$RIG
Transocean Ltd.

2014 Q2 Form 10-Q Financial Statement

#000145150514000063 Filed on May 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $2.328B $2.339B $2.184B
YoY Change -1.52% 7.1% 3.51%
Cost Of Revenue $1.213B $1.269B $1.356B
YoY Change -10.61% -6.42% 9.18%
Gross Profit $1.115B $1.070B $828.0M
YoY Change 10.72% 29.23% -4.61%
Gross Profit Margin 47.9% 45.75% 37.91%
Selling, General & Admin $63.00M $57.00M $67.00M
YoY Change -18.18% -14.93% -2.9%
% of Gross Profit 5.65% 5.33% 8.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $288.0M $273.0M $275.0M
YoY Change 0.7% -0.73% -3.51%
% of Gross Profit 25.83% 25.51% 33.21%
Operating Expenses $351.0M $330.0M $342.0M
YoY Change -3.31% -3.51% -3.39%
Operating Profit $765.0M $672.0M $479.0M
YoY Change 26.45% 40.29% 29.11%
Interest Expense $112.0M $126.0M $157.0M
YoY Change -23.29% -19.75% -12.78%
% of Operating Profit 14.64% 18.75% 32.78%
Other Income/Expense, Net -$89.00M -$118.0M -$141.0M
YoY Change -41.06% -16.31% -22.95%
Pretax Income $676.0M $554.0M $338.0M
YoY Change 48.9% 63.91% 79.79%
Income Tax $72.00M $80.00M $20.00M
% Of Pretax Income 10.65% 14.44% 5.92%
Net Earnings $587.0M $456.0M $321.0M
YoY Change 91.21% 42.06% 3110.0%
Net Earnings / Revenue 25.21% 19.5% 14.7%
Basic Earnings Per Share $1.61 $1.25 $0.88
Diluted Earnings Per Share $1.61 $1.25 $0.88
COMMON SHARES
Basic Shares Outstanding 362.0M shares 361.0M shares 360.0M shares
Diluted Shares Outstanding 362.0M shares 361.0M shares 360.0M shares

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.117B $1.987B $3.689B
YoY Change -36.94% -46.14% -7.36%
Cash & Equivalents $2.117B $1.987B $3.689B
Short-Term Investments
Other Short-Term Assets $299.0M $346.0M $400.0M
YoY Change -27.78% -13.5% -49.37%
Inventory $816.0M $768.0M $648.0M
Prepaid Expenses
Receivables $2.214B $2.217B $2.117B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.760B $5.633B $7.133B
YoY Change -16.11% -21.03% -7.04%
LONG-TERM ASSETS
Property, Plant & Equipment $22.38B $22.35B $21.03B
YoY Change 6.29% 6.28% -5.78%
Goodwill $2.987B $2.987B $2.987B
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $939.0M $924.0M $1.523B
YoY Change -28.1% -39.33% -6.68%
Total Long-Term Assets $26.31B $26.26B $25.54B
YoY Change 3.78% 2.83% -5.55%
TOTAL ASSETS
Total Short-Term Assets $5.760B $5.633B $7.133B
Total Long-Term Assets $26.31B $26.26B $25.54B
Total Assets $32.07B $31.90B $32.68B
YoY Change -0.46% -2.38% -5.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $764.0M $931.0M $843.0M
YoY Change -17.05% 10.44% 0.24%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $159.0M $162.0M $264.0M
YoY Change -16.75% -38.64% -90.54%
Total Short-Term Liabilities $3.397B $2.763B $3.376B
YoY Change -10.49% -18.16% -41.43%
LONG-TERM LIABILITIES
Long-Term Debt $10.30B $10.31B $10.97B
YoY Change -2.92% -6.01% 2.84%
Other Long-Term Liabilities $1.236B $1.281B $1.955B
YoY Change -30.83% -34.48% 2.14%
Total Long-Term Liabilities $11.89B $11.96B $13.27B
YoY Change -6.78% -9.91% 5.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.397B $2.763B $3.376B
Total Long-Term Liabilities $11.89B $11.96B $13.27B
Total Liabilities $15.29B $14.72B $16.65B
YoY Change -7.63% -11.58% -12.27%
SHAREHOLDERS EQUITY
Retained Earnings $6.305B $5.718B $4.176B
YoY Change 40.64% 36.93%
Common Stock $5.167B $5.164B $5.142B
YoY Change 0.49% 0.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $240.0M $240.0M $240.0M
YoY Change 0.0% 0.0%
Treasury Stock Shares 2.863M shares 2.863M shares 2.863M shares
Shareholders Equity $16.76B $17.17B $16.05B
YoY Change
Total Liabilities & Shareholders Equity $32.07B $31.90B $32.68B
YoY Change -0.46% -2.38% -5.88%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $587.0M $456.0M $321.0M
YoY Change 91.21% 42.06% 3110.0%
Depreciation, Depletion And Amortization $288.0M $273.0M $275.0M
YoY Change 0.7% -0.73% -3.51%
Cash From Operating Activities $636.0M $136.0M $106.0M
YoY Change 52.88% 28.3% -80.37%
INVESTING ACTIVITIES
Capital Expenditures $351.0M $1.131B $488.0M
YoY Change -0.28% 131.76% 105.04%
Acquisitions
YoY Change
Other Investing Activities $130.0M $12.00M -$9.000M
YoY Change -4433.33% -233.33% -25.0%
Cash From Investing Activities -$221.0M -$1.038B -$415.0M
YoY Change 37.27% 150.12% 100.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $6.000M $237.0M $1.190B
YoY Change -98.52% -80.08% 709.52%
Cash From Financing Activities -$285.0M -$354.0M -$1.136B
YoY Change -51.45% -68.84% 208.7%
NET CHANGE
Cash From Operating Activities $636.0M $136.0M $106.0M
Cash From Investing Activities -$221.0M -$1.038B -$415.0M
Cash From Financing Activities -$285.0M -$354.0M -$1.136B
Net Change In Cash $130.0M -$1.256B -$1.445B
YoY Change -139.16% -13.08% 4028.57%
FREE CASH FLOW
Cash From Operating Activities $636.0M $136.0M $106.0M
Capital Expenditures $351.0M $1.131B $488.0M
Free Cash Flow $285.0M -$995.0M -$382.0M
YoY Change 345.31% 160.47% -226.49%

