From GlobeNewswire: 2025-02-17 16:43:21

Transocean Ltd. reported a net income of $7 million for the fourth quarter of 2024, with adjusted net income at $27 million. Contract drilling revenues increased to $952 million, with operating and maintenance expenses at $579 million. The Effective Tax Rate was 89.0%, rising from the previous quarter. Cash provided by operating activities increased to $206 million. Full year 2024 results showed a net loss of $512 million, with adjusted net loss at $54 million. Transocean aims to focus on strong operational execution and cost control to maximize backlog conversion. Backlog as of February 2025 stands at $8.3 billion. The company operates a fleet of 34 mobile offshore drilling units. Non-GAAP measures like Adjusted EBITDA and Adjusted Net Income were also reported by Transocean.

In terms of financial performance, Transocean’s Adjusted EBITDA for the fourth quarter of 2024 was $323 million, with a margin of 33.9%. Adjusted net loss for the same period stood at $27 million. The company’s fleet operating statistics showed an average daily revenue of $434,700 across all rigs. The revenue efficiency for the fleet was 93.5%. The utilization rate for the fleet averaged at 66.8%. The Effective Tax Rate for the period was 89.0%, rising from the previous quarter. Free cash flow for the fourth quarter of 2024 was $177 million, with Levered Free Cash Flow at $147 million.

In summary, Transocean Ltd. experienced improvements in contract drilling revenues, net income, and cash flow for the fourth quarter of 2024. The company aims to focus on operational execution and cost control to maximize backlog conversion. With a strong backlog of $8.3 billion as of February 2025, Transocean continues to be a leading provider of offshore drilling services.



Read more at GlobeNewswire: Transocean Ltd. Reports Fourth Quarter and Full Year 2024