Reports Q1 revenue $649M, consensus $641.5M. Q1 adjusted EBITDA was $217M, compared to $140M in the prior quarter; and Contract backlog was $8.6 billion as of the April 2023. CEO Jeremy Thigpen says: "The Transocean team delivered an outstanding quarter of safe, reliable and efficient operations, with an adjusted EBITDA margin of 33% on adjusted revenues of $667 million. The strong performance is the result of excellent revenue efficiency of nearly 98 percent and exemplifies our commitment to operational excellence. Additionally, the contracts we secured during the quarter, which were predominantly for our harsh environment fleet, complement the wave of ultra-deepwater fixtures we announced over the last several quarters, providing further evidence of a broad, sustained upcycle."
Published first on TheFly
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