Transocean Ltd. Reports Fourth Quarter and Full Year 2011 Results
(Thomson Reuters ONE) -
Transocean Ltd. /
Transocean Ltd. Reports Fourth Quarter and Full Year 2011 Results
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The issuer is solely responsible for the content of this announcement.
ZUG, SWITZERLAND--(Marketwire - February 27, 2012) - Transocean Ltd. (NYSE:RIG)
(SIX: RIGN)
* Revenues improved eight percent in the fourth quarter to $2.422 billion
compared to $2.242 billion in the third quarter 2011,
* Fourth quarter 2011 net loss attributable to controlling interest was $6.119
billion, which included $ 6.176 billion of certain net unfavorable items
including an estimated goodwill impairment of $5.2 billion and an estimated
loss contingency of $1.0 billion associated with the Macondo Well incident,
compared to a net loss attributable to controlling interest of $71 million
in the third quarter 2011, which included $81 million of certain net
unfavorable items,
* Revenue efficiency(1) was 91.9 percent in the fourth quarter, up from 89.5
percent in the third quarter 2011,
* Fleet utilization(2) was 61 percent in the fourth quarter, up from 58
percent in the third quarter 2011,
* Excluding $1.0 billion for estimated loss contingencies associated with the
Macondo Well incident, fourth quarter 2011 operating and maintenance
expenses were $1.565 billion, up from $1.540 billion in the third quarter
2011,
* Cash flows from operating activities were $563 million in the fourth
quarter, up from $492 million in the third quarter 2011,
* The Annual Effective Tax Rate(3) for 2011 increased to 41.3 percent from
34.1 percent in the third quarter 2011, and
* New contracts totaling $1.4 billion were secured in the Fleet Status Report
period October 17, 2011 through February 14, 2012.
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today reported a net loss attributable
to controlling interest of $6.119 billion, or $18.62 per diluted share, for the
three months ended December 31, 2011. The results compare to a net loss
attributable to controlling interest of $799 million, or $2.51 per diluted
share, for the three months ended December 31, 2010.
Fourth quarter 2011 results included the following items, after tax, which
resulted in a net adverse impact of $ 6.176 billion, or $18.80 per diluted
share:
* An estimated, non-cash charge of $5.2 billion, or $15.83 per diluted share,
resulting from a goodwill impairment associated with the contract drilling
services reporting unit. The impairment was primarily due to a decline in
the market valuation of the contract drilling services business,
* $1.0 billion, or $3.04 per diluted share, for estimated loss contingencies
associated with the Macondo Well incident that the company believes is
probable and for which a reasonable estimate can be made at this time. This
estimate will be adjusted to reflect new information and future developments
as they become known,
* $30 million, or $0.09 per diluted share, of charges associated with the
company's acquisition of Aker Drilling,
* $26 million, or $0.08 per diluted share, of income from discontinued
operations, primarily related to the gain on the sale of Challenger Minerals
(North Sea) Limited,
* $18 million, or $0.05 per diluted share, of favorable discrete tax items,
and
* $11 million, or $0.03 per diluted share, from the gain on the sale of the
GSF Adriatic XI.
Fourth quarter 2011 also included pre-tax expenses associated with the Macondo
well incident of approximately $11 million, or $0.01 per diluted share. These
expenses were primarily related to legal costs and other professional fees that
are not expected to be recoverable from insurance.
Transocean's fourth quarter Effective Tax Rate(4) was (2.2) percent compared to
212.8 percent in the third quarter 2011. The decrease in the Effective Tax Rate
was due primarily to the impact of the estimated $5.2 billion goodwill
impairment and the estimated loss contingency of $1.0 billion associated with
the Macondo Well incident. The 2011 Annual Effective Tax Rate(3) of 41.3 percent
excludes $18 million of various discrete items which reduced income tax expense
in the fourth quarter. The increase to 41.3 percent in the fourth quarter from
34.1 percent in the third quarter 2011 was primarily due to lower full year
profitability than expected. Fourth quarter 2011 income tax expense included an
adjustment of $46 million, or $0.14 per diluted share, required to reflect an
increase in the Annual Effective Tax Rate(3) from 34.1 percent for the first
nine months of 2011.
