Publiziert in: Marktpuls, Unternehmen
Frei

Transocean Ltd. Announces Second Quarter Earnings Release Date and Conference Call Information Mittwoch, 07. August 2013 - 22:58

 ZUG, SWITZERLAND - Transocean Ltd.

- Second quarter 2013 revenues were $2.397 billion, compared with $2.197 billion in the first quarter of 2013;

- Operating and maintenance expenses for the second quarter were $1.393 billion, compared with $1.375 billion in the first quarter of 2013;

- Second quarter 2013 net income attributable to controlling interest was $307 million, which included $85 million of net unfavorable items. This compares with the first quarter 2013 net income attributable to controlling interest of $321 million, which included $16 million of net unfavorable items;

- Second quarter Annual Effective Tax Rate(1) was 23.5 percent, compared with 19.2 percent in the first quarter of 2013;

- Second quarter 2013 net income attributable to controlling interest was $0.84 per diluted share. After adjusting for net unfavorable items, adjusted earnings from continuing operations were $392 million, or $1.08 per diluted share;

- Cash flows from operating activities were $416 million in the second quarter, compared with $106 million in the first quarter of 2013;

- Revenue efficiency(2) was 93.1 percent in the second quarter, compared with 88.0 percent, in the first quarter of 2013. Ultra-deepwater revenue efficiency was 91.1 percent, compared with 83.8 percent in the prior quarter;

- Total fleet rig utilization(3) was 80 percent in the second quarter, unchanged from the first quarter of 2013; and

- Contract backlog was $27.3 billion as of the July 17, 2013 Fleet Status Report. Since July 17, 2013, additional contracts totaling $460 million were secured.

ZUG, SWITZERLAND - Transocean Ltd. RIG +0.12% (six:RIGN) today reported net income attributable to controlling interest of $307 million, or $0.84 per diluted share, for the three months ended June 30, 2013. Second quarter 2013 results included net unfavorable items, after tax, of $85 million, or $0.24 per diluted share, as follows:

- $37 million, or $0.10 per diluted share, in impairments of long-lived assets classified as held-for-sale;

- $20 million, or $0.05 per diluted share, primarily associated with losses on the early termination of derivative instruments and the sale of Shelf Drilling preference shares;

- $11 million, or $0.04 per diluted share, in discrete tax expense;

- $10 million, or $0.03 per diluted share, in losses associated with discontinued operations; and

- $7 million, or $0.02 per diluted share, of costs associated with severance plans established for the company's previously announced shore-based organizational efficiency initiative.

After consideration of these net unfavorable items, second quarter 2013 adjusted earnings from continuing operations were $392 million, or $1.08 per diluted share. A reconciliation of the non-GAAP adjusted net income and diluted earnings per share is included in the accompanying schedules.

In addition to the items above, second quarter 2013 results also included approximately $9 million, net of tax, or $0.03 per diluted share, in charges primarily related to accelerated recognition of existing compensation plans associated with the implementation of the company's shore-based organizational efficiency initiative.

The second quarter 2013 results compare with a net loss attributable to controlling interest of $304 million, or $0.86 per diluted share, for the three months ended June 30, 2012, which included net unfavorable items of $622 million, or $1.75 per diluted share. The net unfavorable items were primarily due to estimated loss contingencies of $750 million, or $2.11 per diluted share, associated with the Macondo well incident, partly offset by $141 million, or $0.40 per diluted share, of favorable discrete tax items. After consideration of these net unfavorable items, second quarter 2012 adjusted earnings from continuing operations were $318 million, or $0.89 per diluted share.

Operations Quarterly Review

Revenues for the three months ended June 30, 2013 were $2.397 billion, compared with revenues of $2.197 billion during the quarter ended March 31, 2013. Contract drilling revenues increased $176 million primarily due to higher revenue efficiency on high-specification floaters and the contribution from Transocean Siam Driller and Transocean Andaman, two recently-delivered high-specification jackups. Total fleet revenue efficiency was 93.1 percent in the second quarter, compared with 88.0 percent in the first quarter of 2013. Other revenues increased $24 million to $76 million for the second quarter of 2013, compared with $52 million in the prior quarter primarily due to increased drilling management services activity.

Operating and maintenance expenses increased $18 million to $1.393 billion for the second quarter of 2013, compared with $1.375 billion for the prior quarter. First quarter 2013 operating and maintenance expenses included $74 million of charges related to crew claim loss contingencies associated with the Macondo well incident that were not repeated in the second quarter. Excluding these charges, the sequential increase in operating and maintenance expenses was primarily due to higher maintenance and shipyard expenses for the reactivation of the Sedco 712 and expenses related to several other rigs undergoing contract preparation, periodic surveys, and other projects; as well as increased drilling management services activity.

General and administrative expenses were $77 million for the second quarter of 2013, compared with $67 million in the previous quarter. The increase was attributable to restructuring expenses and professional fees for the proxy campaign associated with the 2013 Annual General Meeting.

