Transocean (NYSE: RIG) reported Q1 EPS of ($0.16), $0.02 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $653 million versus the consensus estimate of $645.71 million.

• Total contract drilling revenues were $653 million (total adjusted contract drilling revenues of $709 million), compared with $690 million in the fourth quarter of 2020 (total adjusted contract drilling revenues of $747 million);
• Revenue efficiency(1) was 97.4%, compared with 97.2% in the prior quarter;
• Operating and maintenance expense was $435 million, compared with $465 million in the prior period;
• Net loss attributable to controlling interest was $99 million, $0.16 per diluted share, compared with net loss attributable to controlling interest of $37 million, $0.06 per diluted share, in the fourth quarter of 2020;
• Adjusted EBITDA was $245 million, compared with adjusted EBITDA of $210 million in the prior quarter; and
• Contract backlog was $7.4 billion as of the April 2021 Fleet Status Report.

“During the quarter, our dedicated team of professionals continued to deliver safe, reliable and efficient operations for our customers, producing 35% Adjusted EBITDA Margin, and some of the strongest operating statistics in company history,” said Jeremy Thigpen, President and Chief Executive Officer. “It is this consistently strong performance that differentiates us in the eyes of our customers and enables us to efficiently convert our industry leading $7.4 billion backlog into cash.”

Thigpen added: “We are encouraged by the increasing number of customer inquiries for both harsh-environment and ultra-deepwater projects. And, as the global economy begins to emerge from the pandemic, we are optimistic that oil prices will remain constructive, driving an increase in contracting activity as we move through the year.”

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