Thank you, Christina.
to Quarter welcome Call. Earnings and morning, Transocean's XXXX First Conference Good
disclosures measures, copy covering website and supporting and release the at schedules non-GAAP financial reconciliations A press with deepwater.com. our of the posted are on results, along including regarding company's financial statements
Executive Chief of Joining on Financial Roddie Vice President Chief Officer; and call Mey, Contracts. Executive Thigpen, President are and me Mark Jeremy Vice Marketing morning's and this Officer; President and Mackenzie,
customers, our I'll and and Thank one employees, to get call, [XXXJXX-E an initial analysts future question call call. you. or When speak certain facts. materially. an turn this therefore And forward-looking and of to the and to SEC certain risks the statements. this company participating our call, subject regarding could filings today's yourself revise are limit session, uncertainties. over forward-looking assumptions make certain for matters company Thigpen] are Also, to we more that no you, management investors follow-up. cause welcome could forward-looking During of based and regarding opportunity Brad. the that related statements duty may our warm to undertakes now, the give to risks refer to the our that Please statements Thank more course various including update information question-and-answer the on in to factors are to Such Jeremy and participants upon and business expectations management Jeremy. differ impact to And a please our not uncertainties please current to historical Many actual results. statements results note
revenue to quarter normalizing adjusted operational effort yesterday's last uptime first focus EBITDA performance combination revenue. on Of and company strong release, efficiency. first for a the another the have achieved of opportunity organizational with when normalized earnings delivering adjusted quarter. in back to team six These the fleet active like XX%. performance Petrobras to on million over quarters. and delivered quarter, safely in downtime would of returning As continued solid in focus for and associated normalized the $XXX our were results by we Operationally, fact the work, I the level added this the to that million in two efficiency new driven reported of despite of $XXX thank XXXXX excess generated entire rigs your take we for we this continued note, high Transocean a
to addition acquisition we quarterly on results, strong Offshore. XX, operating In delivering January officially of the closed Songa
extremely family. are former the We to Transocean the team Songa into welcome pleased
to to addition is experience In reasons. combined expertise, company, will a transaction colleagues number the for of and our new the skill contribute important this
assets four represent the operating largest support rigs Cat-D technically the world harsh industry. highest-specification foremost, the and and owning environment and fleet our and First capable in the the fleet of in floater strategy most of
level approximately backlog billion, April, of than of three our rigs these a total $X.X of as the Transocean's competitor. billion, total $XX.X backlog Secondly, times to carried more nearest bringing four
Statoil are Importantly, the of we top-performing options. and prospect backlog of options. four to-date And rigs add rigs in floater as recently opportunity of XX-year performance Equinox in the will as ranked the given designed to the ultimately this Norwegian encouraged the the Cat-D Statoil, collaboration believe these by were be with Cat-D exercising each close to rigs we being Statoil's with has fleet, there the
Songa personnel in closing, consolidating process IT warehouses made synergies we're only yards, legacy overall be realizing to management integrating a Operationally, and Transocean's significant we systems. already plan local pleased a the and robust made possible designed to the are HSE progress we in that Administratively, because Finally, to systems. consolidation. by are we of prior and have introducing offices,
We are and chain. organizations both the also managing maintenance from identifying around supply practices for best aligning and
Offshore will of savings. millions in of actions Songa to combination dollars agreements been result these entity and have the could these Cat-D It's value achieve, that alone statements million annualized and at migrated favorable program, on the cost deliver to-date, we not that the we extending have we've a rigs. to we our Based we're to Additionally, terms insurance of the Songa the seen clearly four negotiated minimum, synergies what two of will demonstrating end warrant scale realized is operational and expected, important through full annualized key our can that partners in by the have coverage confidence XXXX The in process by we and to our $XX a standalone sufficient initially of as have we not service their OEM incremental of with note supply the accomplished as providers. consolidation. that
with progress continue will what to including that in balance high-specification Songa strengthen near-term characteristics significantly we backlog similar XXXX, that will we and our to impact maturity will our liquidity. targets and fleet As not through found evaluate acquisition assets some we of