Second quarter 2013 results included approximately $20 million in costs associated with severance and the accelerated recognition of existing compensation plans due to the implementation of the shore-based organizational efficiency initiative. Approximately $15 million of this cost was included in operating and maintenance expenses and $5 million was included in general and administrative expenses.

Annual Effective Tax Rate

Transocean's second quarter Effective Tax Rate(4) was 28.8 percent, compared with 5.7 percent in the first quarter of 2013. The increase in the Effective Tax Rate was due to changes in estimates, primarily related to prior years' tax liabilities. Transocean's Annual Effective Tax Ratefrom continuing operations for the second quarter of 2013 was 23.5 percent. This compares with 19.2 percent for the prior quarter. The increase was primarily due to changes in the blend of income that is taxed based on gross revenues versus pre-tax income, rig movements between taxing jurisdictions and foreign currency impact, among other things. Second quarter 2013 income tax expense included additional tax expense of $10 million, or $0.03 per diluted share, to reflect the increase in the Annual Effective Tax Rate to 21.6 percent for the six months ended June 30, 2013, from 19.2 percent for the first quarter of 2013.

Other Items

Interest expense, net of amounts capitalized, was $146 million in the second quarter of 2013, compared with $157 million in the prior quarter. Capitalized interest for the second quarter was $16 million, compared with $21 million in the first quarter of 2013. Interest income was $11 million in the second quarter of 2013, compared with $17 million in the prior quarter. The decline in interest expense, net of amounts capitalized, reflects the company's continued focus on reducing gross long-term debt.

Cash flows from operating activities were $416 million for the second quarter, compared with $106 million for the first quarter of 2013. Capital expenditures were $352 million for the second quarter, compared with $488 million in the first quarter of 2013.

Forward-Looking Statements

The statements described in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements which could be made include, but are not limited to, changes in tax estimates, statements involving anticipated reduction in costs, timing of costs savings or expectations of the onshore organizational efficiency initiative and the offshore operations initiative, or the company's competitiveness. These include but are not limited to operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas and other factors, including those discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2012, Quarterly Report on Form10-Q for the quarter ended March 31, 2013 and in the company's other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company's web site atwww.deepwater.com.

This press release or referenced documents does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of Transocean Ltd. and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean Ltd.

Conference Call Information

Transocean will conduct a teleconference call at 10:00 a.m. EDT, 4:00 p.m. CEST, on Thursday, August 8, 2013. To participate, dial +1 913-312-1399 and refer to confirmation code 1039580 approximately five to 10 minutes prior to the scheduled start time of the call.

In addition, the conference call will be simultaneously broadcast over the Internet in a listen-only mode and can be accessed by logging onto Transocean's website atwww.deepwater.com and selecting "Investor Relations." The conference call may also be accessed via the Internet at www.CompanyBoardroom.com by typing in Transocean'sNew York Stock Exchange trading symbol, "RIG." Supplemental materials that may be referenced during the conference call have been posted to Transocean's website and can be found by selecting "Investor Relations/Quarterly Toolkit."

A telephonic replay of the conference call should be available after 1:00 p.m. EDT, 7:00 p.m. CEST, on August 8, 2013, and can be accessed by dialing +1 719-457-0820 or +1 888-203-1112 and referring to the confirmation code 1039580. Also, a replay will be available through the Internet and can be accessed by visiting either of the above-referenced internet addresses. Both replay options will be available for approximately 30 days.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.

Transocean owns or has partial ownership interests in, and operates a fleet of, 80 mobile offshore drilling units consisting of 46 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh Environment drilling rigs), 23 Midwater Floaters and 11 High-Specification Jackups. In addition, we have six Ultra-Deepwater Drillships and one High-Specification Jackup under construction.

For more information about Transocean, please visit the website www.deepwater.com.

Analyst Contacts:

+1 713-232-7551

Diane Vento

+1 713-232-8015

Media Contact:

Guy A. Cantwell

+1 713-232-7647

Notes

(1) Annual Effective Tax Rate is defined as income tax expense from continuing operations excluding various discrete items (such as changes in estimates and tax on items excluded from income before income tax expense) divided by income from continuing operations before income tax expense excluding gains on sales and similar items pursuant to the accounting standards for income taxes. See the accompanying schedule entitled "Supplemental Effective Tax Rate Analysis."

(2) Revenue efficiency is defined as actual contract drilling revenues for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding amounts related to incentive provisions. See the accompanying schedule entitled "Revenue Efficiency."

(3) Rig utilization is defined as the total number of operating days divided by the total number of available rig calendar days in the measurement period, expressed as a percentage. See the accompanying schedule entitled "Utilization."

(4) Effective Tax Rate is defined as income tax expense from continuing operations divided by income from continuing operations before income taxes. See the accompanying schedule entitled "Supplemental Effective Tax Rate Analysis."