Jeremy D. Thigpen
in today's Brad. investors employees, warm analysts Thank participating customers, And to our a you, welcome call. and
today. Mackenzie like to to the quarter, our and introduce Before I'd welcome delving Roddie call into
Marketing Roddie, role has Industry me effort Vice recently Bonno, time Community her Senior help place, and sustainability. into of President operational Transocean, Relations, marketing around newly Marketing during for another President among Vice I'd Mark operational served results. of Senior Transocean to know, Contracts, who thanking of our As portion call. entire quarter the she and and lead many things, nearly will corporate over tenure President of you today's I assumed role roles In and support technical, team Terry his created to XX-year by of Contracts where, other the delivering begin of in and with question-and-answer the will numerous Vice of moved the has strong long of Transocean's now like and
of unwavering reported quarter and by revenue solid EBITDA resulting in million million the As cost of adjusted earnings adjusted aspect reflect operating high our third our the maximizing workplace, results time margin incident-free this as with of realizing efficiencies enterprise, an strong they improvement our doing well, performance, required results These $XXX company $XXX yesterday's pleased construct uptime evidenced continuous normalized driven in commitment grading in quarter, fleet, reducing on every margin XX%. a for our to all were a our normalized to across continued third performance revenue, the normalized XX.X% of with of adjusted say, creating for EBITDA by customers, EBITDA to quarter, we're the release, again Needless in of uptime the and as including control. combination a while generated efficiency business. and consistent in performance our
this second lost International to your of of and the which approaching Transocean a XX the single quarters for consecutive time Let's Because first was, team incident. focused I'd efforts, continue in we improve months our to without achieving year. is Contractors, the start already Association industry-leading safety. Drilling according what entire safety both with recognize to of like the performance, now
fleet to continue in of we our of and into quality fleet. including In an seven improvements In safety, agreement its floaters, to new we entered semisubmersibles. harsh improve environment, Cat-D August, high-specification Songa overall continuous to also addition the four Offshore acquire
reminder, rigs Statoil not with important fleet, a currently to designed are $X to billion and could backlog total this Statoil Cat-D backlog an the XXXX. extends contracted $X in note options, As collaboration these billion, that include follow-on with does in incremental It's which multi-year were into excited add a the work of four adding approximately Offshore with which to XX and each target harsh Transocean. years while to of combination also strategic we welcome assets for Since the will to market to new industry-leading the environment backlog, add a to of transaction rigs. finalize customer, four are a Songa our our in
continue individual evaluate asset is keeping our corporate busy, purchases. upgrade to fleet acquisition opportunities us through to both Offshore Songa additional the and we While M&A
to However, the prospect. as transaction, and Offshore carefully liquidity stated consider to capability when we any by and as continue will rig both impact Songa assessing near evidenced previously term the
contract Pontus a Gulf Poseidon years. next of the Mexico with two will and has contract acquisitions, XX-year addition with The she Mexico, our where rigs. The just in Deepwater the year. the on Deepwater coming in fleet operations the newly constructed past recently are In Poseidon in Deepwater in to fourth delivered delivery the Of our we newbuild of early high she XX-year fifth the with to will Gulf Shell of grade her continue note, too contract-backed commenced to fleet the arrived arrive and Shell. where months, begin drillships the Deepwater Pontus
four With Songa with total builds contracted and these operators a of at nine that have extending of for we Cat-D five fleet, become the will the investment grade of through addition an end new assets read will least part load. the you of terms Report we Subsidiary Jurong focus our SembCorp Status rigs two Marine's soon with the as with agreed and that hook Shipyard, our on as enhance to industry-best newbuild remaining Fleet drillships fleet, far have XXXX. latest our million pound in XXXX our may X Continuing
heaviest rigs over-pull spare while maintaining running upgrades will load necessitate future As These many capacity. capable in the strings also other for the big the be excellent in These Mexico capacities. hook heavy know, to these you only rigs rigs be which in XXK plays wells the higher around very of position world, of strings, and deepwater Gulf some the of two industry require conversions. candidates casing turn
