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TRANSOCEAN LTD. REPORTS FIRST QUARTER 2021 RESULTS
|●||Total contract drilling revenues were $653 million (total adjusted contract drilling revenues of $709 million), compared with $690 million in the fourth quarter of 2020 (total adjusted contract drilling revenues of $747 million);|
|●||Revenue efficiency(1) was 97.4%, compared with 97.2% in the prior quarter;|
|●||Operating and maintenance expense was $435 million, compared with $465 million in the prior period;|
|●||Net loss attributable to controlling interest was $99 million, $0.16 per diluted share, compared with net loss attributable to controlling interest of $37 million, $0.06 per diluted share, in the fourth quarter of 2020;|
|●||Adjusted EBITDA was $245 million, compared with adjusted EBITDA of $210 million in the prior quarter; and|
|●||Contract backlog was $7.4 billion as of the April 2021 Fleet Status Report.|
STEINHAUSEN, Switzerland—May 3, 2021—Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $99 million, $0.16 per diluted share, for the three months ended March 31, 2021.
First quarter 2021 results included net favorable items of $18 million, or $0.03 per diluted share, as follows:
|●||$51 million, $0.08 per diluted share, gain on retirement of debt; and|
|●||$27 million, $0.05 per diluted share, discrete tax items.|
These favorable items were partially offset by:
|●||$60 million, $0.10 per diluted share, loss on disposal of assets.|
After consideration of these net favorable items, first quarter 2021 adjusted net loss was $117 million, $0.19 per diluted share.
The following information was filed by Transocean Ltd. (RIG) on Monday, May 3, 2021 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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