Jeremy D. Thigpen
investors, in and Thank you, participating customers, Brad; and analysts employees, welcome a call. our warm today's to
of the for retirement. contributions our over long-time Thank years. much-deserved thank Terry, to and Bonno, Operating Stobart, Vice John Chief a and your all Transocean As best President our Officer; wish our I moment to would begin well-earned John to Marketing recognize their and I we you. take the call, Contracts, in like Terry and immeasurable and Senior former
including as Vice the for Keelan strong and and In addition talent, recent through John's and assumed operational bench built Terry Adamson, Roddie also a roles market Mackenzie, positioning playing over in our large John Transocean President, for now of accountabilities; year. company and serves Marketing downturn leading a this to who recovery, who Contracts
experience, upon and strong support confidence build Transocean. foundation performance vast teams, that the to in their I helped every great collective our history to establish ability John Given have Terry for and of
Now, call. quarter to on the earnings second
of in which As quarter the for quarter EBITDA contract reported XXXX, normalized driven from on as company began the adjusted second of increase $XXX environment revenue are with was semisubmersibles yesterday's in contracts activity, million term which Poseidon, $XXX sequential acquired earnings with four Cat-D Equinor. million release, XX-year quarter full the the normalized Deepwater harsh marked Songa, its long adjusted second for by of operations Shell in This first heightened generated XX% February in on and recently the revenue. the
results were strong in top across in by XX%. resulting Our also buoyed revenue efficiency uptime excess line performance fleet, our global of
charges retirement the we balance Those of a as team during Importantly, have of will been an absorbed the but stronger, and results beyond. continued further efficiency, normalized result program even adjusted could support margins as on EBITDA shore-based organizational of strong operational delivered second and that streamline XX%. of we quarter part our for focus early XXXX quarter our
of results continue to operating In addition pleased with Offshore. we to with make are delivering quarter, Songa the that strong integration progress in the we the
we our managed, standard Cat-D not, to quarter possible the delivering stages service our organization it the of which four maintained high I'm rigs. customer. full delivered for issues As internal any the during of the negatively with is performance become across XX% if for operations, to proud to first Equinor, Therefore, report customer, that uptime of a properly combination, and can, early the impact during you might imagine, changes, new distracted
to warehouses, generated HSE In and as are yards, transitioned combination. Operationally, with management integrated consolidating local a Songa IT we the systems. these of result fourth and to the are offices, are legacy the systems. being expect personnel quarter, by we continuing addition completely the we realizing OEM of four overall are And practices Administratively, can significant by best cost to revenue have synergies extending pleased Songa identify are rigs, created for the Transocean's progress with are organizations as and align Cat-D we the be to around pleased including through the value we consolidation. the managing supply that the Overall, witnessing coverage for maintenance firsthand and to-date, rigs. to we our both chain, agreements
if to annualized in Importantly, we deliver, to pace on our commitment million fourth by XXXX. the quarter savings not exceed, are realize $XX of
environment a fleet, in billion Transocean's added to after the The Transocean currently ownership demand to we an and to recently markets, market the and of $X.X the in XX% place expect our addition, strong the is be that to Norway, per represents the other the Norge high-specification harsh Canada, day Norge, and first another backlog given rig. in environment the We fleet the the Songa experience currently with rig a harsh rig Offshore for us markets expected asset, six average semisubmersible, interest our provides the in in rate the Norge future assets, environment delivery. strengthening of the $XXX,XXX delivered seventh day. under quality new total and the contract, have with fully we U.K. operate approximately in joint visibility of rig, to venture Norway, and XXXX, work to owns quarter harsh the In of unparalleled of high-specification rights our The exclusive shortly which
maiden the even delivered. Norge rig In hope have signed is to contract before fact, we the
enhance industry-leading the or the Going continue to individual will transactions. acquisition of and harsh assets, ultra-deepwater explore to assets opportunities environment corporate our we of upgrade forward, fleet through of existing floaters
assets transaction liquidity. and we lens, the the potential near-term will of each considering impact opportunity through both very of long-term As to evaluate and the quality a value always, the continue narrow on
