Transocean Reports $941 Million Loss in 2023

Transocean Ltd. recently released its statutory consolidated financial statements for the years ended December 31, 2023, 2022, and 2021. Ernst & Young AG, the company's auditor, expressed its opinion that the consolidated financial statements present fairly, in all material respects, the financial position of the company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023.

In the financial statements, Transocean reported a loss before income tax expense of $941 million for the year ended December 31, 2023, compared to a loss of $562 million in the previous year. The net loss attributable to controlling interest was $954 million in 2023, higher than the $621 million loss in 2022. The company's loss per share, basic and diluted, was $1.24 for 2023, compared to $0.89 in 2022.

According to the company's financial statements, the loss on disposal of assets, net, for the year ended December 31, 2023, was $183 million, compared to $10 million in 2022. This loss was associated with the non-cash contribution of the ultra-deepwater floater Ocean Rig Olympia, and related assets, with an estimated fair value of $85 million, in exchange for a noncontrolling ownership interest in Global Sea Mineral Resources NV.

Regarding the company's outlook, Transocean's shares have moved 3.1%, and are currently trading at a price of $4.82.

Ralph Petermann, the Certified public accountant and auditor in charge at Ernst & Young Ltd, stated, "We believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our opinion."

The company's full 8-K submission is available here.

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