Transocean Encouraged by Rising Customer Enquiries
Transocean’s (NYSE: RIG) president and chief executive officer, Jeremy Thigpen, has announced that the company is encouraged by an increasing number of customer inquiries for both harsh-environment and ultra-deepwater projects.
Thigpen, who made the statement in Transocean’s first quarter results statement, also noted that the business is optimistic that oil prices will remain constructive as the global economy begins to emerge from the pandemic, “driving an increase in contracting activity as we move through the year”.
Transocean reported total contract drilling revenues of $653 million, compared to $690 million in the fourth quarter of 2020. The business registered a net loss attributable to the controlling interest of $99 million, or $0.16 per diluted share, for the three months ended March 31, 2021. This compared to a net loss of $37 million, or $0.06 per diluted share, in the fourth quarter of last year.
Adjusted EBITDA came in at $245 million for the quarter, compared with adjusted EBITDA of $210 million in the prior quarter, and the company’s contract backlog was $7.4 billion as of its April 2021 fleet status report.
“During the quarter, our dedicated team of professionals continued to deliver safe, reliable, and efficient operations for our customers, producing 35 percent adjusted EBITDA margin, and some of the strongest operating statistics in company history,” Thigpen said in a company statement.
“It is this consistently strong performance that differentiates us in the eyes of our customers and enables us to efficiently convert our industry leading $7.4 billion backlog into cash,” he added.
Transocean describes itself as a leading international provider of offshore contract drilling services for oil and gas wells. The company owns, or has partial ownership interests in, and operates, a fleet of 37 mobile offshore drilling units consisting of 27 ultra-deepwater floaters and 10 harsh environment floaters. In addition, Transocean is constructing two ultra-deepwater drillships.
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