The relationship between our provision for income taxes and pre-tax income can
vary materially from period to period. However, significant decreases in
profitability generally result in higher effective tax rates and, conversely,
significant increases in profitability generally result in lower effective tax
rates. A more detailed explanation of the factors impacting our effective tax
rate can be found in our 2011 Annual Report on form 10-K but include, among
others, changes in the blend of income that is taxed based on gross revenues
versus pre-tax income, rig movements between taxing jurisdictions, and our rig
operating structures.
Please see the accompanying schedule entitled "Supplemental Effective Tax Rate
Analysis."
Revenues for the three months ended December 31, 2011 were $2.422 billion, an
eight percent improvement compared to revenues of $2.242 billion during the
three months ended September 30, 2011. The $180 million increase in revenues was
primarily due to the two Harsh Environment semi-submersible rigs added through
the acquisition of Aker Drilling and higher utilization, primarily on Deepwater
Floaters, several of which were in the shipyard during the third quarter 2011.
Fourth quarter revenue efficiency also improved to 91.9 percent, up from 89.5
percent in the third quarter 2011.
Operating and maintenance expenses totaled $2.565 billion for the fourth quarter
2011, up from $1.540 billion for the prior quarter. The increase of $1.025
billion was due primarily to $1.0 billion of estimated loss contingencies
associated with the Macondo Well incident. Additionally, approximately $25
million in costs was related to the addition of the two Aker semi-submersible
rigs and unplanned charges associated with the contract termination of the
Deepwater Expedition. These costs were partially offset primarily by lower
operating and maintenance expenses associated with rigs undergoing shipyard,
maintenance, repair and equipment certification projects during the period, and
other favorable items.
General and administrative expenses were $88 million for the fourth quarter
2011 compared to $67 million in the previous quarter. The $21 million increase
was primarily due to Aker acquisition costs.
For the fourth quarter, Interest expense, net of amounts capitalized, was $178
million, compared to $151 million in the third quarter 2011, reflecting the
acquisition of Aker Drilling and the issuance of the $2.5 billion new senior
notes during the period. Capitalized interest for the fourth quarter 2011 was
$10 million compared to $5 million in the prior quarter. Interest income
increased to $17 million in the fourth quarter 2011, compared to $7 million in
the third quarter, primarily associated with cash investments restricted for
payment of certain debt instruments assumed in the Aker acquisition.
Cash flows from operating activities increased $71 million to $563 million for
the fourth quarter 2011 compared to $492 million for the third quarter 2011 due
to improved operating results.
Full Year 2011
For the year ended December 31, 2011, net loss attributable to controlling
interest totaled $5.725 billion, or $17.79 per diluted share, resulting
primarily from the estimated goodwill impairment of $5.2 billion, or $16.15 per
diluted share, associated with the contract drilling services reporting unit and
the estimated loss contingencies of $1.0 billion, or $3.11 per diluted share,
associated with the Macondo Well incident. Additionally, approximately $71
million, or $0.13 per diluted share, of expense was incurred primarily related
to legal costs and other professional fees that are not expected to be
recoverable from insurance. Partially offsetting these charges were net
favorable items for the full year totaling $46 million, or $0.15 per diluted
share, and included the following:
* $197 million, or $0.62 per diluted share, from the gain on the sale of
discontinued operations of the Trident 20 and Challenger Minerals (North
Sea) Limited,
* $113 million, or $0.36 per diluted share, of charges associated with the
acquisition of Aker Drilling, including $78 million resulting from a forward
foreign exchange contract executed to address potential exchange rate
variability, $22 million for acquisition costs, and $13 million related to
losses on a marketable security,
* $42 million or $0.12 per diluted share, of charges primarily related to
discrete tax and other items,
* $33 million, or $0.10 per diluted share, from the gain on the sale of the
Transocean Mercury and the GSF Adriatic XI, and including the sale of the
equity interest in Overseas Drilling Limited, which owns the research vessel
Joides Resolution, and
* $29 million or $0.09 per diluted share, loss on impairment primarily
relating to the sale of the George H. Galloway, GSF Labrador, GSF Britannia,
and the Searex IV.
