EXHIBIT 99.1

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TRANSOCEAN LTD. REPORTS FIRST QUARTER 2017 RESULTS

 

·

Revenues were $785 million compared with  $974 million in the fourth quarter of 2016;

·

Operating and maintenance expense was $343 million, including $8 million in favorable items associated with litigation matters.  This compares with $314 million in the prior period,  including $30 million in favorable items associated with litigation matters;

·

Net income attributable to controlling interest was $91 million, $0.23 per diluted share, compared with $243 million, $0.64 per diluted share, in the fourth quarter of 2016;

·

Adjusted net income was $4 million, $0.01 per diluted share, excluding $87 million of net favorable items.  This compares with $261 million, $0.69 per diluted share, in the prior quarter, excluding $18 million of net unfavorable items;

·

EBITDA margin was 52 percent, compared with 59 percent in the fourth quarter of 2016.  Adjusted Normalized EBITDA margin was 48 percent, compared with 56 percent in the prior quarter;

·

Cash flows from operating activities were $184 million, compared with $633 million in the prior quarter;

·

Revenue efficiency(1) was 97.8 percent, compared with 100.3 percent in the fourth quarter of 2016; and

·

Contract backlog was $10.8 billion as of the April 2017 Fleet Status Report.

 

ZUG, SWITZERLAND—May 3, 2017—Transocean Ltd. (NYSE: RIG) today reported net income attributable to controlling interest of $91 million, $0.23 per diluted share, for the three months ended March 31, 2017.

 

First quarter 2017 results included net favorable items of $87 million, or $0.22 per diluted share as follows:

 

·

$77 million, $0.20 per diluted share, in discrete tax benefits;

·

$8 million, $0.02 per diluted share, related to favorable litigation matters; and

·

$2 million associated with gain on a rig disposal.

 

After consideration of these net favorable items, first quarter 2017 adjusted net income was $4 million, or $0.01 per diluted share.

 


The following information was filed by Transocean Ltd. (RIG) on Wednesday, May 3, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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