RIG
$14.41
Transocean
$.43
3.08%
Earnings Details
3rd Quarter September 2016
Wednesday, November 02, 2016 4:17:24 PM
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Summary

Transocean Beats

Transocean (RIG) reported 3rd Quarter September 2016 earnings of $0.25 per share on revenue of $903.0 million. The consensus earnings estimate was $0.14 per share on revenue of $868.4 million. The Earnings Whisper number was $0.19 per share. Revenue fell 43.8% compared to the same quarter a year ago.

Transocean Ltd is an international provider of offshore contract drilling services for oil and gas wells. The Company has two operating segments; contract drilling services and drilling management services.

Results
Reported Earnings
$0.25
Earnings Whisper
$0.19
Consensus Estimate
$0.14
Reported Revenue
$903.0 Mil
Revenue Estimate
$868.4 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Transocean Ltd. Reports Third Quarter 2016 Results

- Revenues were $903 million, compared with $943 million in the second quarter of 2016;

- Operating and maintenance expense was $404 million, down from $500 million in the prior period;

- Net income attributable to controlling interest was $229 million, $0.62 per diluted share, compared with $77 million, $0.21 per diluted share, in the second quarter of 2016;

- Adjusted net income was $93 million, $0.25 per diluted share, excluding $136 million of net favorable items. This compares with $64 million, $0.17 per diluted share, in the prior quarter, excluding $13 million of net favorable items;

- Effective Tax Rate excluding discrete items (1) was 21.2 percent, compared with 16.3 percent in the second quarter of 2016;

- Cash flows from operating activities were $440 million, up from $207 million in the previous quarter;

- Revenue efficiency(2) was 100.7 percent, up from 96.5 percent in the second quarter of 2016; and

- Contract backlog was $12.2 billion as of the October 2016 Fleet Status Report.

ZUG, SWITZERLAND-November 2, 2016-Transocean Ltd. (RIG) today reported net income attributable to controlling interest of $229 million, $0.62 per diluted share, for the three months ended September 30, 2016. Third quarter 2016 results included net favorable items of $136 million, $0.37 per diluted share, as follows:

- $110 million, $0.30 per diluted share, in gains on early debt retirements;

- $38 million, $0.10 per diluted share, in discrete tax benefits; and

- $3 million, $0.01 per diluted share, associated with a gain on rig sales.

These net favorable items were partially offset by:

- $11 million, $0.03 per diluted share, related to the loss on impairment of assets; and

- $4 million, $0.01 per diluted share, in restructuring charges primarily related to employee severance.

After consideration of these net favorable items, third quarter 2016 adjusted net income was $93 million, or $0.25 per diluted share.

For the three months ended September 30, 2015, the company reported a net income attributable to controlling interest of $321 million, or $0.88 per diluted share. Third quarter 2015 included net favorable items of $5 million, or $0.01 per diluted share. After consideration of these net favorable items, adjusted net income was $316 million, or $0.87 per diluted share.

Revenues for the three months ended September 30, 2016, decreased $40 million sequentially to $903 million due primarily to reduced activity associated with rig retirements partly offset by higher revenue efficiency. The company’s average revenue efficiency was 100.7 percent, compared with 96.5 percent in the second quarter of 2016. Additionally, third quarter 2016 was favorably impacted by the full quarter’s contribution from the newbuild, ultra-deepwater drillship Deepwater Proteus. The floater commenced operations on its 10 year contract in May 2016.

Operating and maintenance expense was $404 million, down from $500 million in the previous quarter. The decrease was due largely to lower costs associated with stacked rigs and rig retirements, and lower personnel expense related to the company’s continuing cost management initiatives. These decreases were partly offset by $21 million related to the grounding, salvage and preparation for recycling of the Transocean Winner.

General and administrative expense was $39 million, down from $42 million in the second quarter of 2016. The decrease was due primarily to lower share-based compensation expense.

