and to today's welcome everyone Brad you, in Thank participating call.
revenue. third for XXXX, on EBITDA release, reported generated the million $XXX quarter $XXX in earnings yesterday's adjusted As million of Transocean in adjusted
which and our drilling which by deliver XX% efficiency resulted we ultimate across once exceptional global These and serve fleet, customers. efficient uptime safe acknowledgment the of driven to again that of revenue for combination as continue were operations results performance bonuses, a in our
we to operations. have In faced spite on the aspects all our the have focus continued of improving challenges downturn, during we of
hard improving to drilling professionalism work, our focus and performance, uptime industry members valued the testament team Transocean. a efficiency to this operating of at margins our Our are consistently and dedication high continuously best and
our as exceed expectation. her performance, I'm Looking contract, July, and Visund field more third the whole closely continues campaigns offshore at began our meet drilling rigs to Transocean for new of the quarter quarter. In a Norge of third fleet maiden Equinor in especially two proud that began during our Norway. often the
has of is The can the they of new delivered of over Norge of assets harsh-environment during first great a is placed uptime representation a one stellar again for finest has ever operation. become the years, delivered XX% what the expect as her and semisubmersibles customer four This delivered Transocean our customary the the Norge into has months when assets. build newly three of one market past contract
The legacy upgraded with commenced The first of two of in follows Borealis This September same India exceeded campaign be and has for and CNRL XX%. performance after expected in early our Discoverer Coast from months level operation fleet. a customers by can Ivory uptime XXXX. our also successful delivered she operations was in her that
contract option increasing aggressively first we're will options, day record their to into Borealis and continue Egypt its her in extend exercise has XXXX rates. track could already that this With optimistic performance after time exercised well of Borealis which
operations drilling Mykonos, Ocean on I of next arrived in Rig am report respective the two entering rigs before in Looking the commencing have Petrobras at the active with acquired our are two through transactions the the both the the final November. Corcovado we of their second fleet, contracts and rigs and that in Brazil pleased preparations specification half going to highest
both upgrading rigs their ultimately process contracts our after XXXX. and track and for for completing quickly Petrobras' asset before were to we stacked were Petrobras record thorough again. to proven ranking fully And ascend reactivating rigs These top-performing the early top among rig expect of in the they given assets,
we early the pleased in Discoverer certainly Spirit intention adding and active Discoverer Enterprise, Seas. announced Discoverer our the from are be we're Deep to fleet, rigs While to to our fleet. rigs ships remove our September These Enterprise-class
these the operations cutting-edge commenced were around time All they capability. three the ultra-deepwater the drillships millennium of at and of with dual-activity first turn drillships as technology the represented
assets However, associated present fleet the our estimated back as superior more now have with resulted in market we these XX ships years, us capabilities reactivating an the manner. prudently the drillships electing environmentally responsible turn the and clock with in recycle costs in the forward approximately combined placing on modern older to these into
we interest rig ocean rights September, were ocean rig. of rig the South took and under to these last Korea drillships our Santorini Also acquired were to the in in acquisition Crete. year's ocean These the the through assets relinquish decision in and construction
remaining Although of commitments delivery taking represent complement to would make associated them and other that specification all completing signs cost improving an point of the billion and with these both $X.X prohibitive. in market floaters assets ultra-deepwater our fleet, approximately high assets the assets
the Sticking its with explore increase offshore drilling drilling continue to Earlier for which the drilling first hybrid-energy a industry's marketability, and assets Spitsbergen, we our not system existing profitability deployment is their we North Norway. unit this to in aboard opportunities Equinor at storage of the sustainability. installed month, Transocean's floating fleet, to we field enhance announced which on the
in system. better the to well used power technology as storing by consumption efficiency critical that the power power and stored reducing fuel enhancing batteries components is utilizes placed This the our rig. hybrid energy then other as rigs entire thrusters strategically powerplant distribution the are energy thus patented around of This
also The a diesel safety redundancy, added important or hybrid station either which is an the rig under and operation improves battery power keeping dynamically positioned enabling storage additional providing feature. reliability of system energy
have continue efficient desire of operations operation sustainable and and we goals the outlined would As deliver footprint The the and the carbon rig. that of of emissions fuel dioxide reduces lowers to that carbon technologies thereby aspirational industry. be reduced use cost the in recently higher-value and expected the our report, system of nitric sustainability both normal is our introducing implementation this to wells published the consistent oxide during furthers reducing with
our contracting to India mentioned using additional committed Discoverer call in the Burullus has another Deepwater in second for the added its the the quarter fixtures. option addition Shell previously well Egypt, Turning program four Nautilus. Brunei to since working exercise we to for of current activities
