$RIG
Transocean Ltd.

2022 Q4 Form 10-Q Financial Statement

#000145150522000101 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $606.0M $691.0M
YoY Change -2.42% 10.38%
Cost Of Revenue $423.0M $411.0M
YoY Change -1.63% 3.27%
Gross Profit $183.0M $280.0M
YoY Change -4.19% 22.81%
Gross Profit Margin 30.2% 40.52%
Selling, General & Admin $55.00M $42.00M
YoY Change 12.24% 5.0%
% of Gross Profit 30.05% 15.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $205.0M $182.0M
YoY Change -12.39% -1.62%
% of Gross Profit 112.02% 65.0%
Operating Expenses $241.0M $224.0M
YoY Change 3.43% -0.44%
Operating Profit -$58.00M $53.00M
YoY Change 38.1% 1666.67%
Interest Expense -$251.0M $96.00M
YoY Change 143.69% -12.73%
% of Operating Profit 181.13%
Other Income/Expense, Net -$3.000M -$86.00M
YoY Change 0.0% -16.5%
Pretax Income -$315.0M -$33.00M
YoY Change 111.41% -67.96%
Income Tax $35.00M -$5.000M
% Of Pretax Income
Net Earnings -$350.0M -$28.00M
YoY Change 34.62% -78.46%
Net Earnings / Revenue -57.76% -4.05%
Basic Earnings Per Share -$0.04
Diluted Earnings Per Share -$0.48 -$0.04
COMMON SHARES
Basic Shares Outstanding 721.9M 705.7M
Diluted Shares Outstanding 714.0M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $683.0M $954.0M
YoY Change -30.02% 6.0%
Cash & Equivalents $683.0M $954.0M
Short-Term Investments
Other Short-Term Assets $144.0M $131.0M
YoY Change -2.7% -20.61%
Inventory $388.0M $398.0M
Prepaid Expenses
Receivables $485.0M $599.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.008B $2.469B
YoY Change -17.84% -4.34%
LONG-TERM ASSETS
Property, Plant & Equipment $17.47B $17.16B
YoY Change 2.17% -0.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $890.0M $908.0M
YoY Change -7.19% -4.12%
Total Long-Term Assets $18.43B $18.15B
YoY Change 1.05% -1.32%
TOTAL ASSETS
Total Short-Term Assets $2.008B $2.469B
Total Long-Term Assets $18.43B $18.15B
Total Assets $20.44B $20.62B
YoY Change -1.18% -1.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $281.0M $275.0M
YoY Change 23.25% 27.91%
Accrued Expenses
YoY Change
Deferred Revenue $124.0M $84.00M
YoY Change 49.4% -5.62%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $719.0M $750.0M
YoY Change 40.16% 30.43%
Total Short-Term Liabilities $1.558B $1.505B
YoY Change 19.57% 11.4%
LONG-TERM LIABILITIES
Long-Term Debt $6.628B $6.451B
YoY Change -0.44% -4.75%
Other Long-Term Liabilities $965.0M $963.0M
YoY Change -9.64% -21.52%
Total Long-Term Liabilities $8.086B $7.885B
YoY Change -1.05% -5.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.558B $1.505B
Total Long-Term Liabilities $8.086B $7.885B
Total Liabilities $9.644B $9.390B
YoY Change 1.78% -3.29%
SHAREHOLDERS EQUITY
Retained Earnings -$3.079B -$2.729B
YoY Change 25.26% 24.16%
Common Stock $71.00M $71.00M
YoY Change 10.94% 12.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.79B $11.23B
YoY Change
Total Liabilities & Shareholders Equity $20.44B $20.62B
YoY Change -1.18% -1.69%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$350.0M -$28.00M
YoY Change 34.62% -78.46%
Depreciation, Depletion And Amortization $205.0M $182.0M
YoY Change -12.39% -1.62%
Cash From Operating Activities $178.0M $230.0M
YoY Change -3.78% 63.12%
INVESTING ACTIVITIES
Capital Expenditures $409.0M -$87.00M
YoY Change -676.06% 135.14%
Acquisitions
YoY Change
Other Investing Activities -$15.00M -$10.00M
YoY Change -1100.0%
Cash From Investing Activities -$424.0M -$97.00M
YoY Change 497.18% 169.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -104.0M 47.00M
YoY Change -41.57% -139.5%
NET CHANGE
Cash From Operating Activities 178.0M 230.0M
Cash From Investing Activities -424.0M -97.00M
Cash From Financing Activities -104.0M 47.00M
Net Change In Cash -350.0M 180.0M
YoY Change 446.88% -1385.71%
FREE CASH FLOW
Cash From Operating Activities $178.0M $230.0M
Capital Expenditures $409.0M -$87.00M
Free Cash Flow -$231.0M $317.0M
YoY Change -190.23% 78.09%

