Transocean Fourth Quarter and Full Year 2021 Results
Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $260 million, $0.40 per diluted share, for the three months ended December 31, 2021.
Total contract drilling revenues were $621 million, compared to $626 million in the third quarter of 2021 (total adjusted contract drilling revenues of $671 million, compared to $683 million in the third quarter of 2021);
Revenue efficiency(1) was 94.5%, compared to 98.1% in the prior quarter;
Operating and maintenance expense was $430 million, compared to $398 million in the prior quarter;
Net loss attributable to controlling interest was $260 million, $0.40 per diluted share, compared to $130 million, $0.20 per diluted share, in the third quarter of 2021;
Adjusted EBITDA was $250 million, compared to $245 million in the prior quarter; and
Contract backlog was $6.5 billion as of the February 2022 Fleet Status Report.
Fourth quarter 2021 results included net unfavorable non-cash items of $134 million, or $0.21 per diluted share, as follows:
$72 million, $0.11 per diluted share, related to discrete tax items;
$37 million, $0.06 per diluted share, loss on impairment of investment in unconsolidated affiliate; and
$28 million, $0.04 per diluted share, allowance for excess materials and supplies, certain items.
These unfavorable non-cash items were partially offset by:
$3 million, gain on disposal of assets.
After consideration of this net unfavorable item, fourth quarter 2021 adjusted net loss was $126 million, $0.19 per diluted share, compared to $122 million, $0.19 per diluted share, in the third quarter of 2021.
Contract drilling revenues for the three months ended December 31, 2021 decreased sequentially by $5 million to $621 million, primarily due to lower revenue efficiency and a rig that was idle in the fourth quarter, partially offset by one rig that returned to work following a planned shipyard stay and one rig that returned to work after being idle in the prior quarter.
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