Free Submission Public Relations & NewsPR-inside.com
Home
Deutsch English

Business

Transocean Ltd. Reports First Quarter 2013 Results


Print article Print article
Copyright © Thomson Reuters 2013. All rights reserved.
2013-05-08 23:57:02 -

Transocean Ltd. /
Transocean Ltd. Reports First Quarter 2013 Results
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement. 

ZUG, SWITZERLAND--(Marketwired - May 8, 2013) - Transocean Ltd. (NYSE: RIG)
(SIX: RIGN)

  * First quarter 2013 revenues were $2.197 billion, compared with $2.326
    billion in the fourth quarter 2012;
  * Operating and maintenance expenses for the first quarter were $1.375
    billion, compared with $1.438 billion in the fourth quarter 2012;
  * First quarter 2013 net income attributable to controlling interest was $321
    million, which included $16 million of net unfavorable items. This compares
    with the fourth quarter 2012 net 
income attributable to controlling interest of $456 million, which included $126 million of net favorable items; * First quarter Annual Effective Tax Rate(1) from continuing operations was 19.2 percent, compared with 7.8 percent in the fourth quarter of 2012; * First quarter 2013 net income attributable to controlling interest was $0.88 per diluted share. After adjusting for net unfavorable items, adjusted earnings from continuing operations were $337 million, or $0.93 per diluted share; * Cash flows from operating activities were $106 million in the first quarter, compared with $923 million in the fourth quarter 2012; * Revenue efficiency(2) was 88.0 percent in the first quarter, compared with 94.7 percent, in the fourth quarter of 2012. Ultra-deepwater revenue efficiency was 83.8 percent, compared with 95.5 percent in the prior quarter. The lower revenue efficiency was due to the replacement of original equipment manufacturer ("OEM") defective bolts in subsea well control equipment and other unrelated downtime, primarily on certain ultra-deepwater rigs. * Total rig utilization(3) was 80 percent in the first quarter, compared with 79 percent in the fourth quarter of 2012; and * Contract backlog was $28.5 billion as of the April 18, 2013 Fleet Status Report. Since April 18, 2013, additional contracts totaling $199 million were secured. Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today reported net income attributable to controlling interest of $321 million, or $0.88 per diluted share, for the three months ended March 31, 2013. First quarter 2013 results included net unfavorable items, after tax, of $16 million, or $0.05 per diluted share, including $49 million, or $0.15 per diluted share, related to an adjustment in contingencies associated with the Macondo well incident and other items, partially offset by $33 million, or $0.10 per diluted share, associated with favorable discrete tax benefits. After consideration of these net unfavorable items, first quarter 2013 adjusted earnings from continuing operations were $337 million, or $0.93 per diluted share. A reconciliation of the non-GAAP adjusted net income and diluted earnings per share is included in the accompanying schedules. The first quarter results compare with net income attributable to controlling interest of $10.0 million, or $0.03 per diluted share, for the three months ended March 31, 2012. First quarter 2012 included net unfavorable items of $255 million, or $0.72 per diluted share. The net unfavorable items were primarily associated with goodwill impairment losses of $135 million, or $0.38 per diluted share, and losses associated with discontinued operations of $137 million, or $0.39 per diluted share. After consideration of these net unfavorable items, first quarter 2012 adjusted earnings from continuing operations were $265 million, or $0.75 per diluted share. Operations Quarterly Review Revenues for the three months ended March 31, 2013 were $2.197 billion, compared with revenues of $2.326 billion during the quarter ended December 31, 2012, a decrease of $129 million. The decrease was due to lower revenue efficiency primarily on ultra-deepwater floaters, partly offset by fewer out-of-service days. Ultra-deepwater revenue efficiency decreased to 83.8 percent from 95.5 percent in the prior quarter. Total fleet revenue efficiency was 88.0 percent in the first quarter, compared with 94.7 percent in the fourth quarter of 2012. As expected, the lower revenue efficiency in the first quarter was due in part to the replacement of OEM defective bolts in subsea well control equipment. Unrelated well control equipment and other operational downtime on certain ultra-deepwater rigs also contributed to the decrease in revenue efficiency. Operating and maintenance expenses decreased $63 million to $1.375 billion for the first quarter of 2013, compared with $1.438 billion for the prior quarter. The decrease was primarily due to lower maintenance and shipyard expenses associated with rigs undergoing surveys and other projects, partly offset by the effect of an adjustment in contingencies associated with the Macondo well incident. General and administrative expenses were $67 million for the first quarter of 2013, compared with $65 million in the previous quarter. Annual Effective Tax Rate Transocean's first quarter