Transocean released their 2nd quarter financial results and below are the highlights:
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Total contract drilling revenues were $930 million (total adjusted contract drilling revenues of $983 million), compared with $759 million in the first quarter of 2020 (total adjusted contract drilling revenues of $807 million);
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Revenue efficiency(1) was 97.2%, compared with 94.4% in the prior quarter;
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Operating and maintenance expense was $525 million, compared with $540 million in the prior period;
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Net loss attributable to controlling interest was $497 million, $0.81 per diluted share, compared with net loss attributable to controlling interest of $392 million, $0.64 per diluted share, in the first quarter of 2020;
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Adjusted net loss was $1 million, excluding $496 million of net unfavorable items. This compares with adjusted net loss of $187 million, $0.30 per diluted share, in the previous quarter;
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Adjusted EBITDA was $418 million, compared with adjusted EBITDA of $235 million in the prior quarter; and
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Contract backlog was $8.9 billion as of the July 2020 Fleet Status Report.
Source: Transocean