the a And operations, Speaking our uptime. commenced report impressive strengthening has that Shell of in of Gulf half Deepwater drillships fourth two pleased an to the of she months the her XX% XX for our specification I'm operations ultra-deepwater contracted and Poseidon, during delivered Mexico. first fleet, of high years, in February, to
obviously as as rigs ensure applied are to extremely of we are drillships other practices have from that We the truly reliable the they Poseidon day newbuild demonstrate these best the performance proud well one. of as
our state-of-the-art are categorized harsh environment. we including Jurong, have With which X-million-pound the at XX of floaters or will over XX% the hook fleet, as either drillships addition load from and of in Poseidon, ultra-deepwater two rigs the Songa, construction under our
Husky the of of investment are economics evaluate to As meet viable, of enhancement. backlog in we where to extension $X.X XXXX, billion existing or in an move in Songa on some through including longer associated Goodrich quarter acquiring with competitive with the assets $XX to continue approximately we high-specification Offshore, fixtures justify economically the Transitioning and fleet potentially we think upgrading to Henry added demand our with quarter the our will first backlog. from we some million our a our no in addition assets, recycling customer wins, assets first additional the six-month fleet, eight
day to the rate, extension a performance the solid additional addition global demonstrating In for of provides base strengthening market. again the upside harsh via environment bonus,
any delivered cash of we Since more in XX% recall, may Husky. Goodrich in receiving the you exceeds the of than rig reactivations after generated we and and working harsh five uptime performance The completed a what's was eastern our our which $XXX when now from they can customers million and environment significantly first costs. As of her and flow expect reactivated reactivation from operations, rigs. have in XXXX a the commencing represents mobilization what has has of contract the do conditions contract Goodrich Canada standpoint
also extension to on for we were pleased Asgard Gulf Goodrich, Deepwater of the the to addition additional Mexico. securing the In the work secure in the
for know, recently fixtures. as well commence the better Asgard capitalizing ultra-deepwater to opportunities we one world. we returning capable a Atlantic you the technically upgraded is is the her Ivory five-well Therefore, rigs of priced Coast, await most off work Across the CNR on working the important in As India project. the term to to Discoverer are keep short
market India, approximately fleet. upgrade evaluate provide million to As invested In competitiveness of we of our into the case routinely impacts sort assets, of the we enhancements, the our of we long-term $XX consider which ultra-deepwater elevated strengthens assets believe recovery. for the We eventual is technical position the use into of in top and ranking ultra-deepwater an her the our world. XX efficient this capital
true testament During the team. quarter, of Statoil also we Transocean the the Spitsbergen, to shore outstanding performance another assets, crew extension the the base with support secured for and a the
were to to And April, Shell two Moving we region. additional finally, options up the commencing farther returned Deepwater the future for Quadrant pick to are her also the on Malaysia, And East in offshore work in Nautilus. about the for operations, optimistic Australia. DD-X in see prospects pleased we
previously we the suited the that technically the have believed which we region. she Australian for in market, As instantly discussed, asset would is DD-X capable become the most long best
rig. to visibility follow-on in the to potential numerous the previously year the cold-stacked opportunities last Given Australian and decision reactivate the we market, work Quadrant made the
recently for and currently XXXX. into contract are pleased So as in far, commencing we additional projects we an are rig other with DD-X PTTEP one-well with signed the bidding the decision the go-forward near-term demand will both opportunities, basis, continue rig follow-on and reactivation. we evaluate our a to considering sufficient that On reactivation thoughtfully cash provide and justify opportunities prudently each to flow
longer-term of April. enable Needless at remained macro the our exceeding to oil prices stable price the XXs oil level. barrel at year, in more debt and pursuing customers multiple flow and Looking $XX quarter optimism last spot the say, fourth factors fund prices Brent also with the $XX generate longer-dated current the these curve above Despite since sufficient dividend of cash longer-cycle environment, higher will to prices beginning oil remaining remain operating have provide that requirements per since to prices, solidly investments. while below near-term the or
has of fall first XXXX. OPEC one, with the compliance maintained supply For in the set announced its they
per customer supply, investment replacement it's later million remove day as interest XXXX. breakeven low combined are XXXX levels and by the than current low reserve not with at With ratios to delays Additionally, projects the to barrels are no ranging this four offshore from operators past X from XXs playing XX-year initial in the to starting lows, most approximately the offshore decisions out, see for surprising economics decline supply XXs, the increasing dynamic final in over with years the expected developments. as
