Transocean Ltd. Reports Third Quarter 2011 Results
(Thomson Reuters ONE) -
Transocean Ltd. /
Transocean Ltd. Reports Third Quarter 2011 Results
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The issuer is solely responsible for the content of this announcement.
ZUG, SWITZERLAND--(Marketwire - Nov 2, 2011) - Transocean Ltd. (NYSE: RIG) (SIX:
RIGN)
* Revenues decreased four percent to $2.242 billion compared to $2.334 billion
in the second quarter 2011
* Third quarter 2011 net loss attributable to controlling interest was $71
million, which included $81 million of certain net unfavorable items,
compared to net income attributable to controlling interest of $155 million
in the second quarter 2011, which included $36 million of certain net
unfavorable items
* Revenue efficiency((1)) was 89.5 percent, down from 92.1 percent in the
second quarter 2011
* Fleet utilization((2)) was 58 percent, up from 55 percent in the second
quarter 2011
* Operating and maintenance expenses were $1.540 billion, up from $1.492
billion in the second quarter 2011
* Cash flows from operating activities were $492 million, up from $340 million
in the second quarter 2011
* The Annual Effective Tax Rate((3)) for 2011 has increased to 34.1 percent
from 22.6 percent in the second quarter 2011
* New contracts totaling $1.4 billion were secured in the Fleet Status Report
period July 13, 2011 through October 17, 2011
* New contracts totaling $325 million have been secured since the October
17, 2011 Fleet Status Report
* The acquisition of Aker Drilling was completed on October 4, 2011, further
strengthening Transocean's industry leadership position as well as adding
approximately $900 million in backlog
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today reported a net loss attributable
to controlling interest of $71 million, or $0.22 per diluted share, for the
three months ended September 30, 2011. The results compare to net income
attributable to controlling interest of $368 million, or $1.15 per diluted
share, for the three months ended September 30, 2010.
Third quarter 2011 results included the following items, after tax, that
resulted in a net unfavorable impact of approximately $81 million, or $0.25 per
diluted share:
* $78 million loss resulting from a forward foreign exchange contract executed
to address the potential exchange rate variability associated with the
company's acquisition of Aker Drilling,
* $11 million related to impairment charges, discontinued operations, and
discrete tax items,
* $5 million of Aker Drilling acquisition costs, and
* $13 million gain related to the sale of our equity interest in Overseas
Drilling Limited, which owns the research vessel Joides Resolution.
Third quarter 2011 results also included expenses associated with the Macondo
well incident of approximately $9 million, $6 million after tax, or $0.02 per
diluted share. These expenses were primarily related to legal costs and other
professional fees that are not expected to be recoverable from insurance.
Operations Quarterly Review
Revenues for the three months ended September 30, 2011 were $2.242 billion,
compared to revenues of $2.334 billion during the three months ended June
30, 2011. Third quarter contract drilling revenues were $2.061 billion compared
to $2.086 billion in the second quarter. The company reported revenue efficiency
of 89.5 percent compared to 92.1 percent in the second quarter. Consistent with
recent trends, revenue efficiency and out-of-service time continue to be
adversely impacted by the need to comply with new well control equipment
recertification requirements, higher standards for equipment condition and
capacity constraints affecting our vendors. Other revenues decreased $69 million
to $169 million, primarily due to lower drilling management services activity.
Operating and maintenance expenses totaled $1.540 billion for the third quarter
2011, up from $1.492 billion for the prior quarter. The increase was primarily
due to higher costs and expenses associated with rigs undergoing shipyard,
maintenance, repair and equipment certification projects.
Cash Flow and Capital Expenditures
Cash flows from operating activities increased to $492 million for the third
quarter 2011 compared to $340 million for the second quarter 2011. The increase
in cash flows from operations resulted primarily from a reduction in working
capital during the third quarter. Capital expenditures decreased to $137 million
for the third quarter compared to $293 million in the second quarter 2011. The
lower expenditures were primarily due to the timing of shipyard milestone
payments associated with our newbuild construction program.
