Transocean Reports 4Q & FY 2011 Results

Monday, February 27, 2012

Transocean Ltd. reported a net loss attributable to controlling interest of $6.119 billion, or $18.62 per diluted share, for the three months ended December 31, 2011. The results compare to a net loss attributable to controlling interest of $799 million, or $2.51 per diluted share, for the three months ended December 31, 2010.
 
• Revenues improved eight percent in the fourth quarter to $2.422 billion compared to $2.242 billion in the third quarter 2011,
 
• Fourth quarter 2011 net loss attributable to controlling interest was $6.119 billion, which included $ 6.176 billion of certain net unfavorable items including an estimated goodwill impairment of $5.2 billion and an estimated loss contingency of $1.0 billion associated with the Macondo Well incident, compared to a net loss attributable to controlling interest of $71 million in the third quarter 2011, which included $81 million of certain net unfavorable items,
 
• Revenue efficiency(1) was 91.9 percent in the fourth quarter, up from 89.5 percent in the third quarter 2011,
 
• Fleet utilization(2) was 61 percent in the fourth quarter, up from 58 percent in the third quarter 2011,
 
• Excluding $1.0 billion for estimated loss contingencies associated with the Macondo Well incident, fourth quarter 2011 operating and maintenance expenses were $1.565 billion, up from $1.540 billion in the third quarter 2011,
 
• Cash flows from operating activities were $563 million in the fourth quarter, up from $492 million in the third quarter 2011,
 
• The Annual Effective Tax Rate(3) for 2011 increased to 41.3 percent from 34.1 percent in the third quarter 2011, and
 
• New contracts totaling $1.4 billion were secured in the Fleet Status Report period October 17, 2011 through February 14, 2012.
 
Fourth quarter 2011 results included the following items, after tax, which resulted in a net adverse impact of $ 6.176 billion, or $18.80 per diluted share
:
 
• An estimated, non-cash charge of $5.2 billion, or $15.83 per diluted share, resulting from a goodwill impairment associated with the contract drilling services reporting unit. The impairment was primarily due to a decline in the market valuation of the contract drilling services business,
 
• $1.0 billion, or $3.04 per diluted share, for estimated loss contingencies associated with the Macondo Well incident that the company believes is probable and for which a reasonable estimate can be made at this time.  This estimate will be adjusted to reflect new information and future developments as they become known,
 
• $30 million, or $0.09 per diluted share, of charges associated with the company's acquisition of Aker Drilling,
 
• $26 million, or $0.08 per diluted share,  of income from discontinued operations, primarily related to the gain on the sale of Challenger Minerals (North Sea) Limited,
 
• $18 million, or $0.05 per diluted share,  of favorable discrete tax items, and
 
• $11 million, or $0.03 per diluted share, from the gain on the sale of the GSF Adriatic XI.
 
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dann Marine Repowers With Cummins Tier 3 Engines

Dann Marine Towing, LC., is a fifth generation family owned and operated tugboat company based in Chesapeake City, MD. The model-bow twin-screw tug Sea Coast was

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

MAN-Powered Cargo Vessel Meets Tier III

Classification society awards SCR system emissions certificate. MAN Diesel & Turbo has been awarded a Tier III - compatibility certificate by the DNV- GL classification

Offshore

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Russia: Exxon Still Drilling in its Arctic

ExxonMobil is still drilling in the Russian Arctic, a Russian minister said on Friday, in move that if confirmed will anger Washington after the U.S. administration

MAN-Powered Cargo Vessel Meets Tier III

Classification society awards SCR system emissions certificate. MAN Diesel & Turbo has been awarded a Tier III - compatibility certificate by the DNV- GL classification

Finance

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Source: Siemens Offering $6.1 bln for Dresser Rand

Germany's Siemens plans to offer more than $6.1 billion, or $80 per share, for U.S. compressor and turbine maker Dresser-Rand, Germany's Manager Magazin said on Friday.

Energy

Antwerp Port Seeks Inputs on Setting-up LNG bunkering

By the beginning of 2016 the port of Antwerp will have an LNG bunkering and filling station for barges. The procedure for construction of the station is currently under way.

Dann Marine Repowers With Cummins Tier 3 Engines

Dann Marine Towing, LC., is a fifth generation family owned and operated tugboat company based in Chesapeake City, MD. The model-bow twin-screw tug Sea Coast was

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1511 sec (7 req/sec)