$RIG
Transocean Ltd.

2022 Q1 Form 10-K Financial Statement

#000145150522000017 Filed on February 23, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $586.0M $621.0M $2.556B
YoY Change -10.26% -10.0% -18.91%
Cost Of Revenue $412.0M $430.0M $1.697B
YoY Change -5.29% -7.53% -15.15%
Gross Profit $174.0M $191.0M $859.0M
YoY Change -20.18% -15.11% -25.43%
Gross Profit Margin 29.69% 30.76% 33.61%
Selling, General & Admin $42.00M $49.00M $167.0M
YoY Change 7.69% -2.0% -8.74%
% of Gross Profit 24.14% 25.65% 19.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $183.0M $234.0M $742.0M
YoY Change -2.14% -4.88% -4.99%
% of Gross Profit 105.17% 122.51% 86.38%
Operating Expenses $225.0M $233.0M $909.0M
YoY Change -0.44% -2.51% -5.71%
Operating Profit -$50.00M -$42.00M -$112.0M
YoY Change -25.37% 200.0% -77.28%
Interest Expense $102.0M -$103.0M $447.0M
YoY Change -11.3% -10.43% -22.26%
% of Operating Profit
Other Income/Expense, Net -$99.00M -$3.000M -$358.0M
YoY Change 90.38% -25.0% 645.83%
Pretax Income -$149.0M -$149.0M -$470.0M
YoY Change 25.21% 831.25% -13.12%
Income Tax $26.00M $111.0M $121.0M
% Of Pretax Income
Net Earnings -$175.0M -$260.0M -$592.0M
YoY Change 76.77% 602.7% 4.41%
Net Earnings / Revenue -29.86% -41.87% -23.16%
Basic Earnings Per Share -$0.26 -$0.93
Diluted Earnings Per Share -$263.6K -$395.1K -$0.93
COMMON SHARES
Basic Shares Outstanding 656.4M 655.5M 637.0M
Diluted Shares Outstanding 664.0M 637.0M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $911.0M $976.0M $976.0M
YoY Change -14.54% -15.42% -15.42%
Cash & Equivalents $911.0M $976.0M $976.0M
Short-Term Investments
Other Short-Term Assets $142.0M $148.0M $584.0M
YoY Change -11.8% -9.2% 2.64%
Inventory $386.0M $392.0M $392.0M
Prepaid Expenses
Receivables $525.0M $492.0M $492.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.279B $2.444B $2.444B
YoY Change -10.94% -10.8% -10.8%
LONG-TERM ASSETS
Property, Plant & Equipment $17.01B $17.10B $17.10B
YoY Change -2.67% -3.22% -3.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $920.0M $959.0M $966.0M
YoY Change -5.54% -3.62% -3.78%
Total Long-Term Assets $18.08B $18.24B $18.24B
YoY Change -3.81% -4.34% -4.34%
TOTAL ASSETS
Total Short-Term Assets $2.279B $2.444B $2.444B
Total Long-Term Assets $18.08B $18.24B $18.24B
Total Assets $20.36B $20.68B $20.68B
YoY Change -4.67% -5.15% -5.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $206.0M $228.0M $228.0M
YoY Change 8.99% 17.53% 17.53%
Accrued Expenses $307.0M
YoY Change -14.72%
Deferred Revenue $86.00M $83.00M
YoY Change -25.22% -37.59%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $636.0M $513.0M $553.0M
YoY Change 21.37% -5.35% 2.03%
Total Short-Term Liabilities $1.352B $1.303B $1.303B
YoY Change 3.76% -5.99% -5.99%
LONG-TERM LIABILITIES
Long-Term Debt $6.375B $6.657B $7.023B
YoY Change -10.16% -13.65% -8.9%
Other Long-Term Liabilities $1.035B $1.068B $702.0M
YoY Change -20.51% -21.82% -26.8%
Total Long-Term Liabilities $7.880B $8.172B $7.725B
YoY Change -9.6% -9.03% -10.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.352B $1.303B $1.303B
Total Long-Term Liabilities $7.880B $8.172B $7.725B
Total Liabilities $9.232B $9.475B $9.476B
YoY Change -7.86% -8.62% -8.64%
SHAREHOLDERS EQUITY
Retained Earnings -$2.633B -$2.458B
YoY Change 33.99% 31.73%
Common Stock $67.00M $64.00M
YoY Change 11.67% 6.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.13B $11.21B $11.21B
YoY Change
Total Liabilities & Shareholders Equity $20.36B $20.68B $20.68B
YoY Change -4.67% -5.15% -5.15%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income -$175.0M -$260.0M -$592.0M
YoY Change 76.77% 602.7% 4.41%
Depreciation, Depletion And Amortization $183.0M $234.0M $742.0M
YoY Change -2.14% -4.88% -4.99%
Cash From Operating Activities -$1.000M $185.0M $575.0M
YoY Change -101.04% -33.45% 44.47%
INVESTING ACTIVITIES
Capital Expenditures $106.0M -$71.00M $208.0M
YoY Change 79.66% 51.06% -21.51%
Acquisitions
YoY Change
Other Investing Activities -$14.00M $0.00 -$25.00M
YoY Change -333.33% -100.0% -1350.0%
Cash From Investing Activities -$120.0M -$71.00M -$233.0M
YoY Change 126.42% 91.89% -9.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $103.0M $158.0M
YoY Change
Debt Paid & Issued, Net $165.0M $606.0M
YoY Change 18.71% -62.98%
Cash From Financing Activities -65.00M -178.0M -490.0M
YoY Change -56.38% -65.17% -47.31%
NET CHANGE
Cash From Operating Activities -1.000M 185.0M 575.0M
Cash From Investing Activities -120.0M -71.00M -233.0M
Cash From Financing Activities -65.00M -178.0M -490.0M
Net Change In Cash -186.0M -64.00M -148.0M
YoY Change 75.47% -76.3% -81.24%
FREE CASH FLOW
Cash From Operating Activities -$1.000M $185.0M $575.0M
Capital Expenditures $106.0M -$71.00M $208.0M
Free Cash Flow -$107.0M $256.0M $367.0M
YoY Change -389.19% -21.23% 175.94%

