EXHIBIT 99.1

Picture 1

 

TRANSOCEAN LTD. REPORTS THIRD QUARTER 2017 RESULTS

 

·

Revenues were $808 million, compared with  $751 million in the second quarter of 2017;

·

Revenue efficiency(1) was 97.1 percent, compared with 97.4 percent in the prior quarter;

·

Operating and maintenance expense was $323 million, compared with $333 million in the previous quarter;

·

Net loss attributable to controlling interest was $1.417 billion, $3.62 per diluted share, compared with net loss attributable to controlling interest of $1.690 billion, $4.32 per diluted share, in the second quarter of 2017;

·

Adjusted net income was $64 million, excluding $1.481 billion of net unfavorable items primarily related to the previously announced retirement of six floaters. This compares with adjusted net income of $1 million in the prior quarter, excluding $1.691 billion of net unfavorable items primarily related to the $1.597 billion loss on the divestiture of the jackup fleet;

·

Adjusted Normalized EBITDA margin was $349 million or 49 percent, compared with $347 million or  49 percent in the prior quarter;

·

Cash flows from operating activities were $384 million, up from $319 million in the prior quarter; and

·

Contract backlog was $9.4 billion as of the October 2017 Fleet Status Report.

 

ZUG, Switzerland—November 1, 2017—Transocean Ltd. (NYSE: RIG) today reported net loss attributable to controlling interest of $1.417 billion, $3.62 per diluted share, for the three months ended September 30, 2017.

 

Third quarter 2017 results included net unfavorable items of $1.481 billion, or $3.78 per diluted share as follows:

 

·

$1.386 billion, $3.54 per diluted share, loss on impairment associated with the previously announced retirement of six floaters;

·

$90 million, $0.23 per diluted share, in discrete tax expense; and

·

$5 million, $0.01 per diluted share, for acquisition costs related to Songa Offshore and other items.

 

After consideration of these net unfavorable items, third quarter 2017 adjusted net income was $64 million, or $0.16 per diluted share.

 


The following information was filed by Transocean Ltd. (RIG) on Wednesday, November 1, 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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