Transocean Ltd. (NYSE:RIG) Q4 2023 Earnings Conference Call February 20, 2024 9:00 AM ET

Company Participants

Alison Johnson - Director, Investor Relations

Jeremy Thigpen - Chief Executive Officer

Keelan Adamson - President and Chief Operating Officer

Mark Mey - Executive Vice President & Chief Financial Officer

Roddie Mackenzie - Executive Vice President and Chief Commercial Officer

Conference Call Participants

Kurt Hallead - Benchmark

Fredrik Stene - Clarksons Securities

Eddie Kim - Barclays

David Smith - Pickering Energy Partners

Noel Parks - Tuohy Brothers

Operator

Good day, everyone and welcome to the Q4 2023 Transocean Earnings Call. [Operator Instructions] It is now my pleasure to turn the conference over to Alison Johnson, Director of Investor Relations. Please go ahead.

Alison Johnson

Thank you, Todd. Good morning and welcome to Transocean’s fourth 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, Keelan 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 on today’s call.

As reported in yesterday’s earnings release, for the fourth quarter, Transocean delivered adjusted EBITDA of $122 million on $748 million of adjusted contract drilling revenues, resulting in an adjusted EBITDA margin of approximately 16%. For the full year 2023, we delivered adjusted EBITDA of $738 million on approximately $2.9 billion of adjusted contract drilling revenues, resulting in an adjusted EBITDA margin of approximately 26%. As always, Mark will provide a more detailed review of our financial performance during his prepared remarks and provide revised guidance for the year 2024.