Transocean Reports Q2 2013 Revenue Increase

MarineLink.com August 7, 2013

Photo courtesy of Transocean

Transocean's second quarter 2013 revenues were US$2.397-billion, compared with US$2.197-billion in the first quarter of 2013.

Financial highlights:

Operating and maintenance expenses for the second quarter were $1.393 billion, compared with $1.375 billion in the first quarter of 2013;
Second quarter 2013 net income attributable to controlling interest was $307 million, which included $85 million of net unfavorable items. This compares with the first quarter 2013 net income attributable to controlling interest of $321 million, which included $16 million of net unfavorable items;
Second quarter Annual Effective Tax Rate(1) was 23.5 percent, compared with 19.2 percent in the first quarter of 2013;
Second quarter 2013 net income attributable to controlling interest was $0.84 per diluted share. After adjusting for net unfavorable items, adjusted earnings from continuing operations were $392 million, or $1.08 per diluted share;
Cash flows from operating activities were $416 million in the second quarter, compared with $106 million in the first quarter of 2013;
Revenue efficiency(2) was 93.1 percent in the second quarter, compared with 88.0 percent, in the first quarter of 2013. Ultra-deepwater revenue efficiency was 91.1 percent, compared with 83.8 percent in the prior quarter;
Total fleet rig utilization(3) was 80 percent in the second quarter, unchanged from the first quarter of 2013; and
Contract backlog was $27.3 billion as of the July 17, 2013 Fleet Status Report. Since July 17, 2013, additional contracts totaling $460 million were secured.