Transocean (NYSE: RIG) reported Q3 EPS of $0.06, $0.16 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $816 million versus the consensus estimate of $777.82 million.

• Total contract drilling revenues were $816 million, compared with $790 million in the second quarter of 2018;
• Revenue efficiency(1) was 95.2%, compared with 97.4% in the prior quarter;
• Operating and maintenance expense was $447 million, compared with $431 million in the prior period;
• Net loss attributable to controlling interest was $409 million, $0.88 per diluted share, compared with net loss attributable to controlling interest of $1.135 billion, $2.46 per diluted share, in the second quarter of 2018;
• Adjusted net income was $30 million, $0.06 per diluted share, excluding $439 million of net unfavorable items. This compares with adjusted net loss of $18 million, $0.04 per diluted share, in the prior quarter;
• Adjusted normalized EBITDA margin was $341 million or 42%, compared with $311 million or 40% in the prior quarter;
• Cash flows from operating activities were $214 million, up from $3 million in the prior quarter;
• During the third quarter, the company entered into a definitive merger agreement under which Transocean agreed to acquire Ocean Rig in a cash and stock transaction valued at approximately $2.7 billion, including Ocean Rig’s net debt; and
• Contract backlog was $11.5 billion as of the October 2018 Fleet Status Report.

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