and are strength industry-leading continued financial backlog, recent through of be will in balance that runway in and/or of cash $XX.X to team Transitioning transactions. with the be when and very high-margin all we early months, deployment assets, what mindful us position evaluation will his we the to with Still, are Fortunately sustained sheet two of to and provide stacked capital the returned rigs, recently and [Discoverer GSF of our we India the are continue we detail India] active a and (sic) I transactions, liquidity our fleet, stages during consummate to These quarter. successful extend the in the legacy believe billion will we Driller balance potential for our to future shortly. to several to upgrade which have the he of transactions, recovery, our delever while fleet to combined Mark opportunistic multi-year previously with our ideally liquidity sheet. our acquisitions, the in the to flows Development need our from upgraded pleased visibility us, to Deepwater acquisition pleased and be
DDX market Australian that or asset that you not that with highest-specification reactivated the for market for the we knew and the would market. mobilized in to that At contract may would opportunity strengthening. remember, we time, be short As DDX a term her felt we reactivation, Quadrant. relatively the with upgrade but we was And the the Quadrant the confident pay the Australian knew
a also and reactivating Deepwater the operations, reactivate to and reactivations, their very effort; upgrade, on Mark that and not the working the contract, and assets, like and awarded safely to our to into working, with team reactivation, say, would far, customers our that Keelan, for on work thank only pleased for for assets. is across Roddie, DDX assets DDX, thank entire respective done. with have will and with rig and collective from Asgard, Goodrich. finance. consideration to the I Transocean. we It's operating with and to Quadrant team those for thus debate opportunities decisions Since for Chevron, Barents, true Henry assets the high healthy the I'd the her like Transocean XXXX. and placement time the come the Needless mobilizing we I've now Transocean well example. XX-well been the secured contract additional And secured evidenced efficiently have have strategy to the standard which that expect our DDX budget, since those is marketing, PTTEP As an keep
as not is nearly reactivating through assets it acquisition, as contracts, current nonetheless exciting adding or market. rigs retiring in necessary is While rigs for new the
years, as As in every such, we met quarter the during have marketability and both to management returning each to rig each three the rig past a assess of as cost back the our team the quarter, fleet of for service. we done
the announced midwater of floaters. meeting, one result ultra-deepwater that recently direct and a As retirement three of we
now downturn. floaters have of we retired rigs, these With the start four since the XX
semisubmersibles jackup the Norge, of a fleet the Songa of newbuild and the drillships, transformed our result retirements, addition As completely years. six and past we five from over our have fleet these three the of divestiture ultra-deepwater
we now at either XX% In as construction, environment environment. under fleet ultra-deepwater we short, fleet the And more with current approximately the that leading recovers. ultra-deepwater currently position Our harsh than are semi stands downturn. and far one including the XX, poised fleet expand two we now drillships competitive when categorized harsh of to as or have a market entered market our focused but and smaller
$X.X of with million signed incentives. Equinor. and with the wells new to three of first great a for reputation also should This our Spitsbergen, We're XXX the over keep where an with to million recently estimated midwater will our an contract Suncor, with the the $XX million. with option rig backlog, and of working with the operational total harsh past for has XX-well strong begin Canada, added providing in estimated billion us quarterly contract Starting this through $XX added five to to market and the with the it to opportunity which extremely the extension revenue working Equinor, additional additional XX-well follow-on backlog quarter Since she six-month U.K. into In bringing wells a market contract Conoco, another a in $XX calls. with have market. of We've million. with a Spitsbergen total we now exercise position. an her market, approximately Transocean very with a won XXXX, additional in environment Turning the earn we $XXX three adding pleased performance Transocean keep Barents backlog call, the
to I with assets opportunities. near-term pursue we Naturally, months, with our ExxonMobil. options. This resuming for a Guinea to of six-month to extremely Equatorial one ultra-deepwater Turning are signed. recently Development Africa, warm have announce we ExxonMobil is to fixtures Driller DDX, have relationship we addition our of additional be to with III to previously we've follow-on kept market, West three the Adding and period two some six contacted strategically contract the the mentioned in the for are position happy we in happy