Interest expense, net of amounts capitalized, was $621 million, compared to $567
million for the full year 2010. Capitalized interest for the full year 2011 was
$39 million compared to $89 million in 2010. Interest income was $44 million for
the full year 2011 compared to $23 million in 2010.
For the full year 2011, cash flow from operating activities totaled $1.785
billion compared to $3.946 billion for 2010 with the decrease primarily due to
lower operating results.
For the year ended December 31, 2010, net income attributable to controlling
interest totaled $961 million, or $2.99 per diluted share. Net income for the
year ended December 31, 2010, included after-tax net charges of $819 million, or
$2.54 per diluted share, resulting primarily from the $1 billion impairment of
the Standard Jackups. After-tax net charges for the full year 2010 also included
amounts associated with litigation matters, discontinued operations, an
impairment of oil and gas properties, a loss on the sale of two rigs and losses
on the early retirement of debt, and other matters totaling $76 million,
partially offset by a $267 million after-tax gain resulting from insurance
recoveries associated with the loss of the Deepwater Horizon.
Full year 2010 results also included expenses associated with the Macondo well
incident of $137 million, or $116 million after tax, or $0.36 per diluted share.
These expenses included legal costs, internal investigation costs, professional
fees that are not expected to be recovered by insurance, and increased insurance
premiums.
Full Year 2012 Guidance Summary
The following table is a summary of the company's full year 2012 guidance for
key income statement and balance sheet items. This information is based on
current expectations and certain management assumptions, and is subject to
change.
Item Range
Other Revenues * $625 million - $650
million
Operating and Maintenance $6.15 billion - $6.35
Expenses billion
Depreciation and Amortization $1.4 billion - $1.5
billion
General and Administrative $270 million - $300
Expenses million
Net Interest Expense ** $610 million - $630
million
Capital Expenditures $1.2 billion - $1.3
billion
* Other Revenues includes Drilling Management Services, recharge revenues, and
other miscellaneous revenues
** Net Interest Expense is net of capitalized interest of approximately $40
million and Interest Income of approximately $50 million
Forward-Looking Statements
Statements included in this news release regarding Transocean's full year 2012
guidance, the estimate of Transocean's goodwill impairment for the fiscal year
ended December 31, 2011, and the estimated loss contingencies associated with
the Macondo Well incident are forward-looking statements that involve certain
assumptions. These statements are based on currently available competitive,
financial, and economic data along with our current operating plans and involve
risks and uncertainties including, but not limited to, market conditions,
Transocean's results of operations and other factors detailed in "Risk Factors"
and elsewhere in Transocean's filings with the Securities and Exchange
Commission. 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 outcomes may vary materially from those
forecasted or expected. Transocean disclaims any intention or obligation to
update publicly or revise such statements, whether as a result of new
information, future events or otherwise.
Conference Call Information
Transocean will conduct a teleconference call at 10:00 a.m. ET, 4:00 p.m. CET,
on February 27, 2012. To participate, dial +1 719-325-4781 and refer to
confirmation code 6384703 approximately 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 at www.deepwater.com and selecting "Investor Relations." A file
containing three charts that may be discussed during the conference call, titled
"4Q11 Charts," has been posted to Transocean's website and can also be found by
selecting "Investor Relations/Quarterly Toolkit." The conference call may also
be accessed via the Internet at www.CompanyBoardroom.com by typing in
Transocean's New York Stock Exchange trading symbol, "RIG."
A telephonic replay of the conference call should be available after 1:00 p.m.
