Transocean Reports Q2 2013 Revenue Increase

MarineLink.com
Wednesday, August 07, 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.

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