Transocean announces Q3 results
Nov 2, 2020 17:02:38 GMT -5
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Post by bjspokanimal on Nov 2, 2020 17:02:38 GMT -5
Earnings were a loss of $69 million after non-recurring items. EBITDA was +$338 million vs +$418 million in Q2.
Revenue was down vs Q2 but up a little when you take out the early contract termination settlement that impacted Q2.
Cash flow was +$81 million vs +$87 million in Q2.
Drilling backlog was $8.2 billion vs $8.9 billion at the end of Q2, which remains easily the industry's best backlog.
CEO high on RIG's better than 96% revenue efficiency (eg: minimal downtime on active rigs) and said he is encouraged
by initial indications of improved contracting activity in the 2nd half of 2021.
The Q3 conference call is at 9am EDT tomorrow (6am PDT... augh). RIG stock is up $.03 after the report after rising
$.05 during regular trading hours.
S.
Revenue was down vs Q2 but up a little when you take out the early contract termination settlement that impacted Q2.
Cash flow was +$81 million vs +$87 million in Q2.
Drilling backlog was $8.2 billion vs $8.9 billion at the end of Q2, which remains easily the industry's best backlog.
CEO high on RIG's better than 96% revenue efficiency (eg: minimal downtime on active rigs) and said he is encouraged
by initial indications of improved contracting activity in the 2nd half of 2021.
The Q3 conference call is at 9am EDT tomorrow (6am PDT... augh). RIG stock is up $.03 after the report after rising
$.05 during regular trading hours.
S.