ET, 7:00 p.m. CET, on February 27, 2012, and can be accessed by dialing
+1 719-457-0820 or +1 888-203-1112 and referring to the confirmation code
6384703. 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. Transocean owns or has partial ownership
interests in and operates a fleet of 132 mobile offshore drilling units
consisting of 50 High-Specification Floaters (Ultra-Deepwater, Deepwater and
Harsh-Environment semisubmersibles and drillships), 25 Midwater Floaters, nine
High-Specification Jackups, 47 Standard Jackups and one swamp barge. In
addition, we have two Ultra-Deepwater Drillships and four High-Specification
Jackups under construction. Transocean specializes in technically demanding
sectors of the global offshore drilling business with a particular focus on
deepwater and harsh environment drilling services. We believe we operate one of
the most versatile offshore drilling fleets in the world.
(1) Revenue efficiency is defined as actual revenue divided by the highest
amount of total revenue which could have been earned during the relevant
period(s). See the accompanying schedule entitled "Revenue Efficiency."
(2) Utilization is defined as the total actual number of revenue earning days in
the period as a percentage of the total number of calendar days in the period
for all drilling rigs in the company's fleet. See the accompanying schedule
entitled "Utilization."
(3) 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."
(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."
For more information about Transocean, please visit the website
atwww.deepwater.com.
TRANSOCEAN LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
Three months ended Year ended
December 31, December 31,
2011 2010 2011 2010
Operating revenues
Contract drilling revenues $ 2,238 $ 2,008 $ 8,335 $ 8,888
Contract drilling intangible
revenues 13 13 45 98
Other revenues 171 106 762 480
2,422 2,127 9,142 9,466
Costs and expenses
Operating and maintenance 2,565 1,339 6,956 5,074
Depreciation and amortization 374 381 1,449 1,536
General and administrative 88 66 288 246
3,027 1,786 8,693 6,856
Loss on impairment (5,201) (1,010) (5,229) (1,010)
Gain (loss) on disposal of assets, net (1) 1 4 257
Operating income (loss) (5,807) (668) (4,776) 1,857
Other income (expense), net
Interest income 17 6 44 23
Interest expense, net of amounts
capitalized (178) (152) (621) (567)
Loss on retirement of debt -- (13) -- (33)
Other, net (2) (9) (81) 10
(163) (168) (658) (567)
Income (loss) from continuing
operations before income tax expense (5,970) (836) (5,434) 1,290
Income tax expense (benefit) 132 (32) 395 336
Income (loss) from continuing
operations (6,102) (804) (5,829) 954
Income from discontinued operations,
net of tax 26 9 197 34
Net income (loss) (6,076) (795) (5,632) 988
Net income attributable to
noncontrolling interest 43 4 93 27
Net income (loss) attributable to
controlling interest $(6,119) $ (799) $(5,725) $ 961
Earnings (loss) per share-basic
Earnings (loss) from continuing
operations $(18.70) $ $ (2.53) $ (18.40) $ 2.88
Earnings (loss) from discontinued
operations 0.08 0.02 0.61 0.11
Earnings (loss) per share $(18.62) $ $ (2.51) $(17.79) $ 2.99
Earnings (loss) per share-diluted
Earnings (loss) from continuing
operations $(18.70) $ (2.53) $ (18.40) $ 2.88
Earnings (loss) from discontinued
operations 0.08 0.02 0.61 0.11
Earnings (loss) per share $(18.62) $ (2.51) $(17.79) $ 2.99
Weighted-average shares outstanding
Basic 329 319 322 320
Diluted 329 319 322 320
