EXHIBIT 99.1

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TRANSOCEAN LTD. REPORTS FOURTH QUARTER, FULL YEAR 2016 RESULTS

 

·

Revenues were $974 million, up from  $906 million in the third quarter of 2016;

·

Operating and maintenance expense was $314 million, including $30 million in favorable items associated with litigation matters.  This compares with $407 million in the prior period;

·

Net income attributable to controlling interest was $226 million, $0.60 per diluted share, compared with $230 million, $0.62 per diluted share, in the third quarter of 2016;

·

Adjusted net income was $239 million, $0.63 per diluted share, excluding $13 million of net unfavorable items.  This compares with $100 million, $0.27 per diluted share, in the prior quarter, excluding $130 million of net favorable items;

·

Effective Tax Rate excluding discrete items(1) was 11.6 percent, compared with 18.2 percent in the third quarter of 2016;

·

Cash flows from operating activities were $633 million, up from $440 million in the previous quarter;

·

Revenue efficiency(2) was 100.3 percent, compared with 100.7 percent in the third quarter of 2016; and

·

Contract backlog was $11.3 billion as of the February 2017 Fleet Status Report.

 

ZUG, SWITZERLAND—February 22, 2017—Transocean Ltd. (NYSE: RIG) today reported net income attributable to controlling interest of $226 million, $0.60 per diluted share, for the three months ended December 31, 2016.  Other income included $39 million of royalties associated with the company’s patented dual‑activity technology.

 

Fourth quarter 2016 results included net unfavorable items of $13 million, or $0.03 per diluted share as follows:

 

·

$66 million, $0.16 per diluted share, related to loss on impairment of assets; and

·

$11 million, $0.03 per diluted share, in restructuring costs.

 

These net unfavorable items were partially offset by:

 

·

$31 million, $0.08 per diluted share, in discrete tax benefits;

·

$28 million, $0.07 per diluted share, in favorable items related to litigation matters; and

·

$5 million, $0.01 per diluted share, related to  a gain on rig sales.

 

After consideration of these net unfavorable items, fourth quarter 2016 adjusted net income was $239 million, or $0.63 per diluted share.

 


The following information was filed by Transocean Ltd. (RIG) on Thursday, February 23, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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