Transocean Ltd. Reports Fourth Quarter And Full Year 2015 Results

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) reported net income attributable to controlling interest of $611 million, $1.66 per diluted share, for the three months ended December 31, 2015. Fourth quarter 2015 results included net unfavorable items of $4 million, $0.02 per diluted share, as follows:
$29 million, $0.08 per diluted share, related to loss on impairment of the GSF Grand Banks and Deepwater Navigator, which the company has classified as held for sale;
$22 million, $0.06 per diluted share, related to restructuring costs; and $1 million in discontinued operations.
These net unfavorable items were partially offset by:
$27 million, $0.07 per diluted share, in favorable discrete tax benefits; and
$21 million, $0.05 per diluted share, in net gains on early debt retirements and asset disposals.
After consideration of these net unfavorable items, fourth quarter 2015 adjusted net income was $615 million, or $1.68 per diluted share.

    Highlights:

Revenues were $1.85 billion, up from $1.61 billion in the third quarter of 2015;
Operating and maintenance expenses were $794 million, down from $880 million in the prior period;
Adjusted net income was $615 million, $1.68 per diluted share, excluding $4 million of net unfavorable items. This compares with $316 million, $0.87 per diluted share, in the third quarter of 2015, excluding $5 million of net favorable items;
Net income attributable to controlling interests was $611 million, $1.66 per diluted share, compared with $321 million, $0.88 per diluted share, in the prior quarter;
The Annual Effective Tax Rate(1) was 13.1 percent, compared with 7.5 percent in the third quarter of 2015;
Cash flows from operating activities were $960 million, up sequentially from $648 million;
Revenue efficiency(2) was 95.9 percent, up from 95.0 percent in the third quarter of 2015;
Rig utilization(3) was 60 percent, compared with 70 percent in the prior quarter; and Contract backlog was $15.5 billion as of the February 11, 2016, Fleet Status Report.
More: FULL YEAR 2015 FINANCIAL RESULTS
Source: Transocean Ltd.
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