TRANSOCEAN LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
December 31,
2011 2010
Assets
Cash and cash equivalents $ 4,017 $ 3,394
Accounts receivable, net
Trade 2,049 1,653
Other 127 190
Materials and supplies, net 627 514
Deferred income taxes, net 142 115
Assets held for sale 26 --
Other current assets 621 329
Total current assets 7,609 6,195
Property and equipment 29,037 26,721
Property and equipment of consolidated variable
interest
entities 2,252 2,214
Less accumulated depreciation 8,760 7,616
Property and equipment, net 22,529 21,319
Goodwill 3,205 8,132
Other assets 1,745 1,165
Total assets $ 35,088 $ 36,811
Liabilities and equity
Accounts payable $ 880 $ 832
Accrued income taxes 89 109
Debt due within one year 1,942 1,917
Debt of consolidated variable interest entities due
within one year 97 95
Other current liabilities 2,350 883
Total current liabilities 5,358 3,836
Long-term debt 10,756 8,354
Long-term debt of consolidated variable interest
entities 741 855
Deferred income taxes, net 523 575
Other long-term liabilities 1,903 1,791
Total long-term liabilities 13,923 11,575
Commitments and contingencies
Redeemable noncontrolling interest 116 25
Shares, CHF 15.00 par value, 365,135,298 authorized,
167,617,649 conditionally authorized, 365,135,298
issued and 349,805,793 outstanding at December 31,
2011; and 335,235,298 authorized, 167,617,649
conditionally authorized, 335,235,298 issued and
319,080,678 outstanding at December 31, 2010 4,982 4,482
Additional paid-in capital 7,211 7,504
Treasury shares, at cost, 2,863,267 held at December
31,
2011 and 2010 (240) (240)
Retained earnings 4,244 9,969
Accumulated other comprehensive loss (496) (332)
Total controlling interest shareholders' equity 15,701 21,383
Noncontrolling interest (10) (8)
Total equity 15,691 21,375
Total liabilities and equity $ 35,088 $
36,811
TRANSOCEAN LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three months ended Twelve months
ended
December 31, December 31,
2011 2010 2011 2010
Cash flows from operating
activities
Net income (loss) $(6,076) $ (795) $(5,632) $ 988
Adjustments to reconcile to net
cash provided by operating
activities
Amortization of drilling
contract intangibles (13) (13) (45) (98)
Depreciation and amortization 374 381 1,449 1,536
Share-based compensation expense 21 23 95 102
Loss on impairment 5,201 1,010 5,229 1,010
(Gain) loss on disposal of
assets, net 1 (1) (4) (257)
Gain on disposal of discontinued
operations, net (12) -- (181) --
Amortization of debt issue
costs, discounts and premiums,
net 30 41 125 189
Deferred income taxes (33) (40) (31) (114)
Other, net 19 (7) 112 55
Changes in deferred revenue, net (23) -- (16) 205
Changes in deferred expenses,
net 5 (24) (61) (79)
Changes in operating assets and
liabilities 1,069 221 745 409
Net cash provided by operating
activities 563 796 1,785 3,946
Cash flows from investing
activities
Capital expenditures (350) (422) (1,020) (1,391)
Investment in business
combination, net of cash
acquired (1,047) -- (1,246) --
Payment for settlement of forward
exchange contract, net -- -- (78) --
Proceeds from disposal of assets,
net 71 9 177 60
Proceeds from disposal of
discontinued operations, net 25 -- 284 --
Proceeds from insurance
recoveries for loss of drilling
unit -- -- -- 560
Proceeds from sale of marketable
securities -- 32 -- 37
Other, net 14 1 (13) 13
Net cash used in investing
activities (1,287) (380) (1,896) (721)
Cash flows from financing
activities
Change in short-term borrowings,
net (146) (62) (88) (193)
