Transocean LTD (NYSE:RIG) reported its fourth-quarter results after the bell Tuesday, posting a wider loss than in the previous quarter.
The offshore drilling contractor announced a net loss attributable to controlling interest of $111 million, or 28 cents per diluted share. In the previous quarter, the company’s net loss was $1.42 billion, or $3.62 per share.
On an adjusted basis, Transocean unveiled a loss of $93 million, or 24 cents per share, which excluded $18 million of net unfavorable items. In the previous quarter, the company lost $64 million, or 16 cents per share.
Contract drilling revenue came in at $589 million, $110 million below its third-quarter contract drilling revenue of $699 million, a 15% decline quarter-to-quarter as the figured was affected by fewer operating days and lower revenue efficiency.. Other revenues amounted to $40 million, less than half of the $109 million from the previous quarter.
Cash flows from operating activities were $257 million for Transocean, below the previous quarter’s total of $384 million due in part to an award grant4ed to the company in the previous quarter. The drilling contractor’s contract backlog was $12.8 billion.
“Despite challenging market conditions, Transocean made great progress in 2017,” said Transocean President and CEO Jeremy Thigpen. “Just recently, we upgraded our fleet with the newbuild additions of the Deepwater Pontus and Deepwater Poseidon, both of which are backed by ten-year contracts.
“We announced the acquisition of Songa Offshore, adding seven semisubmersibles to our fleet, including four harsh environment high-specification floaters with $3.7 billion of backlog,” Thigpen added. “We divested our jackup fleet; and, we retired another nine assets, including five older, less competitive ultra-deepwater rigs.”
RIG stock edged 0.1% higher after the bell.