Transocean (RIG) Tops Q2 EPS by 13c, Revenues Beat

Transocean (NYSE: RIG) reported Q2 EPS of ($0.04), $0.13 better than the analyst estimate of ($0.17). Revenue for the quarter came in at $790 million versus the consensus estimate of $766.09 million.

• Total contract drilling revenues were $790 million, compared with $664 million in the first quarter of 2018;
• Revenue efficiency(1) was 97.4 percent, compared with 91.5 percent in the prior quarter;
• Operating and maintenance expense was $431 million, compared with $424 million in the prior period;
• Net loss attributable to controlling interest was $1.135 billion, $2.46 per diluted share, compared with net loss attributable to controlling interest of $210 million, $0.48 per diluted share, in the first quarter of 2018;
• Adjusted net loss was $18 million, $0.04 per diluted share, excluding $1.117 billion of net unfavorable items. This compares with adjusted net loss of $210 million, $0.48 per diluted share, in the prior quarter;
• During the second quarter, the company acquired a 33% interest in the newbuild, harsh environment semisubmersible Transocean Norge (formerly the West Rigel) through a joint venture with Hayfin Capital Management LLP (“Hayfin”); and
• Contract backlog was $11.7 billion as of the July 2018 Fleet Status Report.

For earnings history and earnings-related data on Transocean (RIG) click here.

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