Proceeds from debt 2,934 -- 2,939 2,054
Repayments of debt (2,137) (1,599) (2,409) (2,565)
Proceeds from restricted cash
investments 479 -- 479 --
Deposits to restricted cash
investments (523) -- (523) --
Proceeds from share issuance 1,211 -- 1,211 --
Distribution of qualifying
additional paid-in capital (255) -- (763) --
Purchases of shares held in
treasury -- -- -- (240)
Financing costs (83) -- (83) (15)
Other, net (25) 3 (29) (2)
Net cash provided by (used in)
financing activities 1,455 (1,658) 734 (961)
Net increase (decrease) in cash and
cash equivalents 731 (1,242) 623 2,264
Cash and cash equivalents at
beginning of period 3,286 4,636 3,394 1,130
Cash and cash equivalents at end of
period $ 4,017 $ 3,394 $ 4,017 $ 3,394
TRANSOCEAN LTD. AND SUBSIDIARIES
FLEET OPERATING STATISTICS
Operating Revenues (in millions) (1)
Twelve months ended
Three months ended December 31,
December September December
31, 30, 31,
2011 2011 2010 2011 2010
Contract Drilling Revenues
High-Specification
Floaters:
Ultra Deepwater
Floaters $ 1,066 $ 1,030 $ 740 $ 3,945 $ 3,171
Deepwater Floaters 259 187 339 975 1,461
Harsh Environment
Floaters 285 190 155 806 674
Total High-Specification
Floaters 1,610 1,407 1,234 5,726 5,306
Midwater Floaters 333 352 477 1,461 2,093
Jackups:
High-Specification
Jackups 68 69 32 216 241
Standard Jackups 220 226 259 905 1,222
Total Jackups 288 295 291 1,121 1,463
Other Rigs 7 7 6 27 26
Total Contract Drilling
Revenues 2,238 2,061 2,008 8,335 8,888
Contract Intangible
Revenue 13 12 13 45 98
Other Revenues
Client Reimbursable
Revenues 41 43 34 162 151
Integrated Services and
Other 13 14 15 56 68
Drilling Management
Services 117 112 57 544 261
Total Other Revenues 171 169 106 762 480
Total Company $ 2,422 $ 2,242 $ 2,127 $ 9,142 $ 9,466
Average Daily Revenue (1)
Twelve months ended
Three months ended December 31,
December September December
31, 30, 31,
2011 2011 2010 2011 2010
High-Specification
Floaters:
Ultra Deepwater $ $524,800 $ 435,900 $ 513,900 $ 457,300
Floaters 542,900
Deepwater Floaters 351,600 348,400 395,600 373,700 384,900
Harsh Environment
Floaters 468,300 433,800 366,800 438,000 401,900
Total High-Specification
Floaters 486,600 478,900 414,500 472,200 427,600
Midwater Floaters 274,300 287,400 298,500 301,500 319,600
High-Specification
Jackups 111,900 115,600 129,400 111,800 138,900
Standard Jackups 93,400 100,400 110,600 103,300 118,700
Other Rigs 73,800 73,800 73,000 74,300 72,700
Total Drilling
Fleet $ $ 290,200 $ 276,900 $ 297,400 $ 283,500
295,400
(1) Average daily revenue is defined as contract drilling revenue earned
per revenue earning day in the period. A revenue earning day is defined
as a day for which a rig earns dayrate after commencement of
operations.
TRANSOCEAN LTD. AND SUBSIDIARIES
FLEET OPERATING STATISTICS (continued)
Utilization (2)
Twelve months ended
Three months ended December 31,
December September December
31, 30, 31,
2011 2011 2010 2011 2010
High-Specification
Floaters:
Ultra Deepwater 79% 79% 76% 79% 79%
Floaters
Deepwater Floaters 50% 37% 58% 45% 65%
Harsh Environment 95% 95% 92% 92% 92%
Floaters
Total High-
Specification
Floaters 72% 67% 71% 69% 76%
Midwater Floaters 55% 55% 68% 56% 69%
High-Specification 74% 69% 31% 61% 53%
Jackups
Standard Jackups 51% 48% 46% 46% 51%
Other Rigs 99% 100% 48% 66% 49%
Total Drilling Fleet 61% 58% 58% 57% 63%
(2) Utilization is defined as the total actual number of revenue earning
days in the period as a percentage of the total number of calendar days
in the period for all drilling rigs in our fleet.
