Transocean (NYSE: RIG) reported Q1 EPS of ($0.48), $0.13 worse than the analyst estimate of ($0.35). Revenue for the quarter came in at $667 million versus the consensus estimate of $643.27 million.

• Total contract drilling revenues were $664 million, up from $629 million in the fourth quarter of 2017;
• Revenue efficiency(1) was 91.5 percent, compared with 92.4 percent in the prior quarter;
• Operating and maintenance expense was $424 million, compared with $386 million in the previous quarter;
• Net loss attributable to controlling interest was $210 million, $0.48 per diluted share, compared with net loss attributable to controlling interest of $111 million, $0.28 per diluted share, in the fourth quarter of 2017;
• Adjusted net loss was $210 million, $0.48 per diluted share. This compares with adjusted net loss of $93 million, $0.24 per diluted share, in the prior quarter, excluding $18 million of net unfavorable items;
• Cash flows from operating activities were $103 million, compared with $244 million in the prior quarter;
• During the first quarter, the company acquired Songa Offshore SE (“Songa”), adding $3.7 billion in contract backlog; and
• The combined company’s contract backlog was $12.5 billion as of the April 2018 Fleet Status Report.

For earnings history and earnings-related data on Transocean (RIG) click here.