Effective Tax Rate
Transocean's third quarter Effective Tax Rate((4) )was 212.8 percent compared to
33.5 percent in the second quarter. The company's third quarter Annual Effective
Tax Rate((3) )for 2011, which excludes various discrete items, was 82.6 percent
compared to 25.6 percent in the second quarter. The increase in the Annual
Effective Tax Rate was primarily due to reduced profitability in certain
jurisdictions where activities are either taxed on a deemed profit basis or
subject to lower tax rates. The third quarter amounts were also impacted by the
catch-up adjustment required to reflect the change in the forecasted Annual
Effective Tax Rate for the first and second quarter activities. The increase in
the Effective Tax Rate was primarily due to the items noted above as well as the
impact of the $78 million loss on the forward foreign exchange contact, which
provides no tax benefit. Please see the accompanying schedule entitled
"Supplemental Effective Tax Rate Analysis."
Conference Call Information
Transocean will conduct a teleconference call at 10:00 a.m. ET, 3:00 p.m. CET,
on November 3, 2011. To participate, dial +1 719-325-2223 and refer to
confirmation code 8774614 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 at www.deepwater.com and selecting "Investor Relations." A file
containing four charts to be discussed during the conference call, titled "3Q11
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, 6:00 p.m. CET, on November 3, 2011, and can be accessed by dialing
+1 719-457-0820 or +1 888-203-1112 and referring to the confirmation code
8774614. 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 the world's largest offshore drilling contractor and the leading
provider of drilling management services worldwide. With a fleet of 135 mobile
offshore drilling units, excluding two Ultra-Deepwater Drillships and four High-
Specification Jackups under construction, Transocean's fleet is considered one
of the most modern and versatile in the world due to its emphasis on technically
demanding segments of the offshore drilling business. Transocean owns or
operates a contract drilling fleet of 50 High-Specification Floaters (Ultra-
Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25
Midwater Floaters, nine High-Specification Jackups, 50 Standard Jackups and one
swamp barge.
(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 our 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 our website at
www.deepwater.com.
TRANSOCEAN LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
--------------------------- ---------------------------
2011 2010 2011 2010
--------- --------------- ----------- -------------
(As
(As adjusted) adjusted)
Operating revenues
Contract drilling
revenues $ 2,061 $ 2,183 $ 6,097 $ 6,880
Contract drilling
intangible
revenues 12 23 32 85
Other revenues 169 75 591 374
--------- --------------- ----------- -------------
2,242 2,281 6,720 7,339
--------- --------------- ----------- -------------
Costs and expenses
Operating and
maintenance 1,540 1,202 4,391 3,735
Depreciation and
amortization 362 388 1,075 1,155
General and
administrative 67 59 200 180
--------- --------------- ----------- -------------
1,969 1,649 5,666 5,070
--------- --------------- ----------- -------------
Loss on impairment (3 ) -- (28 ) --
Gain (loss) on
disposal of assets,
net (2 ) 2 5 256
--------- --------------- ----------- -------------
Operating income 268 634 1,031 2,525
--------- --------------- ----------- -------------
Other income
(expense), net
Interest income 7 7 27 17
Interest expense,
net of amounts
capitalized (151 ) (142 ) (443 ) (415 )
Other, net (77 ) (13 ) (79 ) (1 )
--------- --------------- ----------- -------------
(221 ) (148 ) (495 ) (399 )
--------- --------------- ----------- -------------
Income from
continuing
operations before
income tax expense 47 486 536 2,126
Income tax expense 100 123 263 368
--------- --------------- ----------- -------------
Income (loss) from
continuing
operations (53 ) 363 273 1,758
Income (loss) from
discontinued
operations, net of
tax (7 ) 15 171 25
--------- --------------- ----------- -------------
Net income (loss) (60 ) 378 444 1,783
Net income
