Transocean Inc. (NASDAQ: (RIG) stock gained by 6.52% at last close whereas the RIG stock price fell by 5.59% in the after-hours trading session. Transocean is an internationally renowned provider of oil and gas well offshore contract drilling expertise.
RIG stock’ Financial Results
Transocean announced the third quarter of 2021 financial outcomes on Nov1, 2021.
- For the third quarter of 2021, Transocean recorded a net loss of $130 million, or $0.20 per diluted share, due to controlling interest.
- The adjusted net loss for the third quarter of 2021 was $122 million, or $0.19 per diluted share, relative to $109 million, or $0.18 per diluted share, in the previous quarter.
- Contract drilling revenues fell $30 million to $626 million in the three months ended September 30, 2021, owing to lower activity for two rigs that went inactive and one rig that started a scheduled shipyard stay during the third quarter.
- Contract intangible loss related to the Songa and Ocean Rig acquisitions in 2018 resulted in a non-cash revenue drop of $57 million in both the third and second quarters.
- Operating and maintenance costs came in at $398 million, down from $434 million the previous quarter. Reduced activity owing to idle rigs and decreased COVID-19-related expenditures drove the sequential drop, which was largely offset by the shipyard and contract process.
- General and administrative expenses increased to $40 million in the second quarter of 2021, up from $39 million the previous quarter. Legal and professional expenses accounted for the majority of the increase.
President and Chief Executive Officer, Jeremy Thigpen stated,
He’d want to express my gratitude to the whole Transocean team for their unwavering commitment to providing their customers with safe, dependable, and efficient operations. They achieved excellent financial outcomes once again. Their outstanding uptime performance throughout the quarter resulted in a 98 percent revenue efficiency, leading to adjusted revenues of $683 million.