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<p style="color:#005670;font-family:'Arial Narrow';font-size:11pt;font-weight:bold;text-transform:uppercase;border-bottom:2.25pt solid #eca44a;margin:-0pt 0pt 6pt 0pt;">Note 1—Business</p><p style="font-family:'Arial Narrow';font-size:10pt;text-align:justify;text-indent:36pt;margin:3pt 0pt 6pt 0pt;">Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells.  As of December 31, 2021, we owned or had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, consisting of 27 ultra-deepwater floaters and 10 harsh environment floaters.  As of December 31, 2021, we were constructing two ultra-deepwater drillships.</p><p style="font-family:'Arial Narrow';font-size:10pt;text-align:justify;text-indent:36pt;margin:3pt 0pt 6pt 0pt;">We provide, as our primary business, contract drilling services in a single operating segment, which involves contracting our mobile offshore drilling rigs, related equipment and work crews to drill oil and gas wells.  We specialize in technically demanding regions of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services.  Our drilling fleet is one of the most versatile fleets in the world, consisting of drillships and semisubmersible floaters used in support of offshore drilling activities and offshore support services on a worldwide basis.</p><p style="font-family:'Arial Narrow';font-size:10pt;text-align:justify;text-indent:36pt;margin:3pt 0pt 6pt 0pt;">We perform contract drilling services by deploying our high-specification fleet in a <span style="-sec-ix-hidden:Hidden_ZboWdazk6kiZFeUW4AoRRA;"><span style="font-family:'Arial Narrow';font-size:10pt;font-style:normal;font-weight:normal;">single</span></span>, global market that is geographically dispersed in oil and gas exploration and development areas throughout the world.  The location of our rigs and the allocation of our resources to build or upgrade rigs are determined by the activities and needs of our customers.</p>
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<p style="font-family:'Arial Narrow';font-size:10pt;text-align:justify;text-indent:36pt;margin:3pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Accounting estimates</b>—To prepare financial statements in accordance with accounting principles generally accepted in the United States (“U.S.”), we must make judgments by applying estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosures of contingent assets and liabilities.  On an ongoing basis, we evaluate our estimates and assumptions, including those related to our income taxes, property and equipment, equity investments, contingencies, allowance for excess materials and supplies, intangibles, allowance for credit losses, leases, postemployment benefit plans and share-based compensation.  We base our estimates and assumptions on historical experience and other factors that we believe are reasonable.  Actual results could differ from such estimates.</p>
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