attributable to
noncontrolling
interest 11 10 50 23
--------- --------------- ----------- -------------
Net income (loss)
attributable to
controlling interest $ (71 ) $ 368 $ 394 $ 1,760
--------- --------------- ----------- -------------
Earnings (loss) per
share-basic
Earnings (loss)
from continuing
operations $ (0.20 ) $ 1.10 $ 0.69 $ 5.39
Earnings (loss)
from discontinued
operations (0.02 ) 0.05 0.53 0.08
--------- --------------- ----------- -------------
Earnings (loss)
per share $ (0.22 ) $ 1.15 $ 1.22 $ 5.47
--------- --------------- ----------- -------------
Earnings (loss) per
share-diluted
Earnings (loss)
from continuing
operations $ (0.20 ) $ 1.10 $ 0.69 $ 5.39
Earnings (loss)
from discontinued
operations (0.02 ) 0.05 0.53 0.08
--------- --------------- ----------- -------------
Earnings (loss)
per share $ (0.22 ) $ 1.15 $ 1.22 $ 5.47
--------- --------------- ----------- -------------
Weighted-average
shares outstanding
Basic 320 319 320 320
Diluted 320 319 320 320
TRANSOCEAN LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
September
30, December 31,
2011 2010
------------- --------------------
(As adjusted)
Assets
Cash and cash equivalents $ 3,286 $ 3,394
Accounts receivable, net of allowance for
doubtful accounts of $28 and $38 at
September 30, 2011 and December
31, 2010, respectively 2,046 1,843
Materials and supplies, net of allowance
for obsolescence of $76 and $70 at
September 30, 2011 and December
31, 2010, respectively 578 514
Deferred income taxes, net 120 115
Assets held for sale 118 --
Other current assets 421 329
------------- --------------------
Total current assets 6,569 6,195
------------- --------------------
Property and equipment 26,886 26,721
Property and equipment of consolidated
variable interest entities 2,248 2,214
Less accumulated depreciation 8,413 7,616
------------- --------------------
Property and equipment, net 20,721 21,319
------------- --------------------
Goodwill 8,132 8,132
Other assets 1,223 1,165
------------- --------------------
Total assets $ 36,645 $ 36,811
------------- --------------------
Liabilities and equity
Accounts payable $ 755 $ 832
Accrued income taxes 23 109
Debt due within one year 1,830 1,917
Debt of consolidated variable interest
entities due within one year 96 95
Other current liabilities 1,566 883
------------- --------------------
Total current liabilities 4,270 3,836
------------- --------------------
Long-term debt 8,402 8,354
Long-term debt of consolidated variable
interest entities 772 855
Deferred income taxes, net 588 575
Other long-term liabilities 1,730 1,791
------------- --------------------
Total long-term liabilities 11,492 11,575
------------- --------------------
Commitments and contingencies
Redeemable noncontrolling interest 71 25
Shares, CHF 15.00 par value, 335,235,298
authorized, 167,617,649 conditionally
authorized, 335,235,298 issued at
September 30, 2011 and December
31, 2010; 319,853,371 and 319,080,678
outstanding at September 30, 2011 and
December 31, 2010, respectively 4,493 4,482
Additional paid-in capital 6,545 7,504
Treasury shares, at cost, 2,863,267 held
at September 30, 2011 and December
31, 2010 (240 ) (240 )
Retained earnings 10,363 9,969
Accumulated other comprehensive loss (338 ) (332 )
------------- --------------------
Total controlling interest
shareholders' equity 20,823 21,383
------------- --------------------
Noncontrolling interest (11 ) (8 )
------------- --------------------
Total equity 20,812 21,375
------------- --------------------
Total liabilities and equity $ 36,645 $ 36,811
------------- --------------------
TRANSOCEAN LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
----------------------- -----------------------
2011 2010 2011 2010
----------- --------- ----------- ---------
Cash flows from operating
activities
Net income (loss) $ (60 ) $ 378 $ 444 $ 1,783
Adjustments to reconcile
to net cash provided by
operating activities
Amortization of
drilling contract
intangibles (12 ) (23 ) (32 ) (85 )
Depreciation and
amortization 362 388 1,075 1,155
Share-based
compensation expense 20 26 74 79
Loss on impairment 3 -- 28 --
(Gain) loss on disposal
of discontinued
operations, net 4 -- (169 ) --