safe, It the operations. performance from confidence consistently As was our day bidding illustrates we and maintain. we strong is discipline the rig Report increased also Shell market our to in Status seeing and reliable the globally efficient prior testament tighter and almost the disclosed associated contract in with and ability our its Fleet to deliver both rate are continued continue with to a Transocean's XX%
end beginning contracted In available the horizon in XXXX. than dates middle West of activity third the starting rig for is completed now the near the that continuation Angola, we with Sonangol the quarter. opportunities and Africa see a no The Deepwater of number on Orion of later
a completion February contract. over In with the starting North Sea, day XXXX a Hurricane that in Loyd rate has solid Energy three-well awarded previous her B. plus improved the program Jr., Paul significantly
new our total, Leiv just conference since healthy starting And days August finally, XXXX. Norway in we recently to In approximately added rate at day second million Eriksson signed XXX for call. quarter backlog in $XXX I'm in report a of the pleased ConocoPhillips
pushing to to some number our is that it While rates remain reflective of drilling and our this our programs. we are commitment improve approach, in gross normal the customers' seem to flow direct than cash the value day our disciplined may to that slightly from result levels more operations lower of bring
assets the at for a four-plus have the downturn past the of As breakeven rates a day result approximating contractors drilling we operating understand been cash ultra-deepwater cost. years often
fact the numerous at cost to flow negative of contracts we avoid In entered guaranteed simply generate to stacking. contractors that suspect instances, cash into have were
would the upgrade for positive we Obviously executing the or contracts bidding several mobilization and is months know of been we that applied the entered have cash This approach our to not rigs. that only situations we especially whereby sustainable a strategy flow. requiring reactivation, past generate approach purposely in
we as reactivation reimbursements. cost and higher form last asset for longer those said the startup on without we in compensated the day the not lump-sum our reactivate and In cases being an terms call, rates, will of
see although Our LOIs LOAs become disclose and not results strategy are to place that execution first-class we LOIs very do our operational ultra-deepwater contracts of rates several near-term some and they finalized disciplined with rewarded pleased this been details conditional delivery in is that very of has the and firmly bidding day solid fixture range. strategy so per and the yielding we mid-$XXX,XXX
the floating at active number XX%. count the rig with with consistent line a quarter. under remained the XXX to marketed assets above total last market. keeping Also near prior contract overall remains quarter of in Overall, floaters now utilization level Turning the
XX durations identify lengthening. note rig the throughout and overall continued Of approximately the numbers These we likely rig spanning grow floating are we at years. XX number have the importantly opportunities, programs of average contract to year look when
We're announcing number harsh multiple above either the opportunities of at/or currently both the marketable ultra-deepwater are environment where rigs the markets number in and available. of
rates, to significantly we improved increased will materially day such, which new As flow. anticipate contracts generate cash reflect
improved five-year many, surprise interest confidence drive to of of of to now the in may over months, the the offshore high. couple of continue seen both This levels is customer level materialize dip across previously economics. to this but customer project last sustainability even a continued the come but discussed a the we've in is as prices what and with breakeven these I've that interest this reduction space the oil
There's is energy projects. regarding our their uncertainty remain customers investments longer driving no to current demand that the especially question in around macro cycle cautious
their greenlight harsh engaged environment they the superior can of to that confidence as market their the projects project in they However, and their now from quickly portfolios deepwater recovers. such expect both continues economic teams keep
we addition closer are to the has supply was its improving offshore to that much incremental is five previously majority shale the anticipated. indicates years that demand of Data than provided all over boom the economics past relative the peak in to experiencing
declines Productivity approximately growth need oil barrel average million day. of barrels appears topped out per experienced declines to from in that wells have indicate estimates per onshore XXXX in around in and followed XXXX by X.X U.S. support Recent $XX prices further to to XXXX. onshore supply
As is we at to offshore, recovery certainly look that contracting are the observe us. pleased upon we
ultra-deepwater we are markets continued in seeing basins. and in the strengthening While the by we we're excited uptick have what the by environment now, harsh a we're multiple encouraged across very by would preferred accelerated market more
Gulf discussions XX,XXX-psi a of In capable U.S. constructive need the Mexico, with continue rig. to regarding we multiple the operators for second have
XX,XXX-psi you'll three solution operations As for the will Titan's Deepwater capable XXXX. in the remains be our rig, obvious which know under first will commence pound the of because million the Titan next that load hook And construction XX,XXX-psi currently rig sister the Chevron is most world's undoubtedly industry's for commitment.
