$RIG
Transocean Ltd.

2023 Q2 Form 10-Q Financial Statement

#000145150523000060 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $729.0M $649.0M $586.0M
YoY Change 5.35% 10.75% -10.26%
Cost Of Revenue $484.0M $409.0M $412.0M
YoY Change 11.78% -0.73% -5.29%
Gross Profit $245.0M $240.0M $174.0M
YoY Change -5.41% 37.93% -20.18%
Gross Profit Margin 33.61% 36.98% 29.69%
Selling, General & Admin $48.00M $45.00M $42.00M
YoY Change 11.63% 7.14% 7.69%
% of Gross Profit 19.59% 18.75% 24.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $205.0M $182.0M $183.0M
YoY Change 11.41% -0.55% -2.14%
% of Gross Profit 83.67% 75.83% 105.17%
Operating Expenses $234.0M $227.0M $225.0M
YoY Change 3.08% 0.89% -0.44%
Operating Profit $11.00M -$157.0M -$50.00M
YoY Change -60.71% 214.0% -25.37%
Interest Expense -$157.0M $249.0M $102.0M
YoY Change -257.0% 144.12% -11.3%
% of Operating Profit -1427.27%
Other Income/Expense, Net $18.00M -$257.0M -$99.00M
YoY Change -119.35% 159.6% 90.38%
Pretax Income -$181.0M -$414.0M -$149.0M
YoY Change 178.46% 177.85% 25.21%
Income Tax -$16.00M $51.00M $26.00M
% Of Pretax Income
Net Earnings -$165.0M -$465.0M -$175.0M
YoY Change 142.65% 165.71% 76.77%
Net Earnings / Revenue -22.63% -71.65% -29.86%
Basic Earnings Per Share -$0.22 -$0.64 -$0.26
Diluted Earnings Per Share -$0.22 -$0.64 -$263.6K
COMMON SHARES
Basic Shares Outstanding 766.4M 726.3M 656.4M
Diluted Shares Outstanding 761.0M 728.0M 664.0M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $821.0M $747.0M $911.0M
YoY Change 12.62% -18.0% -14.54%
Cash & Equivalents $821.0M $747.0M $911.0M
Short-Term Investments
Other Short-Term Assets $494.0M $187.0M $142.0M
YoY Change 292.06% 31.69% -11.8%
Inventory $397.0M $390.0M $386.0M
Prepaid Expenses
Receivables $523.0M $499.0M $525.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.235B $2.031B $2.279B
YoY Change -2.23% -10.88% -10.94%
LONG-TERM ASSETS
Property, Plant & Equipment $16.92B $17.12B $17.01B
YoY Change -1.85% 0.63% -2.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.039B $988.0M $920.0M
YoY Change 14.93% 7.39% -5.54%
Total Long-Term Assets $17.98B $18.16B $18.08B
YoY Change -1.57% 0.44% -3.81%
TOTAL ASSETS
Total Short-Term Assets $2.235B $2.031B $2.279B
Total Long-Term Assets $17.98B $18.16B $18.08B
Total Assets $20.21B $20.19B $20.36B
YoY Change -1.64% -0.83% -4.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $285.0M $246.0M $206.0M
YoY Change 64.74% 19.42% 8.99%
Accrued Expenses
YoY Change
Deferred Revenue $128.0M $145.0M $86.00M
YoY Change 48.84% 68.6% -25.22%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $293.0M $283.0M $636.0M
YoY Change -65.41% -55.5% 21.37%
Total Short-Term Liabilities $1.141B $1.053B $1.352B
YoY Change -25.57% -22.12% 3.76%
LONG-TERM LIABILITIES
Long-Term Debt $7.154B $7.342B $6.375B
YoY Change 12.2% 15.17% -10.16%
Other Long-Term Liabilities $961.0M $941.0M $1.035B
YoY Change -3.32% -9.08% -20.51%
Total Long-Term Liabilities $8.115B $8.816B $7.880B
YoY Change 3.48% 11.88% -9.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.141B $1.053B $1.352B
Total Long-Term Liabilities $8.115B $8.816B $7.880B
Total Liabilities $9.809B $9.869B $9.232B
YoY Change 4.63% 6.9% -7.86%
SHAREHOLDERS EQUITY
Retained Earnings -$3.709B -$3.544B -$2.633B
YoY Change 37.32% 34.6% 33.99%
Common Stock $76.00M $72.00M $67.00M
YoY Change 10.14% 7.46% 11.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.40B $10.32B $11.13B
YoY Change
Total Liabilities & Shareholders Equity $20.21B $20.19B $20.36B
YoY Change -1.64% -0.83% -4.67%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$165.0M -$465.0M -$175.0M
YoY Change 142.65% 165.71% 76.77%
Depreciation, Depletion And Amortization $205.0M $182.0M $183.0M
YoY Change 11.41% -0.55% -2.14%
Cash From Operating Activities $157.0M -$47.00M -$1.000M
YoY Change 282.93% 4600.0% -101.04%
INVESTING ACTIVITIES
Capital Expenditures $76.00M $81.00M $106.0M
YoY Change -166.09% -23.58% 79.66%
Acquisitions
YoY Change
Other Investing Activities $3.000M -$9.000M -$14.00M
YoY Change -400.0% -35.71% -333.33%
Cash From Investing Activities -$73.00M -$90.00M -$120.0M
YoY Change -37.07% -25.0% 126.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $103.0M
YoY Change
Debt Paid & Issued, Net $1.564B $165.0M
YoY Change 847.88% 18.71%
Cash From Financing Activities -5.000M 101.0M -65.00M
YoY Change -150.0% -255.38% -56.38%
NET CHANGE
Cash From Operating Activities 157.0M -47.00M -1.000M
Cash From Investing Activities -73.00M -90.00M -120.0M
Cash From Financing Activities -5.000M 101.0M -65.00M
Net Change In Cash 79.00M -36.00M -186.0M
YoY Change -221.54% -80.65% 75.47%
FREE CASH FLOW
Cash From Operating Activities $157.0M -$47.00M -$1.000M
Capital Expenditures $76.00M $81.00M $106.0M
Free Cash Flow $81.00M -$128.0M -$107.0M
YoY Change -48.08% 19.63% -389.19%

