$RIG
Transocean Ltd.

2024 Q1 Form 10-K Financial Statement

#000145150524000015 Filed on February 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $763.0M $741.0M $2.832B
YoY Change 17.57% 22.28% 9.98%
Cost Of Revenue $523.0M $569.0M $1.986B
YoY Change 27.87% 34.52% 18.28%
Gross Profit $240.0M $172.0M $846.0M
YoY Change 0.0% -6.01% -5.58%
Gross Profit Margin 31.45% 23.21% 29.87%
Selling, General & Admin $52.00M $50.00M $187.0M
YoY Change 15.56% -9.09% 2.75%
% of Gross Profit 21.67% 29.07% 22.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $189.0M $191.0M $744.0M
YoY Change 3.85% -6.83% 1.22%
% of Gross Profit 78.75% 111.05% 87.94%
Operating Expenses $237.0M $234.0M $931.0M
YoY Change 4.41% -2.9% 1.53%
Operating Profit $3.000M -$62.00M -$325.0M
YoY Change -101.91% 6.9% 948.39%
Interest Expense -$104.0M $13.00M $646.0M
YoY Change -141.77% -105.18% 15.15%
% of Operating Profit -3466.67%
Other Income/Expense, Net $14.00M -$26.00M -$616.0M
YoY Change -105.45% 766.67% 16.01%
Pretax Income -$93.00M -$83.00M -$941.0M
YoY Change -77.54% -73.65% 67.44%
Income Tax -$191.0M $21.00M $13.00M
% Of Pretax Income
Net Earnings $98.00M -$104.0M -$954.0M
YoY Change -121.08% -70.29% 53.62%
Net Earnings / Revenue 12.84% -14.04% -33.69%
Basic Earnings Per Share $0.12 -$1.24
Diluted Earnings Per Share $0.10 -$0.13 -$1.24
COMMON SHARES
Basic Shares Outstanding 809.0M 809.0M 768.0M
Diluted Shares Outstanding 955.0M 768.0M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $446.0M $762.0M $762.0M
YoY Change -40.29% 11.57% 11.57%
Cash & Equivalents $446.0M $762.0M $762.0M
Short-Term Investments
Other Short-Term Assets $403.0M $193.0M $426.0M
YoY Change 115.51% 34.03% -5.75%
Inventory $437.0M $426.0M $426.0M
Prepaid Expenses
Receivables $585.0M $512.0M $512.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.871B $2.126B $2.126B
YoY Change -7.88% 5.88% 5.88%
LONG-TERM ASSETS
Property, Plant & Equipment $16.86B $16.94B $16.94B
YoY Change -1.55% -3.02% -3.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $213.0M $216.0M $216.0M
YoY Change
Other Assets $998.0M $1.139B $1.183B
YoY Change 1.01% 27.98% 31.01%
Total Long-Term Assets $18.07B $18.13B $18.13B
YoY Change -0.53% -1.63% -1.63%
TOTAL ASSETS
Total Short-Term Assets $1.871B $2.126B $2.126B
Total Long-Term Assets $18.07B $18.13B $18.13B
Total Assets $19.94B $20.25B $20.25B
YoY Change -1.27% -0.89% -0.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $301.0M $323.0M $323.0M
YoY Change 22.36% 14.95% 14.95%
Accrued Expenses $303.0M
YoY Change 9.78%
Deferred Revenue $223.0M $165.0M
YoY Change 53.79% 33.06%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $463.0M $370.0M $370.0M
YoY Change 63.6% -48.54% -51.25%
Total Short-Term Liabilities $1.385B $1.397B $1.397B
YoY Change 31.53% -10.33% -10.33%
LONG-TERM LIABILITIES
Long-Term Debt $6.802B $7.043B $7.043B
YoY Change -7.35% 6.26% 1.32%
Other Long-Term Liabilities $851.0M $858.0M $858.0M
YoY Change -9.56% -11.09% 33.64%
Total Long-Term Liabilities $7.653B $8.441B $7.901B
YoY Change -13.19% 4.39% 4.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.385B $1.397B $1.397B
Total Long-Term Liabilities $7.653B $8.441B $7.901B
Total Liabilities $9.416B $9.838B $9.839B
YoY Change -4.59% 2.01% 2.01%
SHAREHOLDERS EQUITY
Retained Earnings -$3.935B -$4.033B
YoY Change 11.03% 30.98%
Common Stock $82.00M $81.00M
YoY Change 13.89% 14.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.52B $10.42B $10.42B
YoY Change
Total Liabilities & Shareholders Equity $19.94B $20.25B $20.25B
YoY Change -1.27% -0.89% -0.89%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $98.00M -$104.0M -$954.0M
YoY Change -121.08% -70.29% 53.62%
Depreciation, Depletion And Amortization $189.0M $191.0M $744.0M
YoY Change 3.85% -6.83% 1.22%
Cash From Operating Activities -$86.00M $98.00M $164.0M
YoY Change 82.98% -44.94% -63.39%
INVESTING ACTIVITIES
Capital Expenditures $83.00M $220.0M $427.0M
YoY Change 2.47% -46.21% -40.45%
Acquisitions
YoY Change
Other Investing Activities $42.00M $0.00 $4.000M
YoY Change -566.67% -100.0% -110.0%
Cash From Investing Activities -$41.00M -$220.0M -$423.0M
YoY Change -54.44% -48.11% -44.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $151.0M $1.717B
YoY Change -90.35% 209.93%
Cash From Financing Activities -152.0M 309.0M 263.0M
YoY Change -250.5% -397.12% -334.82%
NET CHANGE
Cash From Operating Activities -86.00M 98.00M 164.0M
Cash From Investing Activities -41.00M -220.0M -423.0M
Cash From Financing Activities -152.0M 309.0M 263.0M
Net Change In Cash -279.0M 187.0M 4.000M
YoY Change 675.0% -153.43% -100.95%
FREE CASH FLOW
Cash From Operating Activities -$86.00M $98.00M $164.0M
Capital Expenditures $83.00M $220.0M $427.0M
Free Cash Flow -$169.0M -$122.0M -$263.0M
YoY Change 32.03% -47.19% -2.23%

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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, 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 December 31, 2023, we were 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_AU8JNC9cL0O7uW-nE_X4Jg;"><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, assets held for sale, 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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