The Effective Tax Rate excluding discrete items was 21.2 percent, compared with 16.3 percent in the previous quarter. The increase was due to changes in adjusted pre-tax income, and certain operating losses where the company does not expect to realize a tax benefit. The Effective Tax Rate(4) was (3.8) percent, down from 16.2 percent in the prior quarter. The decrease was due largely to $38 million in discrete items related primarily to the recognition of tax benefits.

Interest expense, net of amounts capitalized, was $112 million, compared with $95 million in the prior quarter. The increase was due primarily to the company’s senior unsecured notes issued in July 2016, partly offset by early debt retirements. Capitalized interest increased $1 million sequentially to $41 million. Interest income was $5 million, compared with $4 million in the prior quarter.

Cash flows from operating activities increased $233 million sequentially to $440 million. The increase was associated with a release of working capital and higher operating performance.

Third quarter 2016 capital expenditures of $246 million were primarily associated with the final shipyard payment on the newbuild, ultra-deepwater drillship Deepwater Conqueror. This compares with capital expenditures of $458 million in the previous quarter.

"I am extremely pleased with the quarterly results," said President and Chief Executive Officer Jeremy Thigpen. "Due to our unwavering commitment to maximize uptime for our customers, and the outstanding performance of our crews and shore based personnel, we delivered revenue efficiency of 100 percent." Thigpen added, "Of note, we produced this exceptional result, while continuing to realize cost savings across the organization, which enabled us to improve our quarterly Adjusted Normalized EBITDA margin to 51 percent."

"In October, we successfully executed on a $600 million bond secured by the newbuild drillship Deepwater Thalassa," said Executive Vice President and Chief Financial Officer Mark Mey. "This transaction, coupled with our previous debt offering this year, further extends our liquidity runway and improves our strategic flexibility as the market recovers."

Non-GAAP Financial Measures

All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.

Transocean owns or has partial ownership interests in, and operates a fleet of 57 mobile offshore drilling units consisting of 29 ultra-deepwater floaters, seven harsh-environment floaters, four deepwater floaters, seven midwater floaters and 10 high-specification jackups. In addition, the company has five ultra-deepwater drillships and five high-specification jackups under construction or under contract to be constructed.

For more information about Transocean, please visit: www.deepwater.com.

Conference Call Information

Transocean will conduct a teleconference starting at 9 a.m. EDT, 2 p.m. CET, on Thursday, November 3, 2016, to discuss the results. To participate, dial +1 913-312-0664 and refer to confirmation code 7805131 approximately 10 minutes prior to the scheduled start time.

The teleconference will be simulcast in a listen-only mode over the internet and can be accessed on Transocean’s website, www.deepwater.com, by selecting "Investor Relations/Overview." Supplemental materials that may be referenced during the teleconference will be posted to Transocean’s website and can be found by selecting "Investor Relations/Financial Reports."

A replay of the conference call will be available after 12 p.m. EDT, 5 p.m. CET, on November 3, 2016. The replay, which will be archived for approximately 30 days, can be accessed at +1 719-457-0820, passcode 7805131, and PIN 9876. The replay will also be available on the company’s website.

Forward-Looking Statements

The statements described in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas, the intention to scrap certain drilling rigs, the benefits, effects or results of the anticipated merger with Transocean Partners LLC, the failure to obtain Transocean Partners LLC unitholder approval for the merger and the satisfaction of other conditions to the consummation of the merger and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2015, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

Notes

(1) Effective Tax Rate excluding discrete items is defined as income tax expense from continuing operations, excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes), divided by income from continuing operations before income tax expense excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes and estimating the annual effective tax rate. See the accompanying schedule entitled "Supplemental Effective Tax Rate Analysis."

(2) Revenue efficiency is defined as actual contract drilling revenues for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding amounts related to incentive provisions. See the accompanying schedule entitled "Revenue Efficiency."

(3) Rig utilization is defined as the total number of operating days divided by the total number of rig calendar days in the measurement period, expressed as a percentage. See the accompanying schedule entitled "Utilization."