Facts In Submission

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<div style="font-size:10.0pt;font-family:Times New Roman;"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt;" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 11pt; FONT-WEIGHT: bold;">Note&#160;1&#8212;Nature of Business</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt;" align="justify">&#160;</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt;" align="justify">&#160;</div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt;" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt;">Transocean&#160;Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, &#8220;Transocean,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;) is a leading international provider of offshore contract drilling services for oil and gas wells.&#160;&#160;We specialize in technically demanding sectors of the offshore drilling business with a particular focus on deepwater and harsh environment drilling services.&#160;&#160;Our mobile offshore drilling fleet is considered one&#160;of the most versatile fleets in the world.&#160;&#160;We contract our drilling rigs, related equipment and work crews predominantly on a dayrate basis to drill oil and gas wells.&#160;&#160;At March&#160;31, 2014, we owned or had partial ownership interests in and operated 78&#160;mobile offshore drilling units associated with our continuing operations.&#160;&#160;At March&#160;31, 2014, our fleet consisted of 46&#160;High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh Environment semisubmersibles and drillships), 21&#160;Midwater Floaters, and 11&#160;High-Specification Jackups.&#160;&#160;At March&#160;31, 2014, we also had nine&#160;Ultra-Deepwater drillships and five&#160;High-Specification Jackups under construction or under contract to be constructed.&#160;&#160;See Note&#160;9&#8212;Drilling Fleet.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt;" align="justify">&#160;</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt;" align="justify">&#160;</div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt;" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt;">In February&#160;2014, in connection with our efforts to discontinue non-strategic operations, we completed the sale of Applied&#160;Drilling&#160;Technology&#160;International&#160;Limited (&#8220;ADTI&#8221;), a United Kingdom (&#8220;U.K.&#8221;) company, which performs drilling management services in the North Sea.&#160;&#160;See Note&#160;7&#8212;Discontinued Operations.</font></div> </div>
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CY2013Q2 rig Cash Distribution Per Share Approved As Additional Paid In Capital
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CY2013Q2 rig Amount Of Installment
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CY2013Q2 rig Number Of Quarterly Installments
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CY2014Q1 rig Number Of Subsidiaries To Whom Shares Were Issued
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<div style="font-size:10.0pt;font-family:Times New Roman;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt;" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt;"><font style="DISPLAY: inline; FONT-WEIGHT: bold;">Accounting estimates</font>&#8212;To prepare financial statements in accordance with accounting principles generally accepted in the U.S., we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosures of contingent assets and liabilities.&#160;&#160;On an ongoing basis, we evaluate our estimates and assumptions, including those related to our discontinued operations, allowance for doubtful accounts, materials and supplies obsolescence, assets held for sale, property and equipment, investments, notes receivable, goodwill, income taxes, contingencies, share-based compensation, defined benefit pension plans and other postretirement benefits.&#160;&#160;We base our estimates and assumptions on historical experience and on various other factors we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources.&#160;&#160;Actual results could differ from such estimates.</font></div>
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<div style="font-size:10.0pt;font-family:Times New Roman;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt;" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Arial Narrow; FONT-SIZE: 10pt;"><font style="DISPLAY: inline; FONT-WEIGHT: bold;">Reclassifications</font>&#8212;We have made certain reclassifications, which did not have an effect on net income, to prior period amounts to conform with the current period&#8217;s presentation, including certain reclassifications to our consolidated statements of operations and cash flows to present discontinued operations (see Note&#160;7&#8212;Discontinued Operations) and reclassification of an intracompany note (see Note&#160;16&#8212;Condensed Consolidating Financial Information).&#160;&#160;Other reclassifications did not have a material effect on our condensed consolidated statement of financial position, results of operations or cash flows.</font></div>
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OtherAssetsNoncurrent
924000000 USD
CY2014Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1596000000 USD
CY2014Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1281000000 USD
CY2014Q1 us-gaap Common Stock Value
CommonStockValue
5164000000 USD
CY2014Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
6792000000 USD
CY2014Q1 us-gaap Treasury Stock Value
TreasuryStockValue
240000000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5718000000 USD
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Rolling Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths
162000000 USD
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo
1266000000 USD
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree
1168000000 USD
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour
1884000000 USD

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0001451505-14-000063.txt Edgar Link pending
0001451505-14-000063-xbrl.zip Edgar Link pending
exhibit31_1.htm Edgar Link pending
exhibit31_2.htm Edgar Link pending
exhibit32_1.htm Edgar Link pending
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rig-20140331.xml Edgar Link completed
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