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182000000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
183000000
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
9000000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
7000000
CY2023Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-170000000
CY2022Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
1000000
CY2023Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-133000000
CY2023Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-32000000
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
36000000
CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
23000000
CY2023Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-27000000
CY2022Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-21000000
CY2023Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
6000000
CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-11000000
CY2023Q1 us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
24000000
CY2022Q1 us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
4000000
CY2023Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
171000000
CY2022Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
73000000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-47000000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1000000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
81000000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
106000000
CY2023Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
10000000
CY2022Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
15000000
CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1000000
CY2022Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1000000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-90000000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-120000000
CY2023Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1564000000
CY2022Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
165000000
CY2023Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
1665000000
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
103000000
CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3000000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
101000000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-65000000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-36000000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-186000000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
991000000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1412000000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
955000000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1226000000
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<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 March 31, 2023, 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 March 31, 2023, we were constructing one ultra-deepwater drillship and held a noncontrolling ownership interest in a company that is constructing one ultra-deepwater drillship.</p>
CY2023Q1 rig Number Of Mobile Offshore Drilling Units
NumberOfMobileOffshoreDrillingUnits
37
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2023Q1 us-gaap Equity Method Investment Aggregate Cost
EquityMethodInvestmentAggregateCost
194000000
CY2022Q4 us-gaap Equity Method Investment Aggregate Cost
EquityMethodInvestmentAggregateCost
113000000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
649000000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
586000000
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
145000000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
124000000
CY2023Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
189000000
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
204000000
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
334000000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
328000000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
328000000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
348000000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
34000000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
26000000
CY2023Q1 rig Contract With Customer Liability Increase Decrease For Transfer To Customer
ContractWithCustomerLiabilityIncreaseDecreaseForTransferToCustomer
40000000
CY2022Q1 rig Contract With Customer Liability Increase Decrease For Transfer To Customer
ContractWithCustomerLiabilityIncreaseDecreaseForTransferToCustomer
15000000
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
334000000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
337000000
CY2023Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
10000000
CY2022Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
12000000
CY2023Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
52000000
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
26000000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
81000000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
106000000
CY2023Q1 rig Change In Accrual Of Construction In Progress Expenditures
ChangeInAccrualOfConstructionInProgressExpenditures
4000000
CY2022Q1 rig Change In Accrual Of Construction In Progress Expenditures
ChangeInAccrualOfConstructionInProgressExpenditures
12000000
CY2023Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
7625000000
CY2022Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
7347000000
CY2023Q1 rig Long Term Debt Gross Current
LongTermDebtGrossCurrent
228000000
CY2022Q4 rig Long Term Debt Gross Current
LongTermDebtGrossCurrent
652000000
CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
283000000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
719000000
CY2023Q1 rig Long Term Debt Gross Non Current
LongTermDebtGrossNonCurrent
6930000000
CY2022Q4 rig Long Term Debt Gross Non Current
LongTermDebtGrossNonCurrent
6311000000
CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
7342000000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
6628000000
CY2023Q1 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
1380000000
CY2022Q1 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
18000000
CY2023Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
1402000000
CY2022Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
18000000
CY2023Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-32000000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.123
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.176
CY2023Q1 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-11000000
CY2022Q1 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-8000000
CY2023Q1 rig Effective Income Tax Rate Reconciliation Excluding Discrete Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteItemsPercent
-0.290
CY2022Q1 rig Effective Income Tax Rate Reconciliation Excluding Discrete Items Percent
EffectiveIncomeTaxRateReconciliationExcludingDiscreteItemsPercent
-0.228
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-465000000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-175000000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
728000000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
664000000
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.64
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26

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