the is have This more increase recently coming have important We exercised impacted the the we near-term and of cash $XX the or the are rig and Deepwater to Mexico, positioned of These months sheets clear barrel asset been the above of visibility think Murphy be markets throughout markets, ultra-deepwater DDX, her multiple Hemisphere, meaningfully as assets the relatively of we other both are In level. $XX as best to year where likely Eastern customers, And in surprising, to discussions the to the where offshore world, in have is emerge we're and as enter entirety Gulf the at in possibilities to has high DDX, continue have Asia-Pacific her and development see the fleet. also resulting oil on even exploration activity follow-on projects. Asgard. the place West in option flows And sister the ultra-deepwater opportunities the encouraged happy available for fixers the increased the as increase per market. an average we in positively balance around and prices for contracting XXXX. level prices Africa remained for we and the mobilizing to to rig, our sustained not above the currently in where our opportunities about
to between We and balance find available appropriate flexibility with upside working the rigs fixtures to recovery. hard maintaining our are therefore this provide leverage securing to
is oil related five-year of back partially near-term by price to $X that approximately boost from when customers, the narrowing the compared takeaway per narrowed the longer-term to addition barrel last constraints perspective, quarter. in we witnessed to near-term providing our a are oil America. to forward North end have to capacity prices strips In attributable This supply
supply include the Venezuela a recovery. However, declining sanctions Libya, OPEC's cuts, underinvestment. years most world but driven continued These agreed by Iran, the there other that and production additionally are supply and robust adherence some to basins notably, trends throughout of from, longer-term upon emerging backdrop against recently create for more enacted
low. All current backdrop, surprising most customers the of development. economics contributed at these from not replacement With at from offshore XXs increasing reserve offshore this supply it's to being low for breakeven as levels XX-year low as factors the regarding a see have projects optimism to ranging with our combined to XXs,
specific markets. opportunities in remained Norway, the harsh the and U.K., on Focusing environment, In strong. the Canada
next emerge. Petrobras debt be In we to above opportunities ultra-deepwater, We by Brazil, short-lived preparing drill if level keep to of increasing additional IOCs incentives. determined not day too high-specification and customers expect seeking appears Mexico, their base continues not we per additional see throughout year, day, count the to have frequently interest or early with be in approaching, In continued strengthening the rig future. multi-year day In to $XXX,XXX any performance ultra-deepwater fixtures to distant the prospects assets, near-term exceeding, the Triangle. more rigs upside to rates expect an continue sign plus for their with to linked rates with long-term in as there two Golden now mid-XXs continuing working to to
Asia-Pacific awards And exceed award handful over result, West continue region. continue one what a be we with rig think the could Australia. deepwater the in activity years, Brazil couple in to As ExxonMobil, to that Africa, demand, the again that, particularly to of market, see next recent in the In we could floaters. XX we was of a throughout believe
oil ultra-deepwater to construction with the requiring capacities them under in industry's two XXk-compliant pounds, to customers sentiment looking areas a and this of convert X million In short, currently to traditional frontier and the see as by are that can with recent experiencing market. and in see It we prices, having very relatively Beyond projects ultra-deepwater in relatively offshore globe, additional conversations And plan awards at starting an first to real customer's hook-load customers the XXk that. the environment us we're water challenges, evidenced higher-pressure investments that depths replacement led equipment. more drillships continue stable our reasonably customers the we are to and fields, reserve upgrade our drillships. one XX,XXX to the in expect to multiple contract the around and potential ultra-deepwater in was with feet just which see low project cost, high some declining fields beyond
you over continue to while as recovery, turn to we call to continue us can drive on fleet. remain equipment efficiency, So, our that specific prepare our and safety, in opportunities cost improvement now simultaneously drilling in count reliability, the for steadfast our structure, continuous to to I'll ourselves Mark. eventual enhancing commitment evaluating