(4) Effective Tax Rate is defined as income tax expense for continuing operations divided by income from continuing operations before income taxes. See the accompanying schedule entitled "Supplemental Effective Tax Rate Analysis."

Analyst Contacts:

Bradley Alexander

+1 713-232-7515

Diane Vento

+1 713-232-8015

Media Contact:

Pam Easton

+1 713-232-7647

TRANSOCEAN LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)

Three months ended
Nine months ended
September 30,
September 30,
2016
2015
2016
2015
Operating revenues
Contract drilling revenues
$
883
$
1,569
$
2,912
$
5,346
Other revenues
20
39
275
189
903
1,608
3,187
5,535
Costs and expenses
Operating and maintenance
404
880
1,569
2,161
Depreciation
225
210
667
750
General and administrative
39
45
124
135
668
1,135
2,360
3,046
Loss on impairment
(11)
(13)
(34)
(1,839)
Gain (loss) on disposal of assets, net
1
(15)
-
(20)
Operating income
225
445
793
630
Other income (expense), net
Interest income
5
5
15
17
Interest expense, net of amounts capitalized
(112)
(109)
(296)
(345)
Gain on retirement of debt
110
7
148
7
Other, net
7
(4)
9
38
10
(101)
(124)
(283)
Income from continuing operations before income tax expense
235
344
669
347
Income tax expense (benefit)
(9)
17
82
140
Income from continuing operations
244
327
587
207
Income from discontinued operations, net of tax
-
3
-
2
Net income
244
330
587
209
Net income attributable to noncontrolling interest
15
9
32
29
Net income attributable to controlling interest
$
229
$
321
$
555
$
180
Earnings per share-basic
Earnings from continuing operations
$
0.62
$
0.87
$
1.50
$
0.48
Earnings from discontinued operations
-
0.01
-
0.01
Earnings per share
$
0.62
$
0.88
$
1.50
$
0.49
Earnings per share-diluted
Earnings from continuing operations
$
0.62
$
0.87
$
1.49
$
0.48
Earnings from discontinued operations
-
0.01
-
0.01
Earnings per share
$
0.62
$
0.88
$
1.49
$
0.49
Weighted-average shares outstanding
Basic
365
364
365
363
Diluted
365
364
365
363

TRANSOCEAN LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except per share data)

(Unaudited)

September 30,
December 31,
2016
2015
Assets
Cash and cash equivalents
$
2,534
$
2,339
Accounts receivable, net of allowance for doubtful accounts
887
1,379
of less than $1 at September 30, 2016 and December 31, 2015
Materials and supplies, net of allowance for obsolescence
585
635
of $159 and $148 at September 30, 2016 and December 31, 2015, respectively
Assets held for sale
6
8
Restricted cash
366
340
Other current assets
113
84
Total current assets
4,491
4,785
Property and equipment
27,178
26,274
Less accumulated depreciation
(6,078)
(5,456)
Property and equipment, net
21,100
20,818
Deferred income taxes, net
247
316
Other assets
329
410
Total assets
$
26,167
$
26,329
Liabilities and equity
Accounts payable
$
257
$
448
Accrued income taxes
105
82
Debt due within one year
1,069
1,093
Other current liabilities
875
1,046
Total current liabilities
2,306
2,669
Long-term debt
7,191
7,397
Deferred income taxes, net
290
339
Other long-term liabilities
967
1,108
Total long-term liabilities
8,448
8,844
Commitments and contingencies
Redeemable noncontrolling interest
21
8
Shares, CHF 0.10 par value, 393,397,220 authorized, 167,617,649 conditionally authorized, 370,967,382 issued and 365,461,629 outstanding at September 30, 2016 and CHF 15.00 par value, 396,260,487 authorized, 167,617,649 conditionally authorized, 373,830,649 issued and 364,035,397 outstanding at December 31, 2015
34
5,193
Additional paid-in capital
10,682
5,739
Treasury shares, at cost, 2,863,267 held at December 31, 2015
-
(240)
Retained earnings
4,695
4,140
Accumulated other comprehensive loss
(327)
(334)
Total controlling interest shareholders’ equity
15,084
14,498
Noncontrolling interest
308
310
Total equity
15,392
14,808
Total liabilities and equity
$
26,167
$
26,329