Effective Tax Rate((4) )from continuing operations was 5.7 percent, compared with (20.7) percent in the fourth quarter of 2012. The increase in the Effective Tax Rate was due to changes in estimates, primarily related to settlements of prior years' tax liabilities. Transocean's Annual Effective Tax Rate from continuing operations for the first quarter of 2013 was 19.2 percent. This compares with 7.8 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 a decrease in the foreign exchange effect of the Norwegian krone versus the U.S. dollar. Other Items Interest expense, net of amounts capitalized, was $157 million in the first quarter of 2013, compared with $180 million in the prior quarter, a decrease of $23 million. The decrease reflects the repurchase of the 1.5% Series C Convertible Senior Notes in the fourth quarter of 2012. Capitalized interest for the first quarter was $21 million, compared with $18 million in the fourth quarter of 2012. Interest income was $17 million in the first quarter of 2013, compared with $13 million in the prior quarter. Cash flows from operating activities were $106 million for the first quarter, compared with $923 million for the fourth quarter of 2012. The decrease was primarily due to working capital changes, including the first installment of $400 million, plus interest, required under the consent decree agreed with the U.S. Department of Justice in January 2013 resulting from the Macondo well incident. Capital expenditures from continuing operations were $488 million for the first quarter, compared with $657 million in the fourth quarter of 2012. Cost Reduction Initiatives In the fourth quarter of 2012, the company commenced an organizational efficiency initiative to align its shore-based support infrastructure with the post-divestiture size, composition and geographic location of its fleet, representing an initial phase in the company's ongoing plan to improve operating margins. This restructuring is expected to result in a more efficient and focused organization that delivers the highest level of support to our rig operations without compromising safety or operational integrity. Based on preliminary analysis, the company currently anticipates achieving annualized savings associated with this initial phase of our cost reduction initiative of approximately $300 million. The expected reduction in onshore costs includes, among other items, the consolidation of facilities, the streamlining of business functions and processes, as well as elimination of processes, programs and tasks that are not central to supporting our core business of operating our rigs safely and efficiently. Transocean continues to review its entire cost structure, including its offshore and project expenditures, with the objective of achieving additional improvements in operating margins. The company will provide periodic updates on its cost reduction plans and progress. 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 Form 10-K for the year ended December 31, 2012 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 at www.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, May 9, 2013. To participate, dial +1 913-312-1496 and refer to confirmation code 6076751 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 that may be discussed during the conference call, titled "1Q13 Charts," has been posted to Transocean's website and can 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 3:00 p.m. EDT, 9:00 p.m. CEST, on May 9, 2013, and can be accessed by dialing +1 719-457-0820 or +1 888-203-1112 and referring to the confirmation code 6076751. 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, 83 mobile offshore drilling units consisting of 48 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh Environment drilling rigs), 25 Midwater Floaters and 10 High-Specification Jackups. In addition, we have six Ultra- Deepwater Drillships and two High-Specification Jackups under construction. For more information about Transocean, please visit the website www.deepwater.com or www.transoceanvalue.com. 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." TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited)   Three months ended   March 31, -----------------------------     2013     2012 --------- -------------- Operating revenues   Contract drilling revenues   $ 2,145     $ 2,014   Other revenues     52       96 --------- --------------       2,197       2,110 --------- -------------- Costs and expenses   Operating and maintenance     1,375       1,242   Depreciation     275       285   General and administrative     67       69 --------- --------------       1,717       1,596 --------- -------------- Loss on impairment     -       (140) Loss on disposal of assets, net     (7)       (3) --------- -------------- Operating income     473       371 --------- -------------- Other income (expense), net   Interest income     17       15   Interest expense, net of amounts capitalized   (157)     (180)   Other, net     (1)       (18) --------- --------------       (141)       (183) --------- -------------- Income from continuing operations before income tax expense   332     188 Income tax expense     19       34 --------- -------------- Income from continuing