Transocean Ltd., a deepwater drilling contractor, reports that the total contract drilling revenues were $261 million; compared to $626 million in the third quarter. The revenue efficiency was 94.5%, compared to 98.1% in the prior quarter. Operating and maintenance expense was $430 million, in contrast with $398 million in the 3Q.
Adjusted EBITDA was $250 million, compared to $245 million in the prior quarter; and contract backlog was $6.5 billion as of the February 2022 Fleet Status Report. Moreover, net loss attributable to controlling interest was $260 million, $0.40 per diluted share; compared to the third quarter’s $130 million, $0.20 per diluted share.
Also, 4Q results included net unfavorable non-cash items of $134 million, or $0.21 per diluted share. These unfavorable non-cash items were partially offset by a $3 million gain on the disposal of assets.
Among the items were first, $72 million, $0.11 per diluted share, related to discrete tax items. Second $37 million, $0.06 per diluted share, loss on impairment of investment in an unconsolidated affiliate. Thirdly $28 million, $0.04 per diluted share, allowance for excess materials and supplies.
“Our steadfast focus on safety, reliability, and efficiency enabled us to once again deliver strong operational results for our customers in 2021, which ultimately translated into industry-leading financial results,” said Chief Executive Officer, Jeremy Thigpen. “Despite the continuing challenges that COVID-19 presented to us all, for the full year, we delivered exceptional uptime performance resulting in revenue efficiency of 97.0% and Adjusted EBITDA of $995 million. I recognize and thank the entire Transocean team for its dedication and commitment throughout 2021.”
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Transocean full-year 2021 results
On the other hand, Transocean Ltd. reports a net loss attributable to controlling interest totaling $592 million, or $0.93 per diluted share for the full-year results. Moreover, these results included $118 million, or $0.19 per diluted share, net unfavorable non-cash items; these were partially offset by $51 million, $0.08 per diluted share, gain on retirement of debt.
Among the items were $57 million, $0.09 per diluted share, loss on disposal of assets; $47 million, $0.08 per diluted share, related to discrete tax items; $37 million, $0.06 per diluted share, loss on impairment of investments in unconsolidated affiliate; and $28 million, $0.04 per diluted share, allowance for excess materials and supplies, specific items. The adjusted net loss for 2021 was $474 million, $0.74 per diluted share.
Thigpen added: “As we move into 2022, we are more optimistic than we have been in the past seven years. Energy demand remains resilient driving oil prices to seven-year highs. As a result, we are experiencing a growing list of opportunities from customers across the globe who value our high-specification floating fleet and our strong and consistent operating performance. With customer demand growing and utilization for active high-specification assets pushing higher, we expect the upward trend in day rates to continue as we progress through the year.”
