$RIG
Transocean Ltd.

2019 Q3 Form 10-Q Financial Statement

#000155837019009364 Filed on October 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3
Revenue $784.0M $816.0M
YoY Change -3.92% 0.99%
Cost Of Revenue $547.0M $447.0M
YoY Change 22.37% 37.54%
Gross Profit $237.0M $369.0M
YoY Change -35.77% -23.6%
Gross Profit Margin 30.23% 45.22%
Selling, General & Admin $45.00M $35.00M
YoY Change 28.57% -10.26%
% of Gross Profit 18.99% 9.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $212.0M $201.0M
YoY Change 5.47% 2.03%
% of Gross Profit 89.45% 54.47%
Operating Expenses $257.0M $236.0M
YoY Change 8.9% 0.0%
Operating Profit -$607.0M -$305.0M
YoY Change 99.02% -223.48%
Interest Expense $166.0M $160.0M
YoY Change 3.75% -275.82%
% of Operating Profit
Other Income/Expense, Net -$164.0M -$134.0M
YoY Change 22.39% -1775.0%
Pretax Income -$771.0M -$439.0M
YoY Change 75.63% -64.34%
Income Tax $54.00M -$30.00M
% Of Pretax Income
Net Earnings -$825.0M -$409.0M
YoY Change 101.71% -71.14%
Net Earnings / Revenue -105.23% -50.12%
Basic Earnings Per Share -$1.35 -$0.88
Diluted Earnings Per Share -$1.35 -$0.88
COMMON SHARES
Basic Shares Outstanding 613.0M 463.0M
Diluted Shares Outstanding 613.0M 463.0M

Balance Sheet

Concept 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.906B $2.307B
YoY Change -17.38% -15.09%
Cash & Equivalents $1.906B $2.875B
Short-Term Investments $0.00
Other Short-Term Assets $200.0M $730.0M
YoY Change -72.6% 15.14%
Inventory $475.0M $401.0M
Prepaid Expenses
Receivables $639.0M $627.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.771B $4.065B
YoY Change -7.23% -8.67%
LONG-TERM ASSETS
Property, Plant & Equipment $18.95B $18.36B
YoY Change 3.21% 5.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.054B $484.0M
YoY Change 117.77% -4.72%
Total Long-Term Assets $20.68B $19.40B
YoY Change 6.6% 7.82%
TOTAL ASSETS
Total Short-Term Assets $3.771B $4.065B
Total Long-Term Assets $20.68B $19.40B
Total Assets $24.45B $23.46B
YoY Change 4.21% 4.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $308.0M $172.0M
YoY Change 79.07% 0.0%
Accrued Expenses $14.00M
YoY Change
Deferred Revenue $108.0M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $383.0M $372.0M
YoY Change 2.96% -53.44%
Total Short-Term Liabilities $1.489B $1.322B
YoY Change 12.63% -29.87%
LONG-TERM LIABILITIES
Long-Term Debt $9.494B $8.955B
YoY Change 6.02% 37.75%
Other Long-Term Liabilities $1.784B $1.149B
YoY Change 55.27% 4.64%
Total Long-Term Liabilities $11.02B $10.10B
YoY Change 9.05% 32.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.489B $1.322B
Total Long-Term Liabilities $11.02B $10.10B
Total Liabilities $12.51B $11.50B
YoY Change 8.76% 19.27%
SHAREHOLDERS EQUITY
Retained Earnings -$1.246B
YoY Change
Common Stock $59.00M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.93B $11.96B
YoY Change
Total Liabilities & Shareholders Equity $24.45B $23.46B
YoY Change 4.21% 4.55%

Cashflow Statement

Concept 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$825.0M -$409.0M
YoY Change 101.71% -71.14%
Depreciation, Depletion And Amortization $212.0M $201.0M
YoY Change 5.47% 2.03%
Cash From Operating Activities $91.00M $214.0M
YoY Change -57.48% -43.98%
INVESTING ACTIVITIES
Capital Expenditures -$121.0M -$48.00M
YoY Change 152.08% -62.5%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $13.00M
YoY Change -123.08% -50.0%
Cash From Investing Activities -$124.0M -$35.00M
YoY Change 254.29% -65.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -363.0M -311.0M
YoY Change 16.72% 606.82%
NET CHANGE
Cash From Operating Activities 91.00M 214.0M
Cash From Investing Activities -124.0M -35.00M
Cash From Financing Activities -363.0M -311.0M
Net Change In Cash -396.0M -132.0M
YoY Change 200.0% -155.93%
FREE CASH FLOW
Cash From Operating Activities $91.00M $214.0M
Capital Expenditures -$121.0M -$48.00M
Free Cash Flow $212.0M $262.0M
YoY Change -19.08% -48.63%

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<p style="color:#00556f;font-family:'Arial Narrow';font-size:11pt;font-weight:bold;margin:6pt 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.  We specialize in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services.  Our mobile offshore drilling fleet is considered one of the most versatile fleets in the world.  We contract our drilling rigs, related equipment and work crews predominantly on a dayrate basis to drill oil and gas wells.  As of September 30, 2019, we owned or had partial ownership interests in and operated 45 mobile offshore drilling units, including 28 ultra-deepwater floaters, 14 harsh environment floaters and three midwater floaters. As of September 30, 2019, we were constructing two ultra-deepwater drillships.</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 U.S., we must make 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 allowance for doubtful accounts, materials and supplies obsolescence, assets held for sale, property and equipment, intangibles, leases, income taxes, contingencies, share-based compensation and postemployment benefit plans.  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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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1204000000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1204000000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1754000000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1754000000
CY2019Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
612000000
CY2019Q3 rig Weighted Average Number Of Shares Issued Diluted
WeightedAverageNumberOfSharesIssuedDiluted
612000000
CY2018Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
463000000
CY2018Q3 rig Weighted Average Number Of Shares Issued Diluted
WeightedAverageNumberOfSharesIssuedDiluted
463000000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
611000000
rig Weighted Average Number Of Shares Issued Diluted
WeightedAverageNumberOfSharesIssuedDiluted
611000000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
454000000
rig Weighted Average Number Of Shares Issued Diluted
WeightedAverageNumberOfSharesIssuedDiluted
454000000
CY2019Q3 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
1000000
CY2019Q3 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
1000000
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
1000000
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
1000000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
613000000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
613000000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
463000000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
463000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
612000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
612000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
454000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
454000000
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.35
CY2019Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
551000000
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
429000000
CY2019Q3 rig Number Of Ultra Deepwater Drillship Construction Contracts Canceled
NumberOfUltraDeepwaterDrillshipConstructionContractsCanceled
2

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