Transocean Ltd (NYSE:RIG) Q3 2022 Earnings Conference Call November 3, 2022 9:00 AM ET
Company Participants
Alison Johnson - IR
Jeremy Thigpen - CEO & Executive Director
Mark Mey - EVP & CFO
Roddie Mackenzie - EVP & Chief Commercial Officer
Conference Call Participants
Thomas Johnson - Morgan Stanley
Fredrik Stene - Clarksons Securities
Karl Blunden - Goldman Sachs
Operator
Good day, everyone, and welcome to today's Q3 2022 Transocean Earnings Conference Call. [Operator Instructions]. It is now my pleasure to turn the conference over to Alison Johnson, Investor Relations.
Alison Johnson
Thank you, . Good morning, and welcome to Transocean's Third Quarter 2022 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; Keelan Adamson, President and Chief Operating Officer; Mark Mey, Executive Vice President and Chief Financial Officer; and Roddie McKenzie, 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 reported in yesterday's earnings release, for the third quarter, Transocean delivered adjusted EBITDA of $268 million on $730 million in adjusted revenue, resulting in an adjusted EBITDA margin of approximately 37%.
Our overall performance was supported by strong bonus revenue and the transition to higher day rates on several of our rigs. As usual, this was truly a team effort. As such, I would like to extend a sincere thank you to the entire Transocean team for their commitment every day to deliver best-in-class service to our customers and the best possible results for our shareholders.