Revenue Efficiency(3)
Trailing Five Quarters and Historical Data
4Q 3Q 2Q 1Q 4Q FY FY FY
2011 2011 2011 2011 2010 2011 2010 2009
Ultra Deepwater 89.5% 86.4% 89.3% 85.3% 86.1% 87.7% 88.6% 94.3%
Deepwater 88.1% 87.7% 93.9% 88.2% 88.6% 89.4% 90.3% 89.6%
Harsh Environment 98.0% 94.4% 98.4% 99.2% 96.1% 97.4% 96.0% 97.7%
Floaters
Midwater Floaters 94.2% 90.8% 91.9% 93.6% 85.0% 92.6% 92.5% 93.7%
High Specification 94.3% 97.3% 95.6% 95.1% 97.7% 95.6% 95.3% 96.2%
Jackups
Standard Jackups 96.4% 98.2% 98.4% 97.7% 98.9% 97.7% 97.3% 96.2%
Others 98.6% 99.5% 97.6% 99.0% 96.1% 98.7% 98.4% 93.9%
Total Fleet 91.9% 89.5% 92.1% 90.0% 88.7% 90.9% 91.7% 94.0%
(3) Revenue efficiency is defined as actual revenue divided by the highest
amount of total revenue which could have been earned during the relevant
period(s).
TRANSOCEAN LTD. AND SUBSIDIARIES
SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS
(In US$ millions, except percentages)
Three months ended Year ended
December September December December December
31, 30, 31, 31, 31,
2011 2011 2010 2011 2010
Income from continuing
operations before income
taxes $ (5,970) $ 47 $ (836) $ $ 1,290
(5,434)
Add back (subtract):
Litigation matters 1,000 -- 1 1,008 27
Acquisition costs 17 5 -- 22 --
Gain on loss of
drilling unit -- -- -- -- (267)
(Gain) loss on disposal
of other assets, net (11) -- -- (19) 14
Loss on impairment of
goodwill and other
assets 5,201 3 1,010 5,229 1,010
Gain on sale of equity
method investment -- (13) -- (13) --
Loss on exchange rates
for forward contract -- 78 -- 78 --
Loss on marketable
security 13 -- -- 13 --
Loss on retirement of
debt -- -- 13 -- 33
Other, net -- 1 (8) 6 (3)
Adjusted income from
continuing operations
before income taxes 250 121 180 890 2,104
Income tax expense from
continuing operations 132 100 (32) 395 336
Add back (subtract):
Changes in estimates
(1) 18 -- (8) (30) (37)
Other, net -- -- -- 2 (1)
Adjusted income tax
expense from continuing
operations (2) $ 150 $ 100 $ (40) $ 367 $ 298
Effective Tax Rate (3) -2.2% 212.8% 3.8% -7.3% 26.1%
Annual Effective Tax
Rate
(4) 59.6% 82.6% -22.1% 41.3% 14.2%
(1) Our estimates change as we file tax returns, settle disputes with tax
authorities or become aware of other events and include changes in
(a)
deferred taxes, (b) valuation allowances on deferred taxes and (c)
other tax liabilities.
(2) The three months and year ended December 31, 2011 include $46 million
of additional tax expense (benefit) reflecting the catch-up effect of
an increase (decrease) in the annual effective tax rate from
the
previous quarter estimate.
(3) Effective Tax Rate is income tax expense divided by income before
income taxes.
(4) Annual Effective Tax Rate is income tax expense excluding various
discrete items (such as changes in estimates and tax on items
excluded
from income before income taxes) divided by income before income
taxes
excluding gains and losses on sales and similar items pursuant to the
accounting standards for income taxes and estimating the
annual
effective tax rate.
Contact Information
Analyst Contacts:
Thad Vayda
+1 713-232-7551
Chris Kettmann
+1 713-232-7420
Diane Vento
+1 713-232-8015
Media Contact:
Guy A. Cantwell
+1 713-232-764
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Transocean Ltd. via Thomson Reuters ONE
[HUG#1589064]
Unternehmensinformation / Kurzprofil:
Datum: 27.02.2012 - 07:54 Uhr
Sprache: Deutsch
News-ID 118618
Anzahl Zeichen: 45284
contact information:
Town:
Vernier
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 162 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Transocean Ltd. Reports Fourth Quarter and Full Year 2011 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Transocean Ltd. (Nachricht senden)
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