Contract drilling revenues for the three months ended December 31, 2022, decreased sequentially by $85 million to $606 million, primarily due to reduced activity for five rigs that were idle in the fourth quarter, partially offset by higher revenue efficiency and revenues earned by the newbuild ultra-deepwater floater Deepwater Atlas, which commenced operations in October 2022. Interest expense, net of amounts capitalized, was $263 million, compared with $96 million in the prior quarter. The Effective Tax Rate was (11.0)% in the current quarter and 16.3% in the prior quarter. "Looking back, 2022 will be remembered as a pivotal year in Transocean’s history," said CEO Jeremy Thigpen. "During the year, we continued to high-grade our fleet through the deployment of innovative technologies and the delivery of the industry’s only two 8th generation drillships, Deepwater Atlas and Deepwater Titan. Perhaps most importantly, we secured approximately $4 billion in incremental backlog, our largest annual backlog addition since prior to the industry downturn in 2014."
Published first on TheFly
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