$RIG
Transocean Ltd.

2022 Q3 Form 10-Q Financial Statement

#000145150522000068 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $691.0M $692.0M $621.0M
YoY Change 10.38% 5.49% -10.0%
Cost Of Revenue $411.0M $433.0M $430.0M
YoY Change 3.27% -0.23% -7.53%
Gross Profit $280.0M $259.0M $191.0M
YoY Change 22.81% 16.67% -15.11%
Gross Profit Margin 40.52% 37.43% 30.76%
Selling, General & Admin $42.00M $43.00M $49.00M
YoY Change 5.0% 10.26% -2.0%
% of Gross Profit 15.0% 16.6% 25.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $182.0M $184.0M $234.0M
YoY Change -1.62% -1.08% -4.88%
% of Gross Profit 65.0% 71.04% 122.51%
Operating Expenses $224.0M $227.0M $233.0M
YoY Change -0.44% 0.89% -2.51%
Operating Profit $53.00M $28.00M -$42.00M
YoY Change 1666.67% -1500.0% 200.0%
Interest Expense $96.00M $100.0M -$103.0M
YoY Change -12.73% -13.04% -10.43%
% of Operating Profit 181.13% 357.14%
Other Income/Expense, Net -$86.00M -$93.00M -$3.000M
YoY Change -16.5% -4.12% -25.0%
Pretax Income -$33.00M -$65.00M -$149.0M
YoY Change -67.96% -34.34% 831.25%
Income Tax -$5.000M $3.000M $111.0M
% Of Pretax Income
Net Earnings -$28.00M -$68.00M -$260.0M
YoY Change -78.46% -33.98% 602.7%
Net Earnings / Revenue -4.05% -9.83% -41.87%
Basic Earnings Per Share -$0.04 -$0.10
Diluted Earnings Per Share -$0.04 -$0.10 -$395.1K
COMMON SHARES
Basic Shares Outstanding 705.7M 692.0M 655.5M
Diluted Shares Outstanding 714.0M 692.0M

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $954.0M $729.0M $976.0M
YoY Change 6.0% -26.21% -15.42%
Cash & Equivalents $954.0M $729.0M $976.0M
Short-Term Investments
Other Short-Term Assets $131.0M $126.0M $148.0M
YoY Change -20.61% -19.23% -9.2%
Inventory $398.0M $389.0M $392.0M
Prepaid Expenses
Receivables $599.0M $610.0M $492.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.469B $2.286B $2.444B
YoY Change -4.34% -12.68% -10.8%
LONG-TERM ASSETS
Property, Plant & Equipment $17.16B $17.24B $17.10B
YoY Change -0.34% -0.56% -3.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $908.0M $904.0M $959.0M
YoY Change -4.12% -5.44% -3.62%
Total Long-Term Assets $18.15B $18.26B $18.24B
YoY Change -1.32% -1.7% -4.34%
TOTAL ASSETS
Total Short-Term Assets $2.469B $2.286B $2.444B
Total Long-Term Assets $18.15B $18.26B $18.24B
Total Assets $20.62B $20.55B $20.68B
YoY Change -1.69% -3.06% -5.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $275.0M $173.0M $228.0M
YoY Change 27.91% -12.63% 17.53%
Accrued Expenses
YoY Change
Deferred Revenue $84.00M $86.00M $83.00M
YoY Change -5.62% -15.69% -37.59%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $750.0M $847.0M $513.0M
YoY Change 30.43% 58.02% -5.35%
Total Short-Term Liabilities $1.505B $1.533B $1.303B
YoY Change 11.4% 16.22% -5.99%
LONG-TERM LIABILITIES
Long-Term Debt $6.451B $6.376B $6.657B
YoY Change -4.75% -8.8% -13.65%
Other Long-Term Liabilities $963.0M $994.0M $1.068B
YoY Change -21.52% -20.54% -21.82%
Total Long-Term Liabilities $7.885B $7.842B $8.172B
YoY Change -5.66% -8.46% -9.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.505B $1.533B $1.303B
Total Long-Term Liabilities $7.885B $7.842B $8.172B
Total Liabilities $9.390B $9.375B $9.475B
YoY Change -3.29% -5.17% -8.62%
SHAREHOLDERS EQUITY
Retained Earnings -$2.729B -$2.701B -$2.458B
YoY Change 24.16% 30.61% 31.73%
Common Stock $71.00M $69.00M $64.00M
YoY Change 12.7% 11.29% 6.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.23B $11.17B $11.21B
YoY Change
Total Liabilities & Shareholders Equity $20.62B $20.55B $20.68B
YoY Change -1.69% -3.06% -5.15%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income -$28.00M -$68.00M -$260.0M
YoY Change -78.46% -33.98% 602.7%
Depreciation, Depletion And Amortization $182.0M $184.0M $234.0M
YoY Change -1.62% -1.08% -4.88%
Cash From Operating Activities $230.0M $41.00M $185.0M
YoY Change 63.12% -73.2% -33.45%
INVESTING ACTIVITIES
Capital Expenditures -$87.00M -$115.0M -$71.00M
YoY Change 135.14% 180.49% 51.06%
Acquisitions
YoY Change
Other Investing Activities -$10.00M -$1.000M $0.00
YoY Change -1100.0% -96.88% -100.0%
Cash From Investing Activities -$97.00M -$116.0M -$71.00M
YoY Change 169.44% 58.9% 91.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 47.00M 10.00M -178.0M
YoY Change -139.5% -122.73% -65.17%
NET CHANGE
Cash From Operating Activities 230.0M 41.00M 185.0M
Cash From Investing Activities -97.00M -116.0M -71.00M
Cash From Financing Activities 47.00M 10.00M -178.0M
Net Change In Cash 180.0M -65.00M -64.00M
YoY Change -1385.71% -280.56% -76.3%
FREE CASH FLOW
Cash From Operating Activities $230.0M $41.00M $185.0M
Capital Expenditures -$87.00M -$115.0M -$71.00M
Free Cash Flow $317.0M $156.0M $256.0M
YoY Change 78.09% -19.59% -21.23%

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<p style="color:#00556f;font-family:'Arial Narrow';font-size:11pt;font-weight:bold;text-transform:uppercase;border-bottom:2.25pt solid #eca44a;margin:-0pt 0pt 3pt 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 June 30, 2022, 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 June 30, 2022, we were constructing two ultra-deepwater drillships.</p>
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