TRANSOCEAN LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Nine months ended
September 30,
2016
2015
Cash flows from operating activities
Net income
$
587
$
209
Adjustments to reconcile to net cash provided by operating activities:
Depreciation
667
750
Share-based compensation expense
28
47
Loss on impairment
34
1,839
Loss on disposal of assets, net
-
20
Gain on retirement of debt
(148)
(7)
Deferred income tax expense (benefit)
11
(104)
Other, net
11
55
Changes in deferred revenues, net
(30)
(118)
Changes in deferred costs, net
66
142
Changes in operating assets and liabilities
52
(348)
Net cash provided by operating activities
1,278
2,485
Cash flows from investing activities
Capital expenditures
(1,072)
(1,336)
Proceeds from disposal of assets, net
16
36
Proceeds from repayment of loans receivable
-
15
Net cash used in investing activities
(1,056)
(1,285)
Cash flows from financing activities
Proceeds from issuance of debt, net of discounts and costs
1,210
-
Repayments of debt
(1,316)
(1,306)
Deposit to cash account restricted for financing activities
(24)
-
Proceeds from cash accounts and investments restricted for financing activities
124
110
Distributions of qualifying additional paid-in capital
-
(381)
Distributions to holders of noncontrolling interest
(23)
(21)
Other, net
2
(3)
Net cash used in financing activities
(27)
(1,601)
Net increase (decrease) in cash and cash equivalents
195
(401)
Cash and cash equivalents at beginning of period
2,339
2,635
Cash and cash equivalents at end of period
$
2,534
$
2,234

TRANSOCEAN LTD. AND SUBSIDIARIES

FLEET OPERATING STATISTICS

Operating Revenues (in millions)
Three months ended
Nine months ended
September 30,
June 30,
September 30,
September 30,
September 30,
2016
2016
2015
2016
2015
Contract drilling revenues
Ultra-deepwater floaters
$
580
$
556
$
768
$
1,758
$
2,552
Harsh environment floaters
103
100
211
383
713
Deepwater floaters
43
51
135
179
517
Midwater floaters
87
133
327
358
1,137
High-specification jackups
66
74
124
223
416
Contract intangible revenue
4
4
4
11
11
Total contract drilling revenues
883
918
1,569
2,912
5,346
Other revenues
Customer early termination fees
9
9
-
227
66
Customer reimbursement revenues and other
11
16
39
48
123
Total other revenues
20
25
39
275
189
Total revenues
$
903
$
943
$
1,608
$
3,187
$
5,535
Average Daily Revenue (1)
Three months ended
Nine months ended
September 30,
June 30,
September 30,
September 30,
September 30,
2016
2016
2015
2016
2015
Ultra-deepwater floaters
$
485,300
$
503,000
$
475,800
$
492,600
$
514,300
Harsh environment floaters
225,900
343,500
493,400
356,700
513,600
Deepwater floaters
234,100
238,600
368,300
266,400
355,600
Midwater floaters
240,400
304,600
350,000
303,300
343,700
High-specification jackups
143,100
137,900
172,700
143,800
173,100
Total drilling fleet
$
330,900
353,700
$
385,300
$
360,700
$
394,800

(1) Average daily revenue is defined as contract drilling revenues earned per operating day. An operating day is defined as a calendar day during which a rig is contracted to earn a dayrate during the firm contract period after commencement of operations.