(Gain) loss on disposal
of assets, net 2 (2 ) (5 ) (256 )
Amortization of debt
issue costs, discounts
and premiums, net 33 48 95 148
Deferred income taxes (14 ) (40 ) 2 (74 )
Other, net 82 30 93 62
Changes in deferred
revenue, net (36 ) 47 7 205
Changes in deferred
expenses, net 18 (18 ) (66 ) (55 )
Changes in operating
assets and liabilities 90 (125 ) (324 ) 188
----------- --------- ----------- ---------
Net cash provided by
operating activities 492 709 1,222 3,150
----------- --------- ----------- ---------
Cash flows from investing
activities
Capital expenditures (137 ) (300 ) (670 ) (969 )
Investment in
marketable security (199 ) -- (199 ) --
Proceeds from disposal
of assets, net 88 -- 106 51
Proceeds from disposal
of discontinued
operations, net -- -- 259 --
Proceeds from insurance
recoveries for loss of
drilling unit -- -- -- 560
Payment for settlement
of forward exchange
contract, net (78 ) -- (78 ) --
Other, net 6 2 (27 ) 17
----------- --------- ----------- ---------
Net cash used in
investing activities (320 ) (298 ) (609 ) (341 )
----------- --------- ----------- ---------
Cash flows from financing
activities
Change in short-term
borrowings, net 2 46 58 (131 )
Proceeds from debt -- 2,000 5 2,054
Repayments of debt (23 ) (691 ) (272 ) (966 )
Distribution of
qualifying additional
paid-in capital (254 ) -- (508 ) --
Purchases of shares
held in treasury -- -- -- (240 )
Other, net -- (18 ) (4 ) (20 )
----------- --------- ----------- ---------
Net cash provided by
(used in) financing
activities (275 ) 1,337 (721 ) 697
----------- --------- ----------- ---------
Net increase (decrease)
in cash and cash
equivalents (103 ) 1,748 (108 ) 3,506
Cash and cash equivalents
at beginning of period 3,389 2,888 3,394 1,130
----------- --------- ----------- ---------
Cash and cash equivalents
at end of period $ 3,286 $ 4,636 $ 3,286 $ 4,636
----------- --------- ----------- ---------
TRANSOCEAN LTD. AND SUBSIDIARIES
FLEET OPERATING STATISTICS
Operating Revenues (in millions) ((1))
-----------------------------------------------------------
Nine months ended
Three months ended September 30,
------------------------------------- ---------------------
September June September
30, 2011 30, 2011 30, 2010 2011 2010
------------ ----------- ------------ ----------- ---------
Contract Drilling
Revenues
High-
Specification
Floaters:
Ultra Deepwater
Floaters $ 1,030 $ 1,005 $ 720 $ 2,878 $ 2,430
Deepwater
Floaters 187 238 350 716 1,122
Harsh
Environment
Floaters 190 181 178 522 520
------------ ----------- ------------ ----------- ---------
Total High-
Specification
Floaters 1,407 1,424 1,248 4,116 4,072
Midwater Floaters 352 376 572 1,129 1,616
Jackups:
High-
Specification
Jackups 69 48 57 148 209
Standard
Jackups 226 230 298 685 963
------------ ----------- ------------ ----------- ---------
Total Jackups 295 278 355 833 1,172
Other Rigs 7 8 8 20 20
------------ ----------- ------------ ----------- ---------
Total Contract
Drilling Revenues 2,061 2,086 2,183 6,098 6,880
------------ ----------- ------------ ----------- ---------
Contract Intangible
Revenue 12 10 23 32 85
Other Revenues
Client
Reimbursable
Revenues 43 40 40 121 118
Integrated
Services and
Other 14 15 11 42 52
Drilling
Management
Services 112 183 25 427 204
------------ ----------- ------------ ----------- ---------
Total Other
Revenues 169 238 76 590 374
------------ ----------- ------------ ----------- ---------
Total Company $ 2,242 $ 2,334 $ 2,282 $ 6,720 $ 7,339
------------ ----------- ------------ ----------- ---------
Average Daily Revenue ((1))
-------------------------------------------------------------
Nine months ended
Three months ended September 30,
------------------------------------- -----------------------
September June September
30, 2011 30, 2011 30, 2010 2011 2010
------------ ----------- ------------ ----------- -----------
High-
Specification
Floaters:
Ultra
Deepwater
Floaters $ 524,800 $ 516,600 $ 422,800 $ 504,000 $ 464,200
Deepwater
Floaters 348,400 396,400 365,600 382,400 381,800
Harsh
Environment
Floaters 433,800 430,100 414,100 423,100 413,600
Total High-
Specification
Floaters 478,900 479,900 403,900 466,800 431,800
Midwater