that decision team to and It should that customers. a Transocean, invested heavily for noted has the some of not activity solution Transocean a XX,XXX-psi experienced low-risk capability be with XXXX, to expect our it's final coming in commencement and investment months. And the customers an makes in into unreasonable occur indicating also desired has late preferred
XX,XXX-psi Gulf, largely In ultra-deepwater XXXX. the continue addition to inquire for opportunity, half the activity number rig the to first of of about in in a availability players commencing
many Gulf the portfolios. As continue customers' times by project attractive This to well improve. respective short-cycle I through efficiency the over in our year, more economics in thus and largely making costs stated derisking last projects them that driven times reduced options is
In Mexican heightened early that the has activity from confidence exploration in increase. market further will activity waters results positive our
development opportunities exploration of the we're a appear of to work, further expectation addition encouraged In number imminent. that
success continued and In absorbing along in the continue Trinidad neighboring the Guyana budding capacity. Caribbean, likely Suriname to ultra-deepwater is at opportunities with
Moving to Brazil.
In rigs contract three further early that Petrobras could that next by the recently they anticipate we rigs addition six a to year. contracted,
contracted pre-salt players are be of to handful of off We number programs. international another also kicking as rigs their through anticipate a likely XXXX begin
a in Africa, comfortably awards In day utilization, the see be with a over few months. last and the made above to levels are we opportunities number addition of Consistent for with day the ultra-deepwater $XXX,XXX sixth-generation this continue where West rate Angola start to increasing forward-looking appear growing improved to drillships. I'll now
Nigeria Ghana, in with Equatorial couple Senegal. Additionally, looking campaigns Guinea, along a Ivory and we opportunities to see Coast IOCs in start
continued high by fixtures closer that region expect in strongest to number we're and per countries kick contract awards where to we mid East day later support activity XXXX in anticipate IOCs Pacific, push $XXX,XXX to rates day The market day continue in encouraged three remains range successfully to and from projects solidly rig Brunei, Malaysia, and including to Indonesia, Africa, as Vietnam. In tightens. that per would further the their a rigs Australia mark ready Myanmar the $XXXX,XX supply further In off long of to looking our we increase anticipated utilization. Asia
and we keep which to for The we look now remained utilization, XXXX, look North see assets on as of we at the specification Sea strong high number Turning base into the full higher programs environment a -- horizon market will Norwegian would day market. support harsh that the rates. the
completing and XXXX year Barents the current her work extending depending with longer with of project her kick if next then later In off Canada, will on not be success middle program. the this the of Suncor into their Equinor
Barents the specification As country, following look clearly to Equinor. will is her in her asset we the keep highest in work Canada with
confidence are the to of rates in option to returning exceptional her consider the in are where we high-specification activity unable the warranted, we environment harsh we have if secure However, demand. we Norway, believe will
with assets and environment are of for for $XXX,XXX cases assets assets such the encouraged direction our per top-tier grow longer-term high-specification our we markets, some of continues utilized rates will ultra-deepwater most fully rapidly summary, becoming are lead inevitably to and surface. of that campaigns beginning day increasingly we're specialized and In the which in exceeding day by customers. and market our the opportunities by pleased are coveted rates that list the day. The And combination remain higher high-specification to where are with harsh approaching to
experienced sheet rigs most from years and most support of prepared. uniquely positioning We exceptionally industry's and and industry's remains balance talented last personnel. capable Strategically, the largest by well establishing shore-based asset spent technically Transocean crews backlog the perspective, ourselves an floating and fleet with the several and
We financial manageable have profitable continued and visibility with to a most future largest along us cash flexibility. schedule unparalleled industry's and providing with an the maturity flows revolver backlog, debt providing undrawn
available will As while we've to marketable, consistently our assets continuing actively market. manage in monitor removing high-specification to continue the no we fleet, deem longer assets done, we
rigs. to environment explore opportunities ever-present on to unplanned the will eliminating of with incident-free and personnel downtime an process We our events continue injuries, create goal safety
processes will number targets increase portfolios. and their our plans ultimately We and continue and outperform to integrating exploring to automate activities, drilling within viable while new technologies and streamline economically customers' respective the of
initiatives we to our accomplish to that communities we have operate. which workforce managing the we position We're this, that cash liquidity And need prudently which we is and in that ensure best on our responsibly in while the our runway assets, the to Transocean capitalize will underway. invest these confident recovery, now
Mark. the hand now over I'll call to
