Transocean Ltd. (NYSE:RIG) Q2 2023 Earnings Conference Call August 1, 2023 9:00 AM ET
Company Participants
Alison Johnson - Director-IR
Jeremy Thigpen - CEO
Mark Mey - EVP and CFO
Roddie Mackenzie - EVP and Chief Commercial Officer
Conference Call Participants
Kurt Hallead - Benchmark
Eddie Kim - Barclays
Greg Lewis - BTIG
Fredrik Stene - Clarksons Securities
Operator
Good day, everyone, and welcome to today’s Q2 2023 Transocean's Earnings Call. [Operator Instructions] Please note this call maybe recorded.
It is now my pleasure to turn today’s program over to Alison Johnson, Director of Investor Relations. Please go ahead.
Alison Johnson
Thank you, Carlos. Good morning and welcome to Transocean’s second quarter 2023 earnings conference call. A copy of our press release covering financial results along with supporting statements and schedules, including reconciliations and disclosures regarding non-GAAP financial measures, are posted on our website at deepwater.com.
Joining me on this morning’s call are Jeremy Thigpen, Chief Executive Officer; Mark Mey, Executive Vice President and Chief Financial Officer; and Roddie Mackenzie, Executive Vice President and Chief Commercial Officer.
During the course of this call, Transocean management may make certain forward-looking statements regarding various matters related to our business and company that are not historical facts. Such statements are based upon current expectations and certain assumptions and therefore are subject to certain risks and uncertainties. Many factors could cause actual results to differ materially. Please refer to our SEC filings for our forward-looking statements and for more information regarding certain risks and uncertainties that could impact our future results. Also, please note that the company undertakes no duty to update or revise forward-looking statements.
Following Jeremy and Mark’s prepared comments, we will conduct a question-and-answer session with our team. During this time, to give more participants an opportunity to speak, please limit yourself to one initial question and one follow-up.
Thank you very much. I’ll now turn the call over to Jeremy.
Jeremy Thigpen
Thank you, Alison, and welcome to our employees, customers, investors and analysts participating on today's call.
As you saw in our latest lease status report, over the past several months, we added $1.2 billion of backlog for a total backlog of $9.2 billion as of July 19. This is the fifth consecutive quarter during which we have added more backlog than we consumed, resulting in an increase in backlog of approximately $3 billion from April 2022.
Importantly, our ultra-deepwater fleet average day rate increased significantly over the same time period. For our fleet status reports, in the second quarter of 2023, our average day rate was approximately $363,000 per day versus $312,000 per day in the second quarter of 2022. And based on existing backlog by the second quarter of 2024, we expect it to approximate $433,000 per day.