While certainly acquisitions, vital some industry. as upgrades, assembling strongest remains to in our purging not the or as the newbuilds, assets older fleet exciting of
start announced will retired to to assets, quarter, during As additional fleet, deemed remove the third such, XX. fleet total to ultra-deepwater the our assets from we six since we five This which intent the of downturn from number be our challenged. including our the of rigs bring
demonstrated, we to recovers. struggle believe, continue As our rigs assets, will that, to objectively compete evaluate recycle previously we will the market we continue to will and as
and completion of Songa either remaining two of or XX XX transaction these environment in XX retirements floaters XX%, As XXXX. delivery of be ultra-deepwater and the our drillships the or of will upon a with about of result shipyard, being our harsh those delivered the assets, since
the and to X including assets capable fleet, own are Additionally our Transocean assets, at XX we in will world. world. customers maximizing own for in when time construct further of the for high Through X grading harsh XX our of most the most required of at our a ultra-deepwater improvement, And the we drillships performance this reducing looking well. assets, capable we the uptime positioning better will when specifically looking environment
continue uptime deliver we ranging XX%. to XX% between excellent performance, and consistently uptime, Regarding
know we we there's However, that do. still that can more
improving common uptime of over Rolls the that life repair rigs; of our extension two and on on one contract of targeting uptime and thrusters. the our performance down entered the now recently by in care BOPs, represent to and XX we drive agreements roughnecks, core top the reducing floaters. asset. reduction fourth cost maximize and and care in total cost dynamically the uptime other critical our the improving us predictability, equipment, place These agreements supplied such, agreements: additional over by These and have on simultaneously Berg Royce around long-term the cover and supplied while floor risers, We agreements components, normalizing focused into (XX:XX) period. ensure align top drives some with the MH and the we've maintenance frequency thrusters of As draw-works of now and designed equipment-related including of fifth driving that thus of our the positioned life nine ownership drill iron on of number executed overhauls, the suppliers, objective
from to with to continue at pleased are we XXX% fleet, average the our efficiency, Across indicators. dashboards. drilling of performance be Moving operating established of we performance key impact reliability previously of an our our
the As a reminder, targets, of we top established quartile our construction well represented process KPIs time, established each phase performance wide. and at fleet which for benchmark the
previously focus, result majority as of construction our the quartile. now the Now, outperforming improved are such what fleet is the reduction we of visibility was vast that well a and times top in experiencing
that it the an should that we facilitate further operations. more far, While find our the things the in continue as app by the global are thus and upon extremely of driving drive summary, within to recovery, across customers' our as results well performance our to standpoint, investment add well there to do operational and of offshore is drilling. In the which ways to additional encouraged future improve will those of consistency to we await times leveraging delivery, of construction cost functionality from can we continue control, ultimately and market compressed down help we
at two-year last have cost $XX few we the a of end seeing the around the high are to become continue many our view over the last reaching market. quarter deepwater the improvement. tout a signs again world, prices both the the of of oil or Candidly, at Brent market, breakeven and customers have Speaking of we over more favorable long-term to mark, basins below With constructive a in continuing barrel already week. with the near third $XX months,
today approximately XXXX outlook last XX ago. stated year's last total have is our XX%. awarded Floating to-date optimistic quarter, by more was fixtures months in As it far already market than exceeded
in activity. experienced over deepwater quarters with have drilling floater operators multiple Adding we two assets for our years. the projects in the fact to ultra-deepwater In optimism, increasing now first seen industry multi-year time contracting six contracting has for basins consecutive
the any with and which we four and Invictus, rate in in changes this additional of options the three adjustments evidence years two-year BHP a five. new operating one-year including Deepwater adjustment dayrate As includes for escalating phenomenon, market recently location, dayrates, announced contract with for
see locking in not is customers to contracts. multi-year would it suggest bold under as the is that assets demonstrating so conviction we ultra-deepwater encouraging up more While by recovery, to high-specification market full be
