Transocean’s boss said today that the rig contractor had delivered solid second-quarter results on the back of strong efficiency and increased activity.
Second-quarter revenues totalled $790 million, against $664m in the first quarter.
Adjusted net losses amounted to $18m, excluding $1.12 billion of net unfavorable items. This compares with adjusted net losses of $210m in the prior quarter.
Switzerland-registered Transocean’s contract backlog was $11.7bn as of the July 2018 Fleet Status Report.
Transocean chief executive Jeremy Thigpen said: “During the quarter, we continued to high-grade our fleet, acquiring a 33% interest in the newbuild, harsh environment semisubmersible Transocean Norge, while retiring four, less competitive floaters.”
“We also further strengthened our balance sheet and extended our liquidity runway by negotiating a new $1 billion revolving credit facility extending into 2023, refinancing debt associated with the Songa acquisition, and executing on a secured facility for the Deepwater Pontus.”
Mr Thigpen added: “Our industry-leading floater fleet, consistently strong operating performance, solid liquidity position, and enviable backlog, which includes several new contracts approximating $400 million, positions us well at a time when our optimism about the market’s recovery is growing.”