2023 Q1 Form 10-K Financial Statement

#000145150523000029 Filed on February 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $649.0M $606.0M $2.575B
YoY Change 10.75% -2.42% 0.74%
Cost Of Revenue $409.0M $423.0M $1.679B
YoY Change -0.73% -1.63% -1.06%
Gross Profit $240.0M $183.0M $896.0M
YoY Change 37.93% -4.19% 4.31%
Gross Profit Margin 36.98% 30.2% 34.8%
Selling, General & Admin $45.00M $55.00M $182.0M
YoY Change 7.14% 12.24% 8.98%
% of Gross Profit 18.75% 30.05% 20.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $182.0M $205.0M $735.0M
YoY Change -0.55% -12.39% -0.94%
% of Gross Profit 75.83% 112.02% 82.03%
Operating Expenses $227.0M $241.0M $917.0M
YoY Change 0.89% 3.43% 0.88%
Operating Profit -$157.0M -$58.00M -$31.00M
YoY Change 214.0% 38.1% -72.32%
Interest Expense $249.0M -$251.0M $561.0M
YoY Change 144.12% 143.69% 25.5%
% of Operating Profit
Other Income/Expense, Net -$257.0M -$3.000M -$531.0M
YoY Change 159.6% 0.0% 48.32%
Pretax Income -$414.0M -$315.0M -$562.0M
YoY Change 177.85% 111.41% 19.57%
Income Tax $51.00M $35.00M $59.00M
% Of Pretax Income
Net Earnings -$465.0M -$350.0M -$621.0M
YoY Change 165.71% 34.62% 4.9%
Net Earnings / Revenue -71.65% -57.76% -24.12%
Basic Earnings Per Share -$0.64 -$0.89
Diluted Earnings Per Share -$0.64 -$0.48 -$0.89
COMMON SHARES
Basic Shares Outstanding 726.3M 721.9M 699.0M
Diluted Shares Outstanding 728.0M 699.0M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $747.0M $683.0M $683.0M
YoY Change -18.0% -30.02% -30.02%
Cash & Equivalents $747.0M $683.0M $683.0M
Short-Term Investments
Other Short-Term Assets $187.0M $144.0M $452.0M
YoY Change 31.69% -2.7% -22.6%
Inventory $390.0M $388.0M $388.0M
Prepaid Expenses
Receivables $499.0M $485.0M $485.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.031B $2.008B $2.008B
YoY Change -10.88% -17.84% -17.84%
LONG-TERM ASSETS
Property, Plant & Equipment $17.12B $17.47B $17.47B
YoY Change 0.63% 2.17% 2.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $988.0M $890.0M $903.0M
YoY Change 7.39% -7.19% -6.52%
Total Long-Term Assets $18.16B $18.43B $18.43B
YoY Change 0.44% 1.05% 1.05%
TOTAL ASSETS
Total Short-Term Assets $2.031B $2.008B $2.008B
Total Long-Term Assets $18.16B $18.43B $18.43B
Total Assets $20.19B $20.44B $20.44B
YoY Change -0.83% -1.18% -1.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $246.0M $281.0M $281.0M
YoY Change 19.42% 23.25% 23.25%
Accrued Expenses $276.0M
YoY Change -10.1%
Deferred Revenue $145.0M $124.0M
YoY Change 68.6% 49.4%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $283.0M $719.0M $759.0M
YoY Change -55.5% 40.16% 37.25%
Total Short-Term Liabilities $1.053B $1.558B $1.558B
YoY Change -22.12% 19.57% 19.57%
LONG-TERM LIABILITIES
Long-Term Debt $7.342B $6.628B $6.951B
YoY Change 15.17% -0.44% -1.03%
Other Long-Term Liabilities $941.0M $965.0M $642.0M
YoY Change -9.08% -9.64% -8.55%
Total Long-Term Liabilities $8.816B $8.086B $7.593B
YoY Change 11.88% -1.05% -1.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.053B $1.558B $1.558B
Total Long-Term Liabilities $8.816B $8.086B $7.593B
Total Liabilities $9.869B $9.644B $9.645B
YoY Change 6.9% 1.78% 1.78%
SHAREHOLDERS EQUITY
Retained Earnings -$3.544B -$3.079B
YoY Change 34.6% 25.26%
Common Stock $72.00M $71.00M
YoY Change 7.46% 10.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.32B $10.79B $10.79B
YoY Change
Total Liabilities & Shareholders Equity $20.19B $20.44B $20.44B
YoY Change -0.83% -1.18% -1.18%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$465.0M -$350.0M -$621.0M
YoY Change 165.71% 34.62% 4.9%
Depreciation, Depletion And Amortization $182.0M $205.0M $735.0M
YoY Change -0.55% -12.39% -0.94%
Cash From Operating Activities -$47.00M $178.0M $448.0M
YoY Change 4600.0% -3.78% -22.09%
INVESTING ACTIVITIES
Capital Expenditures $81.00M $409.0M $717.0M
YoY Change -23.58% -676.06% 244.71%
Acquisitions
YoY Change
Other Investing Activities -$9.000M -$15.00M -$40.00M
YoY Change -35.71% 60.0%
Cash From Investing Activities -$90.00M -$424.0M -$757.0M
YoY Change -25.0% 497.18% 224.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $263.0M
YoY Change 66.46%
Debt Paid & Issued, Net $1.564B $554.0M
YoY Change 847.88% -8.58%
Cash From Financing Activities 101.0M -104.0M -112.0M
YoY Change -255.38% -41.57% -77.14%
NET CHANGE
Cash From Operating Activities -47.00M 178.0M 448.0M
Cash From Investing Activities -90.00M -424.0M -757.0M
Cash From Financing Activities 101.0M -104.0M -112.0M
Net Change In Cash -36.00M -350.0M -421.0M
YoY Change -80.65% 446.88% 184.46%
FREE CASH FLOW
Cash From Operating Activities -$47.00M $178.0M $448.0M
Capital Expenditures $81.00M $409.0M $717.0M
Free Cash Flow -$128.0M -$231.0M -$269.0M
YoY Change 19.63% -190.23% -173.3%

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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, 2022, we owned or had partial ownership interests in and operated a fleet of 38 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and 10 harsh environment floaters.  As of December 31, 2022, we were constructing one ultra-deepwater drillship and held a noncontrolling ownership interest in a company that is constructing one ultra-deepwater drillship.</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_djv3MBptbE2IGyELeyrElg;"><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, 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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rig-20221231xex10d50.htm Edgar Link pending
rig-20221231xex21.htm Edgar Link pending
rig-20221231xex23d1.htm Edgar Link pending
rig-20221231xex24.htm Edgar Link pending
rig-20221231xex31d1.htm Edgar Link pending
rig-20221231xex31d2.htm Edgar Link pending
rig-20221231xex32d1.htm Edgar Link pending
rig-20221231xex32d2.htm Edgar Link pending
rig-20221231xex4d1.htm Edgar Link pending
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rig-20221231_cal.xml Edgar Link unprocessable
rig-20221231_def.xml Edgar Link unprocessable
rig-20221231_lab.xml Edgar Link unprocessable
rig-20221231_pre.xml Edgar Link unprocessable
rig-20221231x10k_htm.xml Edgar Link completed