TRANSOCEAN LTD. AND SUBSIDIARIES

FLEET OPERATING STATISTICS (continued)

Utilization (2)
Three months ended
Nine months ended
September 30,
June 30,
September 30,
September 30,
September 30,
2016
2016
2015
2016
2015
Ultra-deepwater floaters
45
%
43 %
65
%
46
%
66
%
Harsh environment floaters
71
%
46 %
66
%
56
%
73
%
Deepwater floaters
50
%
52 %
67
%
54
%
75
%
Midwater floaters
42
%
48 %
78
%
43
%
84
%
High-specification jackups
50
%
59 %
78
%
57
%
88
%
Total drilling fleet
49
%
47 %
70
%
49
%
75
%

(2) Rig utilization is defined as the total number of operating days divided by the total number of available rig calendar days in the measurement period, expressed as a percentage.

Revenue Efficiency (3)
Three months ended
Nine months ended
September 30,
June 30,
September 30,
September 30,
September 30,
2016
2016
2015
2016
2015
Ultra-deepwater floaters
100.1
%
97.2 %
91.5
%
97.1
%
95.4
%
Harsh environment floaters
96.6
%
98.3 %
98.6
%
98.0
%
97.9
%
Deepwater floaters
96.0
%
96.9 %
98.9
%
96.9
%
98.1
%
Midwater floaters
103.5
%
98.6 %
98.2
%
99.4
%
94.6
%
High-specification jackups
114.5
%
86.8 %
99.3
%
93.4
%
99.1
%
Total drilling fleet
100.7
%
96.5 %
95.0
%
97.2
%
96.1
%

(3) Revenue efficiency is defined as actual contract drilling revenues for the measurement period divided by the maximum revenue calculation for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding amounts related to incentive provisions.

Transocean Ltd. and subsidiaries

Supplemental Effective Tax Rate Analysis

(In US$ millions, except tax rates)

Three months ended
Nine months ended
September 30,
June 30,
September 30,
September 30,
September 30,
2016
2016
2015
2016
2015
Income from continuing operations before income taxes
$
235
$
104
$
344
$
669
$
347
Add back (subtract):
Litigation matters
-
-
-
-
(788)
Restructuring charges
4
8
3
17
20
Loss on impairment of goodwill and other assets
11
20
13
34
1,839
Gain on disposal of other assets, net
(3)
(4)
(1)
(8)
(6)
Gain on retirement of debt
(110)
(38)
(7)
(148)
(7)
Adjusted income from continuing operations before income taxes
137
90
352
564
1,405
Income tax expense (benefit) from continuing operations
(9)
17
17
82
140
Add back (subtract):
Litigation matters
-
-
-
-
(53)
Restructuring charges
-
1
1
2
2
Loss on impairment of goodwill and other assets
-
2
-
3
155
Loss on disposal of other assets, net
-
-
-
-
1
Changes in estimates (1)
38
(5)
9
34
9
Adjusted income tax expense from continuing operations (2)
$
29
$
15
$
27
$
121
$
254
Effective Tax Rate (3)
(3.8)
%
16.2 %
4.9
%
12.3
%
40.3
%
Effective Tax Rate, excluding discrete items (4)
21.2
%
16.3 %
7.5
%
21.5
%
18.0
%

- Our estimates change as we file tax returns, settle disputes with tax authorities or become aware of other events and include changes in (a) deferred taxes, (b) valuation of allowances on deferred taxes and (c) other tax liabilities.

- The three and nine months ended September 30, 2016 includes $4 million of additional tax expense (benefit) reflecting the catch-up effect of an increase (decrease) in the annual effective tax rate from the previous quarter estimate.

- Our effective tax rate is calculated as income tax expense for continuing operations divided by income from continuing operations before income taxes.

- Our effective tax rate, excluding discrete items, is calculated as income tax expense for continuing operations, excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes) divided by income from continuing operations before income tax expense excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes and estimating the annual effective tax rate.

