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OFFON

TRANSOCEAN LTD.

(RIG)
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3Q21 10Q

11/02/2021 | 03:49pm EST

TABLE OF CONTENTS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

  • QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended September 30, 2021

OR

  • TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from _____ to _____

Commission file number 001-38373

Transocean Ltd.

(Exact name of registrant as specified in its charter)

Switzerland

98-0599916

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

Turmstrasse 30

6312

Steinhausen, Switzerland

(Address of principal executive offices)

(Zip Code)

+41 (41) 749-0500

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which

registered

Shares, CHF 0.10 par value

RIG

New York Stock Exchange

0.50% Exchangeable Senior Bonds due 2023

RIG/23

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of October 25, 2021, 655,504,841 shares were outstanding.

TABLE OF CONTENTS

TRANSOCEAN LTD. AND SUBSIDIARIES

INDEX TO QUARTERLY REPORT ON FORM 10-Q

QUARTER ENDED SEPTEMBER 30, 2021

Page

PART I

FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Statements of Operations

1

Condensed Consolidated Statements of Comprehensive Income (Loss)

2

Condensed Consolidated Balance Sheets

3

Condensed Consolidated Statements of Equity

4

Condensed Consolidated Statements of Cash Flows

5

Notes to Condensed Consolidated Financial Statements

6

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

16

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

28

Item 4.

Controls and Procedures

28

PART I

OTHER INFORMATION

Item 1.

Legal Proceedings

28

Item 1A.

Risk Factors

29

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

29

Item 5

Other Information

29

Item 6.

Exhibits

29

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

ITEM I. FINANCIAL STATEMENTS

TRANSOCEAN LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)

Three months ended

Nine months ended

September 30,

September 30,

2021

2020

2021

2020

Contract drilling revenues

$

626

$

773

$

1,935

$

2,462

Costs and expenses

Operating and maintenance

398

470

1,267

1,535

Depreciation and amortization

185

190

558

592

General and administrative

40

45

118

133

623

705

1,943

2,260

Loss on impairment

-

-

-

(597)

Loss on disposal of assets, net

(3)

(64)

(61)

(64)

Operating income (loss)

-

4

(69)

(459)

Other income (expense), net

Interest income

4

6

11

19

Interest expense, net of amounts capitalized

(110)

(145)

(340)

(458)

Gain on restructuring and retirement of debt

-

449

51

396

Other, net

3

21

26

(23)

(103)

331

(252)

(66)

Income (loss) before income tax expense (benefit)

(103)

335

(321)

(525)

Income tax expense (benefit)

27

(24)

10

4

Net income (loss)

(130)

359

(331)

(529)

Net income attributable to noncontrolling interest

-

-

1

1

Net income (loss) attributable to controlling interest

$

(130)

$

359

$

(332)

$

(530)

Earnings (loss) per share

Basic

$

(0.20)

$

0.58

$

(0.53)

$

(0.86)

Diluted

$

(0.20)

$

0.51

$

(0.53)

$

(0.86)

Weighted-average shares outstanding

Basic

653

616

630

615

Diluted

653

702

630

615

See accompanying notes.

- 1 -

TABLE OF CONTENTS

TRANSOCEAN LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In millions) (Unaudited)

Three months

Nine months ended

ended

September 30,

September 30,

2021

2020

2021

2020

Net income (loss)

$

(130)

$

359

$

(331)

$

(529)

Net income attributable to noncontrolling interest

-

-

1

1

Net income (loss) attributable to controlling interest

(130)

359

(332)

(530)

Components of net periodic benefit costs before reclassifications

-

-

(5)

(9)

Components of net periodic benefit costs reclassified to net income (loss)

3

2

7

6

Other comprehensive income (loss) before income taxes

3

2

2

(3)

Income taxes related to other comprehensive income (loss)

-

-

-

-

Other comprehensive income (loss)

3

2

2

(3)

Other comprehensive income attributable to noncontrolling interest

-

-

-

-

Other comprehensive income (loss) attributable to controlling interest

3

2

2

(3)

Total comprehensive income (loss)

(127)

361

(329)

(532)

Total comprehensive income attributable to noncontrolling interest

-

-

1

1

Total comprehensive income (loss) attributable to controlling interest

$

(127)

$

361

$

(330)

$

(533)

See accompanying notes.

- 2 -

TABLE OF CONTENTS

TRANSOCEAN LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

(Unaudited)

September 30,

December 31,

2021

2020

Assets

Cash and cash equivalents

$

900

$

1,154

Accounts receivable, net of allowance of $2 at September 30, 2021 and December 31, 2020

507

583

Materials and supplies, net of allowance of $148 and $143 at September 30, 2021 and December 31, 2020,

respectively

433

434

Restricted cash and cash equivalents

576

406

Other current assets

165

163

Total current assets

2,581

2,740

Property and equipment

23,102

23,040

Less accumulated depreciation

(5,886)

(5,373)

Property and equipment, net

17,216

17,667

Contract intangible assets

223

393

Deferred income taxes, net

9

9

Other assets

947

995

Total assets

$

20,976

$

21,804

Liabilities and equity

Accounts payable

$

215

$

194

Accrued income taxes

10

28

Debt due within one year

575

505

Other current liabilities

551

659

Total current liabilities

1,351

1,386

Long-term debt

6,773

7,302

Deferred income taxes, net

358

315

Other long-term liabilities

1,227

1,366

Total long-term liabilities

8,358

8,983

Commitments and contingencies

Shares, CHF 0.10 par value, 891,379,306 authorized, 142,363,356 conditionally authorized, 685,676,456

issued

and 651,155,650 outstanding at September 30, 2021, and 824,650,660 authorized, 142,363,647 conditionally

authorized, 639,676,165 issued and 615,140,276 outstanding at December 31, 2020

63

60

Additional paid-in capital

13,659

13,501

Accumulated deficit

(2,198)

(1,866)

Accumulated other comprehensive loss

(261)

(263)

Total controlling interest shareholders' equity

11,263

11,432

Noncontrolling interest

4

3

Total equity

11,267

11,435

Total liabilities and equity

$

20,976

$

21,804

See accompanying notes.

- 3 -

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Transocean Ltd. published this content on 02 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2021 20:47:28 UTC.


© Publicnow 2021
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