$RIG
Transocean Ltd.

2023 Q3 Form 10-Q Financial Statement

#000145150523000098 Filed on August 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $713.0M $729.0M
YoY Change 3.18% 5.35%
Cost Of Revenue $524.0M $484.0M
YoY Change 27.49% 11.78%
Gross Profit $189.0M $245.0M
YoY Change -32.5% -5.41%
Gross Profit Margin 26.51% 33.61%
Selling, General & Admin $44.00M $48.00M
YoY Change 4.76% 11.63%
% of Gross Profit 23.28% 19.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $192.0M $205.0M
YoY Change 5.49% 11.41%
% of Gross Profit 101.59% 83.67%
Operating Expenses $236.0M $234.0M
YoY Change 5.36% 3.08%
Operating Profit -$55.00M $11.00M
YoY Change -203.77% -60.71%
Interest Expense $232.0M -$157.0M
YoY Change 141.67% -257.0%
% of Operating Profit -1427.27%
Other Income/Expense, Net -$208.0M $18.00M
YoY Change 141.86% -119.35%
Pretax Income -$263.0M -$181.0M
YoY Change 696.97% 178.46%
Income Tax -$43.00M -$16.00M
% Of Pretax Income
Net Earnings -$220.0M -$165.0M
YoY Change 685.71% 142.65%
Net Earnings / Revenue -30.86% -22.63%
Basic Earnings Per Share -$0.28 -$0.22
Diluted Earnings Per Share -$0.28 -$0.22
COMMON SHARES
Basic Shares Outstanding 766.7M 766.4M
Diluted Shares Outstanding 774.0M 761.0M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $594.0M $821.0M
YoY Change -37.74% 12.62%
Cash & Equivalents $594.0M $821.0M
Short-Term Investments
Other Short-Term Assets $217.0M $494.0M
YoY Change 65.65% 292.06%
Inventory $410.0M $397.0M
Prepaid Expenses
Receivables $532.0M $523.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.967B $2.235B
YoY Change -20.33% -2.23%
LONG-TERM ASSETS
Property, Plant & Equipment $16.91B $16.92B
YoY Change -1.43% -1.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.091B $1.039B
YoY Change 20.15% 14.93%
Total Long-Term Assets $18.04B $17.98B
YoY Change -0.61% -1.57%
TOTAL ASSETS
Total Short-Term Assets $1.967B $2.235B
Total Long-Term Assets $18.04B $17.98B
Total Assets $20.01B $20.21B
YoY Change -2.97% -1.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $316.0M $285.0M
YoY Change 14.91% 64.74%
Accrued Expenses
YoY Change
Deferred Revenue $131.0M $128.0M
YoY Change 55.95% 48.84%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $320.0M $293.0M
YoY Change -57.33% -65.41%
Total Short-Term Liabilities $1.181B $1.141B
YoY Change -21.53% -25.57%
LONG-TERM LIABILITIES
Long-Term Debt $7.066B $7.154B
YoY Change 9.53% 12.2%
Other Long-Term Liabilities $936.0M $961.0M
YoY Change -2.8% -3.32%
Total Long-Term Liabilities $8.509B $8.115B
YoY Change 7.91% 3.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.181B $1.141B
Total Long-Term Liabilities $8.509B $8.115B
Total Liabilities $9.690B $9.809B
YoY Change 3.19% 4.63%
SHAREHOLDERS EQUITY
Retained Earnings -$3.929B -$3.709B
YoY Change 43.97% 37.32%
Common Stock $78.00M $76.00M
YoY Change 9.86% 10.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.32B $10.40B
YoY Change
Total Liabilities & Shareholders Equity $20.01B $20.21B
YoY Change -2.97% -1.64%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$220.0M -$165.0M
YoY Change 685.71% 142.65%
Depreciation, Depletion And Amortization $192.0M $205.0M
YoY Change 5.49% 11.41%
Cash From Operating Activities -$44.00M $157.0M
YoY Change -119.13% 282.93%
INVESTING ACTIVITIES
Capital Expenditures $50.00M $76.00M
YoY Change -157.47% -166.09%
Acquisitions
YoY Change
Other Investing Activities $10.00M $3.000M
YoY Change -200.0% -400.0%
Cash From Investing Activities -$40.00M -$73.00M
YoY Change -58.76% -37.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -142.0M -5.000M
YoY Change -402.13% -150.0%
NET CHANGE
Cash From Operating Activities -44.00M 157.0M
Cash From Investing Activities -40.00M -73.00M
Cash From Financing Activities -142.0M -5.000M
Net Change In Cash -226.0M 79.00M
YoY Change -225.56% -221.54%
FREE CASH FLOW
Cash From Operating Activities -$44.00M $157.0M
Capital Expenditures $50.00M $76.00M
Free Cash Flow -$94.00M $81.00M
YoY Change -129.65% -48.08%

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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, 2023, we owned or had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters.  As of June 30, 2023, we held a noncontrolling ownership interest in a company that is constructing one ultra-deepwater drillship.</p>
CY2023Q2 rig Number Of Mobile Offshore Drilling Units
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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>
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