Transocean Ltd. (NYSE:RIG) Q2 2024 Earnings Conference Call August 1, 2024 11:00 AM ET

Company Participants

Alison Johnson - Director, IR
Jeremy Thigpen - CEO
Keelan Adamson - President and COO
Thad Vayda - EVP and CFO
Roddie Mackenzie - EVP and CCO

Conference Call Participants

Eddie Kim - Barclays
Greg Lewis - BTIG
David Smith - Pickering Energy Partners
Kurt Hallead - Benchmark
Doug Becker - Capital One
Josh Jayne - Daniel Energy Partners

Operator

Good day, everyone, and welcome to today's Second Quarter 2024 Transocean's Earnings Call. [Operator Instructions] Please note, this call is being recorded and I will be standing by if you should need any assistance.

And it is now my pleasure to turn the program over to Alison Johnson, Director of Investor Relations.

Alison Johnson

Thank you, Brittany. Good morning, and welcome to Transocean's second quarter 2024 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; Thad Vayda, 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 companies 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, Keelan and Thad'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 second quarter 2024, Transocean delivered adjusted EBITDA of $284 million on $861 million of contract drilling revenues, resulting in an adjusted EBITDA margin of approximately 33%.