Transocean Sees Rig Demand, Dayrates Growing in 2022

Wednesday, February 23, 2022
File Photo: Transocean

Offshore drilling contractor Transocean expects rig dayrates to keep growing, boosted by high oil prices and growing demand, the company's CEO said Tuesday, as the company posted its fourth-quarter results.

Transocean CEO Jeremy Thigpen said: "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 dayrates to continue as we progress through the year.”

Transocean's total fleet average daily revenue in the fourth quarter was $352,500. a drop compared to the third quarter's $367,100, but an increase compared to the fourth quarter of 2021 when it was $347,500.

Year on year, total fleet average daily revenue was $365,600 in 2021, compared to $327,500 in 2020.

In the fourth quarter of 2021, Transocean recorded total contract drilling revenues of $621 million, compared to $626 million in the third quarter of 2021.

Net loss attributable to controlling interest was $260 million, $0.40 per diluted share, compared to $130 million, $0.20 per diluted share, in the third quarter of 2021. 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.

Fourth-quarter 2021 results included net unfavorable non-cash items of $134 million, or $0.21 per diluted share, including $72 million related to discrete tax items; $37 million loss on impairment of investment in unconsolidated affiliate; and $28 million allowance for excess materials and supplies, certain items.

After consideration of these net unfavorable items, fourth-quarter 2021 adjusted net loss was $126 million, $0.19 per diluted share, compared to $122 million, $0.19 per diluted share, in the third quarter of 2021.


Categories: Drilling Industry News Activity Drilling Rigs

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