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STEINHAUSEN, Switzerland - Offshore drilling contractor Transocean Ltd . (NYSE:RIG) reported first quarter results that exceeded revenue expectations, sending shares up 2.4% in after-hours trading on Monday.
The company posted revenue of $906 million for the quarter, surpassing analyst estimates of $884.8 million. This represents an 18.7% increase compared to $763 million in the same quarter last year.
However, Transocean reported an adjusted loss of $0.10 per share, slightly worse than the $0.09 loss analysts were expecting.
"The Transocean team delivered a solid quarter, with an adjusted EBITDA of $244 million on revenues of $906 million," said Chief Executive Officer Jeremy Thigpen.
The company’s revenue efficiency, a measure of actual versus maximum potential revenue, improved to 95.5% from 92.9% a year ago.
Transocean ended the quarter with a backlog of $7.9 billion.
While pleased with the quarter’s performance, Thigpen noted that "uncertain macroeconomic conditions have resulted in near-term market volatility, including commodity prices." However, he stated Transocean is "very well-positioned to navigate this evolving landscape."
The company repaid $210 million in outstanding debt during the quarter, strengthening its balance sheet.
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