EXHIBIT 99.1

Picture 1

 

TRANSOCEAN LTD. REPORTS SECOND QUARTER 2017 RESULTS

 

·

Revenues were $751 million, compared with  $785 million in the first quarter of 2017;

·

Revenue efficiency(1) was 97.4 percent, compared with 97.8 percent in the first quarter of 2017;

·

Operating and maintenance expense was $333 million, compared with $343 million in the prior period;

·

Net loss attributable to controlling interest was $1.690 billion, $4.32 per diluted share, compared with net income attributable to controlling interest of $91 million, $0.23 per diluted share, in the first quarter of 2017;

·

Adjusted net income was $1 million, excluding $1.691 billion of net unfavorable items primarily related to the previously announced $1.597 billion loss on the divestiture of the jackup fleet. This compares with $4 million, $0.01 per diluted share, in the prior quarter, excluding $87 million of net favorable items;

·

Adjusted Normalized EBITDA margin was $347 million or 49 percent, compared with $361 million or 48 percent in the prior quarter;

·

Cash flows from operating activities were $319 million, up from $184 million in the prior quarter;

·

Repurchased an aggregate principal amount of debt of $1.343 billion, including cash tender offers of $1.212 billion and open market repurchases of $131 million primarily associated with near‑dated debt; and

·

Contract backlog was $10.2 billion as of the July 2017 Fleet Status Report.

 

ZUG, Switzerland—August 2, 2017—Transocean Ltd. (NYSE: RIG) today reported net loss attributable to controlling interest of $1.690 billion, $4.32 per diluted share, for the three months ended June 30, 2017.

 

Second quarter 2017 results included net unfavorable items of $1.691 billion, or $4.32 per diluted share as follows:

 

·

$1.597 billion, $4.08 per diluted share, loss on the divestiture of the jackup fleet;

·

$113 million, $0.29 per diluted share, loss on impairment of primarily the midwater floater asset group;

·

$48 million, $0.12 per diluted share, loss related to the early retirement of debt; and

·

$3 million associated with unfavorable litigation matters and restructuring charges.

 

These net unfavorable items were partially offset by:

 

·

$70 million, $0.17 per diluted share, in discrete tax benefits.

 

After consideration of these net unfavorable items, second quarter 2017 adjusted net income was $1 million.

 


The following information was filed by Transocean Ltd. (RIG) on Wednesday, August 2, 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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