Transocean Ltd. (NYSE:RIG) Q1 2022 Earnings Conference Call May 3, 2022 9:00 AM ET

Company Participants

Cale Dillingham - 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

Ian Macpherson - Piper Sandler

Connor Lynagh - Morgan Stanley

Taylor Zurcher - Tudor Pickering Holt

Greg Lewis - BTIG

Samantha Hoh - Evercore ISI

Karl Blunden - Goldman Sachs

Operator

Good day and welcome to the Q1 2022 Transocean Earnings Conference Call. Today’s call is being recorded. At this time, I would like to turn the conference over to Cale Dillingham. Please go ahead, sir.

Cale Dillingham

Thank you, Kevin. Good morning and welcome to Transocean’s first 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, Cale and welcome to our employees, customers, investors and analysts participating in today’s call. Before I get into the quarterly update, I would like to provide just a few thoughts on the current global state of affairs. During the first quarter, we observed oil prices, which regularly exceeded $100 per barrel. While the Russian invasion of Ukraine and the resulting sanctions certainly contributed to these higher prices and focused the world’s attention on the importance and value of energy security, we believe that the persistent underinvestment by E&P companies to replace the reserves has resulted in diminished capacity to produce hydrocarbons globally serving as the primary driver of sustained higher oil prices.