Transocean Ltd. and subsidiaries

Non-GAAP Financial Measures and Reconciliations

Adjusted Net Income and Adjusted Diluted Earnings Per Share

(in US$ millions, except per share data)

YTD
QTD
YTD
QTD
QTD
09/30/16
09/30/16
06/30/16
06/30/16
03/31/16
Adjusted Net Income
Net income attributable to controlling interest, as reported
$
555
$
229
$
326
$
77
$
249
Add back (subtract):
Restructuring charges
15
4
11
7
4
Loss on impairment of assets
31
11
20
18
2
Gain on disposal of assets, net
(8)
(3)
(5)
(4)
(1)
Gain on retirement of debt
(148)
(110)
(38)
(38)
-
(Income) loss from discontinued operations
-
-
-
(1)
1
Discrete tax items and other, net
(34)
(38)
4
5
(1)
Net income, as adjusted
$
411
$
93
$
318
$
64
$
254
Adjusted Diluted Earnings Per Share:
Diluted earnings (loss) per share, as reported
$
1.49
$
0.62
$
0.88
$
0.21
$
0.68
Add back (subtract):
Restructuring charges
0.04
0.01
0.03
0.02
0.01
Loss on impairment of assets
0.08
0.03
0.05
0.04
-
Gain on disposal of assets, net
(0.02)
(0.01)
(0.01)
(0.01)
-
Gain on retirement of debt
(0.39)
(0.30)
(0.10)
(0.10)
-
(Income) loss from discontinued operations
-
-
-
-
-
Discrete tax items and other, net
(0.09)
(0.10)
0.01
0.01
-
Diluted earnings per share, as adjusted
$
1.11
$
0.25
$
0.86
$
0.17
$
0.69
YTD
QTD
YTD
QTD
YTD
QTD
QTD
12/31/15
12/31/15
09/30/15
09/30/15
06/30/15
06/30/15
03/31/15
Adjusted Net Income
Net income (loss) attributable to controlling interest, as reported
$
791
$
611
$
180
$
321
$
(141)
$
342
$
(483)
Add back (subtract):
Litigation matters
(735)
-
(735)
-
(735)
(735)
-
Restructuring charges
40
22
18
2
16
11
5
Loss on impairment of assets
1,713
29
1,684
13
1,671
797
874
Gain on disposal of assets, net
(12)
(5)
(7)
(1)
(6)
(5)
(1)
Gain on retirement of debt
(23)
(16)
(7)
(7)
-
-
-
Gain on disposal of assets in discontinued operations
(1)
-
(1)
(1)
-
-
-
(Income) loss from discontinued operations
(1)
1
(2)
(3)
1
(1)
2
Discrete tax items and other, net
(35)
(27)
(8)
(8)
-
(1)
1
Net income, as adjusted
$
1,737
$
615
$
1,122
$
316
$
806
$
408
$
398
Adjusted Diluted Earnings Per Share:
Diluted earnings (loss) per share, as reported
$
2.16
$
1.66
$
0.49
$
0.88
$
(0.39)
$
0.93
$
(1.33)
Add back (subtract):
Litigation matters
(2.02)
-
(2.02)
-
(2.02)
(2.02)
-
Restructuring charges
0.11
0.06
0.04
-
0.04
0.03
0.01
Loss on impairment of assets
4.67
0.08
4.61
0.03
4.60
2.18
2.41
Gain on disposal of assets, net
(0.02)
(0.01)
(0.02)
-
(0.02)
(0.01)
-
Gain on retirement of debt
(0.06)
(0.04)
(0.02)
(0.02)
-
-
-
Gain on disposal of assets in discontinued operations
-
-
-
-
-
-
-
(Income) loss from discontinued operations
-
-
-
-
-
-
0.01
Discrete tax items and other, net
(0.10)
(0.07)
(0.02)
(0.02)
-
-
-
Diluted earnings per share, as adjusted
$
4.74
$
1.68
$
3.06
$
0.87
$
2.21
$
1.11
$
1.10

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Transocean Ltd via Globenewswire