operations   313     154 Loss from discontinued operations, net of tax   -     (136) --------- -------------- Net income     313       18 Net income (loss) attributable to noncontrolling interest   (8)     8 --------- -------------- Net income attributable to controlling interest $ 321   $ 10 --------- -------------- Earnings (loss) per share-basic   Earnings from continuing operations $ 0.88   $ 0.42   Loss from discontinued operations   -     (0.39) --------- --------------   Earnings per share   $ 0.88     $ 0.03 --------- -------------- Earnings (loss) per share- diluted   Earnings from continuing operations $ 0.88   $ 0.42   Loss from discontinued operations   -     (0.39) --------- --------------   Earnings per share   $ 0.88     $ 0.03 --------- -------------- Weighted-average shares outstanding   Basic     360       350   Diluted     360       350 TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited)   March 31,   December 31,   2013   2012 ----------- -------------- Assets Cash and cash equivalents   $ 3,689     $ 5,134 Accounts receivable, net of allowance for doubtful accounts of $20 at March 31, 2013 and December 31, 2012   2,117     2,200 Materials and supplies, net of allowance for obsolescence of $68 and $66 at March 31, 2013 and December 31, 2012, respectively   648     610 Assets held for sale     128       179 Deferred income taxes, net     151       142 Other current assets     400       382 ----------- --------------     Total current assets     7,133       8,647 ----------- -------------- Property and equipment     27,404       26,967 Property and equipment of consolidated variable interest entities   1,071     1,092 Less accumulated depreciation     7,443       7,179 ----------- --------------   Property and equipment, net     21,032       20,880 ----------- -------------- Goodwill     2,987       2,987 Other assets     1,523       1,741 ----------- --------------     Total assets   $ 32,675     $ 34,255 ----------- -------------- Liabilities and equity Accounts payable   $ 843     $ 1,047 Accrued income taxes     111       116 Debt due within one year     236       1,339 Debt of consolidated variable interest entities due within one year   28     28 Other current liabilities     2,158       2,933 ----------- --------------     Total current liabilities     3,376       5,463 ----------- -------------- Long-term debt     10,804       10,929 Long-term debt of consolidated variable interest entities   163     163 Deferred income taxes, net     350       366 Other long-term liabilities     1,955       1,604 ----------- --------------     Total long-term liabilities     13,272       13,062 ----------- -------------- Commitments and contingencies Shares, CHF 15.00 par value, 402,282,355 authorized, 167,617,649 conditionally authorized, 373,830,649 issued at March 31, 2013 and December 31, 2012; 360,340,164 and 359,505,251 outstanding at March 31, 2013 and December 31, 2012, respectively   5,142     5,130 Additional paid-in capital     7,511       7,521 Treasury shares, at cost, 2,863,267 held at March 31, 2013 and December 31, 2012   (240)     (240) Retained earnings     4,176       3,855 Accumulated other comprehensive loss     (540)       (521) ----------- --------------   Total controlling interest shareholders' equity   16,049     15,745 ----------- --------------   Noncontrolling interest     (22)       (15) ----------- --------------     Total equity     16,027       15,730 ----------- --------------     Total liabilities and equity   $ 32,675     $ 34,255 ----------- -------------- TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)   Three months ended   March 31, ----------------------------     2013     2012 --------------- ---------- Cash flows from operating activities   Net income   $ 313     $ 18   Adjustments to reconcile to net cash provided by operating activities:     Amortization of drilling contract intangibles   (9)     (11)     Depreciation     275       285     Depreciation and amortization of assets in discontinued operations   -     70     Share-based compensation expense     21       23     Loss on impairment     -       140     Loss on impairment of assets in discontinued operations   -     93     Loss on disposal of assets, net     7       3     (Gain) loss on disposal of assets in discontinued operations, net   (15)     1     Amortization of debt issue costs, discounts and premiums, net   -     18     Deferred income taxes     (28)       (17)     Other, net     15       15     Changes in deferred revenue, net     (6)       (12)     Changes in deferred expenses, net     17       (49)     Changes in operating assets and liabilities   (484)     (37) --------------- ---------- Net cash provided by operating activities     106       540 --------------- ---------- Cash flows from investing activities   Capital expenditures     (488)       (238)   Capital expenditures for discontinued operations   -     (22)   Proceeds from disposal of assets, net     1       7   Proceeds from disposal of assets in discontinued operations, net   63     34   Other, net     9       12 --------------- ---------- Net cash used in investing activities     (415)       (207) --------------- ---------- Cash flows from financing activities   Repayments