Transocean Ltd. has reported its fourth quarter and full year 2024 results, showing a mixed performance. In the fourth quarter, contract drilling revenues increased sequentially by $4 million to $952 million. Adjusted EBITDA for the same period was $323 million, down by $19 million from the prior quarter. The revenue efficiency for the quarter was 93.5%, down from 94.5% in the previous quarter.
However, the company reported net income attributable to controlling interest of $7 million for the three months ended December 31, 2024, a significant improvement from the loss of $494 million in the previous quarter. Adjusted net income for the quarter was $27 million, a decrease from the previous quarter's $64 million.
Looking at the full year 2024, Transocean reported a net loss attributable to controlling interest of $512 million, or $0.76 per diluted share. After adjusting for net unfavorable items, the adjusted net loss for the year was $54 million, or $0.26 per diluted share.
The company's backlog as of the February 2025 fleet status report stood at $8.3 billion. Cash provided by operating activities during the fourth quarter of 2024 was $206 million, representing an increase of $12 million compared to the prior quarter.
Transocean's CEO, Jeremy Thigpen, highlighted the company's technological advancements in offshore drilling during 2024, including executing the first two 20k subsea completions in the industry's history.
It's worth noting that Transocean emphasized the use of non-GAAP financial measures such as adjusted contract drilling revenues, EBITDA, adjusted EBITDA, and adjusted net income to provide supplemental information for evaluating its operating performance.
Today the company's shares have moved 0.6% to a price of $3.55. For more information, read the company's full 8-K submission here.
