Transocean Ltd. (NYSE:RIG) Q2 2022 Results Conference Call August 2, 2022 9:00 AM ET

Company Participants

Alison Johnson - Investor Relations

Jeremy Thigpen - Chief Executive Officer

Keelan Adamson - President and Chief Operating Officer

Mark Mey - Executive Vice President and Chief Financial Officer

Roddie Mackenzie - Executive Vice President and Chief Commercial Officer

Conference Call Participants

Thomas Johnson - Morgan Stanley

Greg Lewis - BTIG

David Smith - Pickering Energy Partners

Fredrik Stene - Clarksons Securities

Karl Blunden - Goldman Sachs

Operator

Good day, ladies and gentlemen, and welcome to the Q2 2022 Transocean Earnings Conference Call. For information today's conference is being recorded. At this time, I would like to turn the call over to your host Ms. Alison Johnson, Investor Relations. Please go ahead, ma'am.

Alison Johnson

Thank you, George. Good morning and welcome to Transocean's second 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 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 will now turn the call over to Jeremy.

Jeremy Thigpen

Thank you, Alison, and welcome to our employees, customers, investors and analysts participating in today's call. It has certainly been an eventful three months since our last update. Commodity prices have exhibited considerable volatility with the magnitude of the existing supply demand imbalance, energy security concerns and the inability of swing producers to meet their production targets, all driving prices higher, while concern around potential demand destruction due to either or both high gasoline prices and/or a dramatic slowdown in global economies pushing prices lower.