Transocean Ltd. has released its latest fleet status report, providing an update on the company's operations and contracts. The report offers insights into the primary dayrates, hookload capacity, water depth, and estimated contract durations for its fleet of offshore drilling rigs. These details are crucial in understanding the company's performance and potential outlook.
According to the report, the estimated average contract dayrates for the first quarter of 2024 are $471,000, with a slight decline to $427,000 in the second quarter. Looking ahead, the company expects the average contract dayrates to remain steady at $431,000 for the third and fourth quarters of 2024. These figures provide a glimpse into the revenue potential and stability of Transocean's operations in the coming year.
In the words of the management, "We remain optimistic about the stability of our contract dayrates and the overall performance of our fleet. The estimated average dayrates reflect our commitment to delivering value to our customers while maintaining a competitive position in the market."
The fleet status report also highlights the company's ongoing presence in key locations such as Brazil, the U.S. Gulf of Mexico, Norway, and Australia, with prominent customers including Petrobras, Chevron, and Equinor. These geographical and client diversifications speak to Transocean's global footprint and its ability to secure contracts in various regions.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $3,018 | $3,088 | $3,152 | $2,556 | $2,575 | $2,697 |
| Revenue Growth | n/a | 2.32% | 2.07% | -18.91% | 0.74% | 4.74% |
| Operating Margins | -41% | -23% | -16% | -18% | -1% | -12% |
| Net Margins | -66% | -41% | -18% | -23% | -24% | -44% |
| Net Income (MM) | -$1,996 | -$1,255 | -$567 | -$592 | -$621 | -$1,200 |
| Net Interest Expense (MM) | $620 | $660 | $575 | $447 | $561 | $912 |
| Depreciation & Amort. (MM) | $818 | $855 | $781 | $742 | $735 | $746 |
| Earnings Per Share | -$4.27 | -$2.05 | -$0.92 | -$0.93 | -$0.89 | -$1.63 |
| EPS Growth | n/a | 51.99% | 55.12% | -1.09% | 4.3% | -83.15% |
| Diluted Shares (MM) | 506 | 613 | 615 | 637 | 699 | 774 |
| Capital Expenditures (MM) | $184 | $387 | $265 | $208 | $717 | $616 |
| Current Ratio | 2.71 | 2.11 | 1.98 | 1.88 | 1.29 | 1.67 |
| Total Debt (MM) | $10,351 | $9,829 | $9,563 | $7,170 | $7,347 | $7,386 |
| Net Debt / EBITDA | -18.92 | 59.99 | 29.2 | 22.77 | 9.47 | 15.8 |