could our return constructive Norway, sanctioning a space to believe UK, few and beyond for In remain oil XXXX XXXX more Canada in and fact, customers. prices a offshore we for become if proposition months, deepwater a the remain as for next reflect In can environment projects opportunities harsh investment compelling the has that strong. budgets market, for operator the
with incentives. seeking sign In And We base into now upside Triangle frequently of like of many approaching, day. day exceeding, deepwater not opportunities throughout of additional Henry with the high-specification per day handful Goodrich, interest year-end. $XXX,XXX customers drillship contracts Golden continue before Mexico, are rates to assets there encouraging. fixtures include performance could the In increasing more a the if multi-year ultra-deepwater, fixtures, level rates materialize for to see these strengthening which linked to is
and into coming this be IOC's we the of year and In significant the counts some area to increasing last to commencing contract the we this that Petrobras integrated in XXXX. deepwater four the rig sales In prospects basin. through recent declining the steadily companies not surprised If drill a XXXX the respective rigs process tendering to rigs in rolling in quarters, years. expect goes over in reversal occurred the their contracts off through see see have to later replace reflective in oil are Mexico Brazil, this interest activity have lease and would fact,
fact, believe XX activity In deepwater couple could rig years, see the in next we we again in Brazil, of exceeding floaters.
would IOCs push We also drive presence region the we towards of drilling of which in well go Africa, in assets the believe opportunities several countries. for handful establish In higher-specification a Transocean. visibility new have contractors, ultimately certainly West and in a that could
oil confidence and the services. opportunities increase, price we drive As and longer numerous to for more ultimately in the continues region of assets expect additional in demand become duration to our
today. further fields to the by what recent and This and requiring to XX,XXX of interest Frontier in focusing is points deeper-water high-pressure accessible are exploring considered customer to beyond be future We encouraged new customers hydrocarbons industry multiple BOPs. depths is sources drilling, on in the beyond projects that XX,XXX with an projects feet
As the performance market that is harsh optimism our market continued to essential recovery recovery operational our ultra-deepwater for continues we environment grows, recognize its and success. an
As continue focus with such, drilling our equipment efficiency reliability, safety, will cost unwavering and control. on we
past our and market procedures we by four the on over we to progress need repeatedly recognize engineered training we injuries. for refine prevent We continuing been leadership. recognized considerable From safety have customers are perspective, and to programs, that all our three a made solutions we've areas years our while policies,
all As their removal. actively hazards physical such, potential opportunities we are on reassessing exploring for our and rigs
workplace. industries We leverage closer evaluating that to we are from goal move our of an can to other incident-free technologies also
the which to equipment improvements. From raised an driven awareness compares The successfully has drilling which efficiency current we performance our operating primary to state addition from analytics and the future which have BOP Transocean the monitoring highlighted to from operating in model. healthcare on reliability, versus our performance performance enables which across ideal have our alignment conditions organization, between tool health OEM of equipment recently designed rig Regarding dramatically also forecast agreements improved BOP dashboard visibility inconsistent predictive our has crew. to a have based and perspective, providers, rig even and dashboards material crew a
As cost to such, evaluate reasons we And economically our quickly to across and understand tool the to for are more operations and equipment for the a best from continue share now practices we monitor to introducing movement better perspective, a drilling our across viable. inconsistencies specific organization fleet the fleet. streamlining machine make analytics finally, opportunities the our to offshore of
Before just our turning would I like the call to over to continued Mark, priorities. reemphasize
liquidity We us simultaneously to sheet providing balance be business proactively our to necessary us in will to the continue while manage to our the provide invest opportunistic. optionality
We will fleet. continue further explore to quality overall of capability and opportunities the to enhance our pursue and
maintaining and time we continue the Mark? a the enhancing to will time required will efficiency organizational construct We most lose reduce of wells earnings. safe, operational and while for also never sight acutely our of all workplace to focus to everywhere. our on And importantly, incident-free our objective cost customers