of debt     (1,190)       (147)   Proceeds from restricted cash investments     128       108   Deposits to restricted cash investments     (59)       (42)   Distribution of qualifying additional paid- in capital   -     (278)   Other, net     (15)       (9) --------------- ---------- Net cash used in financing activities     (1,136)       (368) --------------- ---------- --------------- ---------- Net decrease in cash and cash equivalents     (1,445)       (35) --------------- ---------- Cash and cash equivalents at beginning of period   5,134     4,017 --------------- ---------- Cash and cash equivalents at end of period   $ 3,689     $ 3,982 --------------- ---------- TRANSOCEAN LTD. AND SUBSIDIARIES FLEET OPERATING STATISTICS   Operating Revenues (in millions) -------------------------------------------------   Three months ended ------------------------------------------------- December March 31, 31, March 31,   2013   2012   2012 ------------------------- ------------ ---------- Contract drilling revenues   High-Specification Floaters:     Ultra-Deepwater Floaters $ 1,047   $ 1,198   $ 1,092     Deepwater Floaters   254     275     242     Harsh Environment Floaters   282   220   255 ------------------------- ------------ ----------   Total High-Specification Floaters   1,583   1,693   1,589   Midwater Floaters   429     464     347   High-Specification Jackups   124     108     67   Contract intangible revenue   9     10     11 ------------------------- ------------ ---------- Total contract drilling revenues   2,145   2,275   2,014 ------------------------- ------------ ---------- Other revenues   Client reimbursable revenues   39   40   43   Integrated services and other   -   3   -   Drilling management services - non US   13   8   53 ------------------------- ------------ ---------- Total other revenues   52     51     96 ------------------------- ------------ ---------- Total revenues   2,197     2,326     2,110 ------------------------- ------------ ----------     Average Daily Revenue ((1)) -------------------------------------------------    Three months ended -------------------------------------------------  December  March  March 31, 31, 31,   2013   2012   2012 ------------------------- ------------ ----------   High-Specification Floaters:     Ultra-Deepwater Floaters $ 457,800   $ 514,300   $ 478,100     Deepwater Floaters   327,600     337,100     302,500     Harsh Environment Floaters   454,400   476,400   465,700   Total High-Specification Floaters   429,900   469,300   437,500   Midwater Floaters   291,800     280,300     255,100   High-Specification Jackups   163,000     162,400     112,100 ------------------------- ------------ ---------- Total   361,200     382,000     358,100 ------------------------- ------------ ---------- (1) Average daily revenue is defined as contract drilling revenues earned per operating day. An operating day is defined as a calendar day during which a rig is contracted to earn a dayrate during the firm contract period after commencement of operations. TRANSOCEAN LTD. AND SUBSIDIARIES FLEET OPERATING STATISTICS (continued)   Utilization ((2)) -----------------------------------------------   Three months ended ----------------------------------------------- March 31,   December 31,   March 31,   2013 2012 2012 ----------- -------------- --------------------   High-Specification Floaters:     Ultra-Deepwater Floaters 94%   94%   93%     Deepwater Floaters 62%   64%   55%     Harsh Environment Floaters 99%   72%   86%   Total High-Specification Floaters 86% 82% 80%   Midwater Floaters 65%   72%   60%   High-Specification Jackups 92%   81%   83% ----------- -------------- -------------------- Total 80%   79%   74% ----------- -------------- -------------------- (2) 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. Revenue Efficiency((3)) Trailing Five Quarters and Historical Data           FY   FY   1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 2012 2011 --------- --------- --------- --------- --------- ------- ------ Ultra- Deepwater 83.8% 95.5% 95.9% 92.4% 89.0% 93.2% 87.9% Deepwater 86.4%   90.9%   96.1%   94.5%   83.1%   91.4%   90.7% Harsh Environment Floaters 97.6% 97.3% 95.4% 97.9% 97.8% 97.1% 97.4% Midwater Floaters 92.1% 93.9% 90.4% 88.2% 90.6% 90.9% 93.4% High Specification Jackups 96.4% 95.2% 97.2% 94.3% 92.1% 95.0% 94.8% --------- --------- --------- --------- --------- ------- ------ Total 88.0%   94.7%   94.9%   92.7%   89.6%   93.0%   90.5% --------- --------- --------- --------- --------- ------- ------ (3) Revenue efficiency is defined as actual contract drilling revenues for the measurement period divided by the maximum revenue calculation 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. TRANSOCEAN LTD. AND SUBSIDIARIES SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS (in millions)   Three months ended ------------------------------------------ March 31,   December 31,   March 31,   2013   2012   2012 ----------- -------------- ----------- Income from continuing operations before income taxes $ 332   $ 358   $ 188   Add back (subtract):   Litigation matters   74       -       -   Acquisition costs   -       -       1 Loss on impairment of   goodwill and other assets   -     -     140   Loss on redeemed noncontrolling interest   -     -     11   Gain on retirement of debt   1     -     - ----------- -------------- ----------- Adjusted income from continuing operations before income taxes   407     358     340 ----------- -------------- ----------- Income tax (benefit) expense from continuing operations   19     (74)     33   Add back (subtract):   Litigation matters   26       -       - Loss on impairment of   goodwill and other assets   -     -     6   Changes in estimates (1)   33       102       28 ----------- -------------- ----------- Adjusted income tax expense from continuing operations (2) $ 78   $ 28   $ 67 ----------- -------------- ----------- Effective Tax Rate (3)   5.7 %     -20.7 %     17.6 % Annual Effective Tax Rate (4)   19.2 %   7.8 %   19.7 % (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 ended December 31, 2012 includes $(37) 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. Transocean Ltd. and Subsidiaries Non-GAAP Financial Measures and Reconciliations Adjusted Net Income and Diluted Earnings Per Share (in millions, except per share data)     QTD     03/31/13 ---------- Adjusted Net Income Net income attributable to controlling interest, as reported $ 321   Add back (subtract):     Litigation matters   48 Loss on     retirement of debt   1 Gain on sale     of discontinued operations   (15 ) Loss from     discontinued operations   15 Discrete tax     items and other, net   (33 ) ----------     Net income, as adjusted $ 337 ---------- Diluted Earnings Per Share: Diluted earnings per share, as reported $ 0.88   Add back (subtract):     Litigation matters   0.15 Loss on     retirement of debt   - Gain on sale     of discontinued operations   (0.05 ) Loss from     discontinued operations   0.05 Discrete tax     items and other, net   (0.10 ) ---------- Diluted earnings per share, as adjusted $ 0.93 ----------     YTD     QTD     YTD     QTD     YTD     QTD     QTD     12/31/12     12/31/12     09/30/12     09/30/12     06/30/12     06/30/12     03/31/12 ---------- ---------- ---------- ----------- ----------- ----------- ------------ Adjusted Net Income Net income (loss) attributable to controlling interest, as reported $ (219 ) $ 456   $ (675 ) $ (381 ) $ (294 ) $ (304 ) $ 10   Add back (subtract):     Litigation matters   756     -     756     6     750     750     - Loss on     impairment of goodwill and other assets   135     -     135     -     135     -     135 Gain on     disposal of assets, net   (48)     -     (48)     (48)     -     -     - Gain on     retirement of debt   (2)     -     (2)     (2)     -     -     - Loss on     redeemed noncontrolling interest   25     -     25     -     25     14     11 Loss on     impairment of discontinued operations   961     2     959     881     78     12     66 (Gain) loss on     sale of discontinued operations   (69)     (1)     (68)     2     (70)     (72)     2 (Gain) loss     from discontinued operations   135     (26)     161     33     128     59     69 Discrete tax     items and other, net   (255)     (101)     (154)     15     (169)     (141)     (28) ---------- ---------- ---------- ----------- ----------- ----------- ------------     Net income, as adjusted $ 1,419   $ 330   $ 1,089   $ 506   $ 583   $ 318   $ 265 ---------- ---------- ---------- ----------- ----------- ----------- ------------ Diluted Earnings Per Share: Diluted earnings (loss) per share, as reported $ (0.62)   $ 1.26   $ (1.90)   $ (1.06)   $ (0.84)   $ (0.86)   $ 0.03   Add back (subtract):     Litigation matters   2.11     -     2.12     0.02     2.12     2.11     - Loss on     impairment of goodwill and other assets   0.38     -     0.38     -     0.38     -     0.38 Gain on     disposal of assets, net   (0.13)     -     (0.13)     (0.13)     -     -     - Gain on     retirement of debt   (0.01)     -     (0.01)     (0.01)     -     -     - Loss on     redeemed noncontrolling interest   0.07     -     0.07     -     0.07     0.04     0.03 Loss on     impairment of discontinued operations   2.70     -     2.70     2.45     0.23     0.03     0.19 (Gain) loss on     sale of discontinued operations   (0.19)     -     (0.19)     0.01     (0.20)     (0.20)     0.01 (Gain) loss     from discontinued operations   0.38     (0.07)     0.45     0.09     0.36     0.17     0.19 Discrete tax     items and other, net   (0.73)     (0.28)     (0.44)     0.03     (0.48)     (0.40)     (0.08) ---------- ---------- ---------- ----------- ----------- ----------- ------------ Diluted earnings per share, as adjusted $ 3.96   $ 0.91   $ 3.05   $ 1.40   $ 1.64   $ 0.89   $ 0.75 ---------- ---------- ---------- ----------- ----------- ----------- ------------ Analyst Contacts: Thad Vayda +1 713-232-7551 Diane Vento +1 713-232-8015 Media Contact: Guy A. Cantwell +1 713-232-7647 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#1700591]


Press Information:




Contact Person:


Disclaimer: © 2014 Thomson Reuters. The press releases or report contained herein is protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Thomson Reuters's, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.
Latest News
Read the Latest News
www.newsenvoy.com

 


Terms & Conditions | Privacy | About us | Contact PR-inside.com