd announces second quarter 2022 results

transocean ltd announces second quarter 2022 results

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  • Total contract drilling revenues were $692 million compared to $586 million in the first quarter of 2022 (adjusted total contract drilling revenues of $722 million compared to $615 million in the first quarter of 2022);
  • Yield Efficiency(1) was 97.8%, compared to 94.9% in the previous quarter;
  • Operating and maintenance expenses were $433 million compared to $412 million in the prior period;
  • Net loss attributable to the 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 previous quarter;
  • On July 27, 2022, we amended the bank loan 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 $600 million thereafter through June December 2025. The modified secured credit facility also allows us to increase total commitments by up to $250 million; and
  • Backlog as of July 2022 Fleet Status Report was $6.2 billion.

STEINHAUSEN, Switzerland, August 01, 2022 (GLOBE NEWSWIRE) — Transocean Ltd. RIG today reported a net loss attributable to majority interest of $68 million, $0.10 per diluted share, for the three months ended June 30, 2022.

Contract drilling revenue for the three months ended June 30, 2022 increased $106 million sequentially to $692 million primarily due to three rigs being restarted after a shutdown in the previous quarter, a higher three rig daily rate, one higher revenue efficiencies and an additional calendar day in the second quarter, partially offset by reduced activity for two rigs that were warm stacked in the second quarter of 2022.

The contracted intangible amortization represented a non-cash revenue deduction of $30 million compared to $29 million in the first quarter of 2022.

Operating and maintenance costs were $433 million compared to…



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