Transocean Announces Solid Results for the Second Quarter of 2024

Transocean presented impressive financial figures for the second quarter of 2024. In their latest press conference, the offshore drilling company reported an adjusted EBITDA of $284 million on drilling contract revenues of $861 million, which corresponds to an adjusted EBITDA margin of approximately 33%. CEO Jeremy Thigpen praised the performance of the team, which mobilized about 40% of the active fleet in various jurisdictions worldwide. The organization achieved an operational uptime efficiency of around 97% for the quarter. A significant contract was secured in the U.S. Gulf of Mexico: Beacon Offshore Energy contracted the drilling ship Deepwater Atlas for two wells at a day rate of $580,000, supplemented by additional services. Additionally, BP awarded a three-year contract to the Deepwater Invictus with a day rate of $485,000. Hess and Petrobras are also among the recent clients who signed long-term contracts. Notably, Transocean continues to expect significant growth and high activity in the Brazilian and Norwegian markets. Keelan Adamson, COO at Transocean, emphasized the importance of future projects in the Gulf of Mexico, where BP recently made an investment decision for the Kaskida project. This development was recognized as a significant milestone for the further development of deepwater resources. With a fleet utilization of more than 90% until the end of 2025, Transocean looks optimistically to the future. This is further reinforced by Thad Vayda, CFO of the company, who announced further improvements in cash flow and a long-term strategy for debt reduction.