Transocean (NYSE: RIG) reported Q3 EPS of ($0.38), $0.01 worse than the analyst estimate of ($0.37). Revenue for the quarter came in at $784 million versus the consensus estimate of $776.43 million.

• Total contract drilling revenues were $784 million (total adjusted contract drilling revenues of $832 million), compared with $758 million in the second quarter of 2019 (total adjusted contract drilling revenues of $805 million);
• Revenue efficiency(1) was 97.0%, compared with 97.8% in the prior quarter;
• Operating and maintenance expense was $547 million, compared with $510 million in the previous quarter;
• Net loss attributable to controlling interest was $825 million, $1.35 per diluted share, compared with net loss attributable to controlling interest of $208 million, $0.34 per diluted share, in the second quarter of 2019;
• Adjusted net loss was $234 million, $0.38 per diluted share, excluding $591 million of net unfavorable items. This compares with adjusted net loss of $209 million, $0.34 per diluted share, in the prior quarter;
• Adjusted EBITDA was $245 million, compared with adjusted EBITDA of $257 million in the prior quarter; and
• Contract backlog was $10.8 billion as of the October 2019 Fleet Status Report.

“In the third quarter, the Transocean team continued to operate at a high level for our customers and our shareholders,” said President and Chief Executive Officer Jeremy Thigpen. “Driven by strong uptime performance across our global fleet, we delivered revenue efficiency of 97%, resulting in an Adjusted EBITDA Margin of 29%.”

Thigpen added, “As we approach the end of the year, we will remain focused on exceeding our customers’ performance expectations. We continue to become more encouraged by our current and future prospects and our increasing level of tender participation. We are gaining improved visibility to additional opportunities in the harsh environment market of Norway; along with escalating interest in our fleet of high-specification ultra-deepwater assets for upcoming projects in the Gulf of Mexico, Brazil and West Africa.”

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