Transocean Ltd. (NYSE:RIG) Q3 2023 Earnings Conference Call October 31, 2023 9:00 AM ET

Company Participants

Alison Johnson - Director of Investor Relations

Jeremy Thigpen - Chief Executive Officer

Mark Mey - Executive Vice President & Chief Financial Officer

Roddie Mackenzie - Executive Vice President & Chief Commercial Officer

Conference Call Participants

Greg Lewis - BTIG

Eddie Kim - Barclays

Kurt Hallead - Benchmark

David Smith - Pickering Energy Partners

Scott Gruber - Citigroup

Fredrik Stene - Clarksons Securities

Operator

Good day everyone and welcome to today’s Q3 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, Mike. Good morning and welcome to Transocean’s third 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; 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 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 $162 million on $721 million of adjusted contract drilling revenues, resulting in adjusted EBITDA margin of approximately 22.5%. As released on our October 18 fleet status report, we recently added $745 million in incremental backlog, giving us a total of $9.4 billion. Of note, this is the sixth sequential quarter increase in our backlog.