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Investor Relations and
FOR RELEASE: Feb. 17, 2009
|Guy A. Cantwell
TRANSOCEAN LTD. REPORTS
FOURTH QUARTER AND FULL-YEAR 2008 RESULTS
ZUG, SWITZERLANDTransocean Ltd. (NYSE: RIG) today reported net income for the three months ended December 31, 2008 of $800 million, or $2.50 per diluted share. Revenues for the fourth quarter 2008 totaled a record $3.270 billion. The results compare to net income of $1.056 billion, or $4.17 per diluted share, for the three months ended December 31, 2007. For the three months ended December 31, 2007, revenues were $2.077 billion.
Fourth quarter 2008 results were adversely impacted by certain net charges, after tax, totaling $385 million, or $1.19 per diluted share, as follows:
$208 million of goodwill and other impairments related to drilling management services,
$97 million of write-downs to fair market value for the GSF Arctic II and GSF Arctic IV semi-submersible rigs held for sale,
$46 million for depreciation, depletion and amortization expense resulting from an adjustment to the useful life assigned to certain rigs acquired in the merger with GlobalSantaFe Corporation (the Merger),
$20 million of discrete tax items, write-downs of oil and gas properties and costs related to the Merger,
$17 million of write-offs for uncollectible accounts receivable associated with the Sedco 712 rig contract after the operator announced it had been placed into administration (a form of bankruptcy protection under U.K. law),
$18 million for materials and supplies obsolescence, and
Partially offset by $21 million of income related to the sales contract termination fee on the Transocean Nordic and income from the TODCO tax sharing agreement.
Net income of $1.056 billion for the three months ended December 31, 2007 included after-tax income of $194 million, or $0.77 per diluted share, resulting primarily from the sale of the Peregrine I drillship and benefits from discrete tax items (which were partially offset by Merger-related costs and losses on the early retirement of debt). On November 27, 2007, Transocean Inc. reclassified its ordinary shares into cash and shares (the Reclassification) in connection with the Merger. Reported results for the fourth quarter and full year 2007 included approximately one month from GlobalSantaFes operations and the impact of recording GlobalSantaFes assets and liabilities at fair market value as required by generally accepted accounting principles.
Diluted earnings per share for the fourth quarter 2007 is based on a weighted average diluted share count of 254 million shares, which included the effect of restating the historical share count for the Reclassification. The weighted average diluted share count for the fourth quarter 2007 without restatement would have been 309(1) million shares.
The following information was filed by Transocean Ltd. (RIG) on Tuesday, February 17, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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