Facts In Submission

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CY2022Q3 us-gaap Stock Issued During Period Value New Issues
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
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us-gaap Payments To Fund Longterm Loans To Related Parties
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us-gaap Payments To Fund Longterm Loans To Related Parties
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Equity Method Investment Aggregate Cost
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us-gaap Nature Of Operations
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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 September 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 September 30, 2022, we were constructing two ultra-deepwater drillships.</p>
CY2022Q3 rig Number Of Mobile Offshore Drilling Units
NumberOfMobileOffshoreDrillingUnits
37
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2020Q4 us-gaap Contract With Customer Liability
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us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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rig Contract With Customer Liability Increase Decrease For Transfer To Customer
ContractWithCustomerLiabilityIncreaseDecreaseForTransferToCustomer
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rig Contract With Customer Liability Increase Decrease For Transfer To Customer
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CY2022Q3 us-gaap Contract With Customer Liability
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CY2021Q3 us-gaap Contract With Customer Liability
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CY2022Q3 us-gaap Capitalized Contract Cost Amortization
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10000000
us-gaap Capitalized Contract Cost Amortization
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CY2021Q3 us-gaap Capitalized Contract Cost Amortization
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us-gaap Use Of Estimates
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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 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, 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>
CY2022Q3 us-gaap Equity Method Investment Aggregate Cost
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us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
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us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
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CY2022Q3 us-gaap Advances To Affiliate
AdvancesToAffiliate
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CY2021Q4 us-gaap Advances To Affiliate
AdvancesToAffiliate
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
691000000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
626000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2022Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
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CY2021Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
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CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2021Q4 us-gaap Contract With Customer Liability
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us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
43000000
CY2022Q3 us-gaap Capitalized Contract Cost Net
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CY2021Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
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CY2022Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
7201000000
CY2021Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
7170000000
CY2022Q3 rig Long Term Debt Gross Current
LongTermDebtGrossCurrent
682000000
CY2021Q4 rig Long Term Debt Gross Current
LongTermDebtGrossCurrent
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CY2022Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
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CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
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CY2022Q3 rig Long Term Debt Gross Non Current
LongTermDebtGrossNonCurrent
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CY2021Q4 rig Long Term Debt Gross Non Current
LongTermDebtGrossNonCurrent
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CY2022Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
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CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
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us-gaap Gains Losses On Restructuring Of Debt
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CY2022Q3 us-gaap Gains Losses On Restructuring Of Debt
GainsLossesOnRestructuringOfDebt
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us-gaap Troubled Debt Restructuring Debtor Current Period Gain Loss On Restructuring Per Share Net
TroubledDebtRestructuringDebtorCurrentPeriodGainLossOnRestructuringPerShareNet
0.01
CY2022Q3 us-gaap Troubled Debt Restructuring Debtor Current Period Gain Loss On Restructuring Per Share Net
TroubledDebtRestructuringDebtorCurrentPeriodGainLossOnRestructuringPerShareNet
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us-gaap Extinguishment Of Debt Amount
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us-gaap Extinguishment Of Debt Amount
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us-gaap Repayments Of Debt
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us-gaap Repayments Of Debt
RepaymentsOfDebt
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us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
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us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
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us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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CY2022Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Tax Adjustments Settlements And Unusual Provisions
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us-gaap Tax Adjustments Settlements And Unusual Provisions
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rig Effective Income Tax Rate Reconciliation Excluding Discrete Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteItemsPercent
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rig Effective Income Tax Rate Reconciliation Excluding Discrete Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteItemsPercent
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CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.39
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.53
CY2022Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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22200000
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
3.71
CY2022Q3 rig Warrant Stock Cap Price Trigger
WarrantStockCapPriceTrigger
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CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
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