Floaters 287,400 333,000 328,400 310,600 326,300
High-
Specification
Jackups 115,600 110,300 120,800 111,800 140,500
Standard
Jackups 100,400 111,700 113,200 106,900 121,100
Other Rigs 73,800 76,400 72,900 74,500 72,600
------------ ----------- ------------ ----------- -----------
Total Drilling
Fleet $ 290,200 $ 312,100 $ 271,700 $ 298,100 $ 285,500
------------ ----------- ------------ ----------- -----------
(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))
--------------------------------------------------------
Nine months ended
Three months ended September 30,
------------------------------------- ------------------
September June September
30, 2011 30, 2011 30, 2010 2011 2010
------------ ----------- ------------ ----------- ------
High-Specification
Floaters:
Ultra Deepwater
Floaters 79% 80% 77% 79% 80%
Deepwater Floaters 37% 41% 65% 43% 67%
Harsh Environment
Floaters 95% 93% 93% 90% 92%
Total High-
Specification
Floaters 67% 69% 75% 68% 77%
Midwater Floaters 55% 54% 73% 56% 70%
High-Specification
Jackups 69% 56% 57% 56% 61%
Standard Jackups 48% 43% 52% 45% 53%
Other Rigs 100% 50% 50% 60% 50%
------------ ----------- ------------ ----------- ------
Total Drilling Fleet 58% 55% 64% 56% 64%
(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
----------------------------------------------------------------------
3Q 2011 2Q 2011 1Q 2011 4Q 2010 3Q 2010 FY 2010
--------- ---------- ------------ ------------- ----------- ----------
(As (As (As
adjusted) adjusted) adjusted)
Ultra
Deepwater 86.4% 89.3% 85.3% 86.1% 86.5% 88.6%
Deepwater 87.7% 93.9% 88.2% 88.6% 90.1% 90.3%
Harsh
Environment
Floaters 94.4% 98.4% 99.2% 96.1% 96.4% 96.0%
Midwater
Floaters 90.8% 91.9% 93.6% 85.0% 96.2% 92.5%
High-
Specification
Jackups 97.3% 95.6% 95.1% 97.7% 93.3% 95.3%
Standard
Jackups 98.2% 98.4% 97.7% 98.9% 96.4% 97.3%
Others 99.5% 97.6% 99.0% 96.1% 99.6% 98.4%
--------- ---------- ------------ ------------- ----------- ----------
Total Fleet 89.5% 92.1% 90.0% 88.7% 91.8% 91.7%
--------- ---------- ------------ ------------- ----------- ----------
(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 Nine months ended
-------------------------------------- -------------------------
September June September September September
30, 2011 30, 2011 30, 2010 30, 2011 30, 2010
----------- ---------- ----------- ----------- -----------
(As (As
adjusted) adjusted)
Income from
continuing
operations before
income taxes $ 47 $ 244 $ 486 $ 536 $ 2,126
Add back
(subtract):
Litigation
matters -- -- 14 8 26
Acquisition
costs 5 -- -- 5 --
Loss on
impairment of
assets 3 25 -- 28 --
(Gain) loss on
disposal of
other assets,
net -- -- 1 (9 ) 14
Loss on forward
exchange
contract 78 -- -- 78 --
Gain on loss of
Deepwater
Horizon -- -- -- -- (267 )
Gain on sale of
interest in
Overseas
Drilling
Limited (13 ) -- -- (13 ) --
Gain on
retirement of
debt -- -- 21 -- 20
Other, net 1 -- -- 6 5
----------- ---------- ----------- ----------- -----------
Adjusted income
from continuing
operations before
income taxes 121 269 522 639 1,924
----------- ---------- ----------- ----------- -----------
Income tax
expense from
continuing
operations 100 82 123 263 368
Add back
(subtract):
Changes in
estimates (1) -- (13 ) (12 ) (48 ) (29 )
Other, net -- -- (2 ) 2 (1 )
----------- ---------- ----------- ----------- -----------
Adjusted income
tax expense from
continuing
operations (2) $ 100 $ 69 $ 109 $ 217 $ 338
----------- ---------- ----------- ----------- -----------
Effective Tax
Rate (3) 212.8 % 33.5 % 25.3 % 49.1 % 17.3 %
Annual Effective
Tax Rate (4) 82.6 % 25.6 % 21.0 % 34.1 % 17.6 %
(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 and nine months ended September 30, 2011 include $60 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
Media Contact:
Guy A. Cantwell
+1 713-232-7647
--- End of Message ---
Transocean Ltd.
Chemin de Blandonnet 10 Vernier Switzerland
ISIN: CH0048265513;
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originality of the information contained therein.
Source: Transocean Ltd. via Thomson Reuters ONE
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Datum: 02.11.2011 - 23:12 Uhr
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