could addition the program and with with in be report between Nautilus, awarded disclosed securing we In KGX, should the Invictus, depending end work fleet for have We're three-well that contract starts last the the week pleased contracts Loyd, in days the year. another a new Woodside last several close we to on the Deepwater for exercise Myanmar May status the secured which B. the Paul XXX of Deepwater to in campaign for to the and before options. other firm options. of This XXX on programs also are
across look handful Mexico see the of we in the opportunities Gulf a near-term of the independents. As globe, driven we by
As Nevertheless, they and bid. you to towards for most long-term are eventual short expect, next could to help as the of these an opportunities are market gap be we recovery. the to likely medium-term bridge opportunity competitively work durations very might to
where We Mexico, anticipate blocks occur includes as also Trinidad, December, as see some for to deepwater round course second Suriname, Brazil. opportunities Guyana, in throughout Colombia, and the licensing of Latin well which America, we
late we which the local tendering projects Focusing on reduction projects in and in volume levels drive which interest legislation, per we XXXX content XXXX. and customs of reserve, favorable a for majors then requirements below large break-even of $XX believe and a sizable most both barrel a regime, includes on independents, in the and and XXXX undeveloped the reduction special seeing in will Brazil, with extension from activity its in XXXX Brazil increase commencing are growing in
and the demand in Moving assets. to and Hemisphere, environment harsh continue UK strengthening midwater Norway, more specifically see to we for Eastern the for
of assets per to Africa. East Africa. in demand we've and in potential we seen to region, expect Guinea, short, an In see increase several from Equatorial As customer assets represented Sunangol market, for And In environment in its Malaysia in higher-specification different d'Ivoire, encouraged in multiple dayrates activity to taking by for different pursue to resources. a tightening we Ghana, be legal more year levels to market, ago. in to see midwater operators a months. in rising Norway, about markets future they available over we support In Australia. XX the the increased opportunities demand, the and than In where $XX were almost the multi-year Côte continue break-even dayrates multiple development leading limited barrel number would expect Angola, of several in this testament improve we we environment the are high-specification we the believe see witnessing the have awards and conclusion, India, and region longer-term harsh we the driven Myanmar, petroleum next Asia-Pacific three Africa, to With units and they improvement. harsh of anticipating harsh where for contract And gas Africa in of which we're are opportunities to from is XX% were awards a first to in what for a floater improve. tightening framework ongoing Nigeria, natural and West as asset, is steps demand UK natural excited awards generally dayrate some years. environment to and supply In further in Angola's the XX
are encouraged for by time the To other clear, Asia-Pacific in Triangle. we're region. of and pressure in remain under years, parts deepwater awards of are surfacing the that in extreme in first Golden today. opportunities actually the markets Australia seeing multi-year be We And the the three some dayrates
However, machines, especially to those fully efficient tighter, begins dayrate improvement over see for more becomes we drilling as to expect asset availability time. up and activity tick higher-specification,
than While the downturn. trajectory actions we of price today's more precise the position it still are is still Transocean. XX recovery best a to outlook And and of – the that encouraging timing necessary uncertain, is we continue since ago, the to in months we midst take eventual recognize certainly was
we runway. we market levers due XXXX. and debt, Mark discuss in the unsecured opportunistically we priority liquidity effectively before bond and extend $XXX unsecured that can month, example, all we continue have accessed as moment, as issued addressed just to of last an million our maturities As other will which coming just will pull a And
the again, for would Before thank turning the I like so over Mark, Transocean entire once just efforts to call year. team this your to, far
fleet. improved quality overall of our significantly the have We
making creating incident-free an are We substantial workplace. strides in
are of XXX% closer to our We moving goal uptime.
We efficiently are our for customers more delivering before. wells ever than
strong teams, operating our by consistent the because adjusted invest you. we despite legal and uncertain liquidity finance work we by normalized to ever our and margins, more our the conditions. people and thank evidenced of performance business our Mark? our And than have As assets and done continue in challenging the our EBITDA are great efficiently before. managing and and market to efficient Well
