Transocean (NYSE: RIG) reported Q1 EPS of ($0.30), $0.02 better than the analyst estimate of ($0.32). Revenue for the quarter came in at $799 million versus the consensus estimate of $742.91 million.

• Total contract drilling revenues were $754 million (total adjusted contract drilling revenues of $799 million), compared with $748 million in the fourth quarter of 2018 (total adjusted contract drilling revenues of $770 million);
• Revenue efficiency(1) was 98%, compared with 96% in the prior quarter;
• Operating and maintenance expense was $508 million, compared with $497 million in the prior period;
• Net loss attributable to controlling interest was $171 million, $0.28 per diluted share, compared with net loss attributable to controlling interest of $242 million, $0.48 per diluted share, in the fourth quarter of 2018;
• Adjusted net loss was $181 million, $0.30 per diluted share, excluding $10 million of net favorable items. This compares with adjusted net loss of $171 million, $0.34 per diluted share, in the prior quarter;
• Adjusted EBITDA was $254 million, compared with adjusted EBITDA of $260 million in the prior quarter; and
• Contract backlog was $12.1 billion as of the April 2019 Fleet Status Report.

“Operationally, we delivered a strong quarter, with almost $800 million of adjusted revenue, driven by 98% revenue efficiency across our fleet,” said President and Chief Executive Officer Jeremy Thigpen. “Additionally, during the quarter, we added over $370 million to our industry leading $12.1 billion backlog, the majority of which was attributable to two new contracts with Petrobras for our recently acquired ultra-deepwater drillships, the Corcovado and the Mykonos.”

“Over the past four quarters, we have secured over $2 billion in new contract awards; and, based on our recent customer engagements, it appears that the stabilization of oil prices, and the continued improvement in offshore project economics, have combined to provide our customers with the requisite confidence to move forward with more offshore projects.”

“With the recent high-grading of our fleet, an industry-leading backlog, and a solid liquidity position, Transocean is well-positioned to capitalize on what we believe to be the early stages of a sustained recovery in offshore drilling.”

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