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2016-05-05 18:30:00

TRANSOCEAN NET INCOME $249 MLN

TRANSOCEAN NET INCOME $249 MLN

Transocean Ltd. Reports First Quarter 2016 Results

  • Revenues were $1.34 billion, compared to $1.85 billion in the fourth quarter of 2015;
  • Operating and maintenance expense was $665 million, down from $794 million in the prior period;
  • Adjusted net income was $254 million, $0.69 per diluted share, excluding $5 million of net unfavorable items. This compares with $615 million, $1.68 per diluted share, in the fourth quarter of 2015, excluding $4 million of net unfavorable items;
  • Net income attributable to controlling interest was $249 million, $0.68 per diluted share, compared with $611 million, $1.66 per diluted share, in the prior quarter;
  • The Annual Effective Tax Rate was 22.8 percent, compared with 13.1 percent in the fourth quarter of 2015;
  • Cash flows from operating activities were $631 million, compared with $960 million in the previous quarter;
  • Revenue efficiency was 95.0 percent, compared with 95.9 percent in the fourth quarter of 2015;
  • Rig utilization was 51 percent, compared with 60 percent in the prior quarter; and
  • Contract backlog was $14.6 billion as of the April 2016 Fleet Status Report.

ZUG, SWITZERLAND-May 4, 2016-Transocean Ltd. (NYSE: RIG) today reported net income attributable to controlling interest of $249 million, $0.68 per diluted share, for the three months ended March 31, 2016. First quarter 2016 results included net unfavorable items of $5 million, $0.01 per diluted share, as follows:

  • $4 million, $0.01 per diluted share, in restructuring costs associated with employee severance; and
  • $2 million related to the loss on impairment of the midwater floater Transocean John Shaw, which the company has identified for recycling.

These net unfavorable items were partially offset by:

  • $1 million in favorable discrete tax benefits and miscellaneous other items.

After consideration of these net unfavorable items, first quarter 2016 adjusted net income was $254 million, or $0.69 per diluted share.

For the three months ended March 31, 2015, the company reported a net loss attributable to controlling interest of $483 million, or $1.33 per diluted share. The first quarter of 2015 included net unfavorable items of $881 million, $2.43 per diluted share, associated with losses on the impairment of the deepwater floater asset group and other assets classified as held for sale. After consideration of these net unfavorable items, adjusted net income was $398 million, or $1.10 per diluted share.

Contract drilling revenues for the three months ended March 31, 2016, decreased $345 million sequentially to $1.11 billion due primarily to reduced activity associated with stacked and idle rigs, and rig disposals.

Other revenues decreased $165 million sequentially to $230 million. First quarter 2016 included $209 million in early contract termination fees ($133 million, net of expected quarterly contract drilling revenues for the cancelled rigs) primarily associated with the Discoverer Deep Seas and Deepwater Millennium.

Operating and maintenance expense decreased to $665 million, compared with $794 million in the prior quarter. The decrease was due largely to lower activity, cost savings related to the company's operational and restructuring initiatives, and reduced stacking costs primarily associated with the company's dynamically positioned floaters offset partially by the reactivation costs of the Henry Goodrich. The quarter also included deferred mobilization cost of $18 million on the GSF Development Driller I that was previously expected in the second quarter of 2016.

General and administrative expense was $43 million, down from $58 million in the prior quarter reflecting the company's ongoing restructuring efforts.

Depreciation expense was $217 million, compared with $213 million in the previous quarter.

The Effective Tax Rate was 22.4 percent, up from 9.7 percent in the fourth quarter of 2015. The Annual Effective Tax Rate was 22.8 percent, up from 13.1 percent in the previous quarter. The increase was due largely to lower adjusted pre-tax income and the change in the mix of operating results from certain jurisdictions.

Interest expense, net of amounts capitalized, increased $2 million sequentially to $89 million. Capitalized interest was $49 million, unchanged from the prior quarter. Interest income was $6 million, compared with $5 million in the prior quarter.

Cash flows from operating activities were $631 million, compared with $960 million in the prior quarter.

Capital expenditures totaled $368 million, down from $665 million in the prior quarter. The decline was due primarily to reduced spending associated with the company's newbuild program.

"Despite the challenging environment, the Transocean team delivered strong operating performance, and solid financial results, adding over $200 million to our cash balance in the first quarter of 2016," said President and Chief Executive Officer Jeremy Thigpen. "As we work through the second quarter, and the balance of the year, we will continue to prepare ourselves for the eventual industry recovery by taking the necessary steps to both maximize internal efficiencies, and further differentiate Transocean in the eyes of our customers through superior safety and operational performance."

 

TRANSOCEAN LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)

  Three months ended 
  March 31, 
  2016 2015
         
Operating revenues        
Contract drilling revenues $  1,111 $  2,000
Other revenues    230    43
     1,341    2,043
Costs and expenses        
Operating and maintenance    665    1,084
Depreciation    217    291
General and administrative    43    46
     925    1,421
Loss on impairment    (3)    (936)
Gain (loss) on disposal of assets, net    1    (7)
Operating income (loss)    414    (321)
         
Other income (expense), net        
Interest income    6    6
Interest expense, net of amounts capitalized    (89)    (116)
Other, net    (1)    47
     (84)    (63)
Income (loss) from continuing operations before income tax expense    330    (384)
Income tax expense    74    83
Income (loss) from continuing operations    256    (467)
Loss from discontinued operations, net of tax    (1)    (2)
         
Net income (loss)    255    (469)
Net income attributable to noncontrolling interest    6    14
Net income (loss) attributable to controlling interest $  249 $  (483)
         
Earnings (loss) per share-basic        
Earnings (loss) from continuing operations $  0.68 $  (1.32)
Earnings (loss) from discontinued operations   -    (0.01)
Earnings (loss) per share $  0.68 $  (1.33)
         
Earnings (loss) per share-diluted        
Earnings (loss) from continuing operations $  0.68 $  (1.32)
Earnings (loss) from discontinued operations   -    (0.01)
Earnings (loss) per share $  0.68 $  (1.33)
         
Weighted-average shares outstanding        
Basic   364   363
Diluted   364   363

 

deepwater.com

-----

Earlier: 

TRANSOCEAN NET INCOME $321 MLN 

TRANSOCEAN: OIL'S DECLINE: $2.76 BLN 

TRANSOCEAN: 8 DRILLING RIGS 

TRANSOCEAN: BLAST OFF

 

 

 

Tags: TRANSOCEAN, OIL, GAS

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