to XXXX. in like fourth Transocean's participating quarter welcome XXXX recap everyone today's to start I'd Brad, earnings call full-year and call. Thank with you, and a of
resulting industry adjusted XX%. company on billion of million of in yesterday's $X.X an generated XXXX, earnings best revenue, adjusted adjusted reported release, EBITDA margin the As for EBITDA in $XXX in
position through transactions. percentage new our operational $XX.X Transocean previously, introduction of enhancing as our focused backlog, our converting on technologies, performance, and I first through our universal drilling our maximum industry-leading safety, liquidity the relationships, our operating to the excellence quality in prudently many fleet, choice balance of As improvement cash, billion adding expanding and and uptime, acutely by of customer's efficiency, stated through to and bolstering is extending that driving timely continuous the backlog exceptional times runway sheet
In further objectives. to actions these again XXXX, each we took of
our to increase total commence we seven the built and her the contract Looking first in the that we Transocean with with have operator. the entered Equinor Barents soon our largest maiden the we in fleet industry's high-specification, testament harsh-environment is commencing fleet, Norway. when August, contract Norge the will for sixth to Canada; working now we quite for active Equinor, This at asset have floater relationship a harsh-environment
As a proud further the deliver report we Norge's example of first to are Transocean's successfully to abilities the strength and has already industry, exercised of the Equinor the two options. that newbuilds relationship to
the the contract of world's planned, Speaking we away in approximately XX,XXX we Construction Chevron deepwater a capable Titan her look year-and-a-half now newbuilds, from delivering XXXX. introduction will to ultra of high pressure first first Chevron $XX commencing contract extremely for of drillship Mexico. maiden to progressed as by in drillship. anticipates is and to as the estimated of deepwater construct the this per area allow cost Chevron forward exploit driven Gulf deepwater basin This PSI return for to this five-year with Anchor low first on barrel. are desire fields lower the and development the produce this in as the now exceptional ultimately tertiary The field has
suited. Gulf properties the Atlas, ultra named the million Derrick, high to As is newbuild Deepwater of asset, hook-load, X call, reported the continue our Atlas with in that Mexico, XX,XXX for we our ideally opportunities its PSI pound make drillship, the in rig second world's requiring their recently would pressure a multiple last final with operators explore
two previously deployed addition In reactivated to newbuilds, stacked these also assets. and we have
are commenced quarter, fourth Deepwater Corcovado. completed in Mykonos assets rigs the we the our and XXXX. shore have transaction, in now have for with Brazil contracted to revenue-generating Rig the operations Deepwater based assets us spread in reactivations well our Both the that first options the We in During cost enabling efficiency drilling three and acquired extend Ocean Brazil into into XXXX increasing of Petrobras, country.
In older our of assets fleet announced the six marketable the furtherance of strategy, year. retirement also we less during
either XXXX exit XX we deepwater rigs, are such, As floating harsh-environment ultra which, XX of assets. or with
most ongoing to crews. proud market have experienced fleet its we XXXX, us operated for close ideally As industry's recovery. the rigs of capable assembled we most are the This by situates
report operational excellence, quality XX% fleet of year across almost with to of performance and revenue uptime uptime XXXX, Moving we XX%. exceeding I pleased fleet in our am to that efficiency from strong delivered another global
While goal our is XXX% on customers, and our we pride multi-year reflects in to take XXXX numbers, our ultimate for these uptime from results, performance. trend of both deliver exceptional improvements metrics which continuing
like improvements would I spend few through that and discussing strive technologies we delivering industry. are of excellence differentiating in the drilling As to uptime, moments drive to safety, to the some we a operational efficiency,
safety or operate, Guard, consumption, and and on focus the footprint, rates our fuel Hybrid high Power aShear, and efficient Onboard Control which of that represent crews, reducing carbon ADC, environments the aspects and important assets emissions. wells Drilling technologies with Automated we of penetration, the ensuring in of drilling of Halo a few the more
in our software captures real-time critical the ADC, enables being more construction. of with fleet. well telemetry we towards short, are downhole drilling Norway, reliable. Equinor first In is combination ADC a system and process, rigs other and efficient our of in data information this for step construction while rigs wellbore six drilling. Through actively deployment makes on the applications, evaluating the use faster, more automating ADC of the the entire process and Starting process on deployed is safer, and ADC the
personnel that with when position visual floor remove moving and technology, piloted in If Transocean Halo way, individual prevent collaboration that the Using Halo the deploy to herself a designed him system will to our working Guard between halt cameras the patented to system two to fails harm's vicinity are on a our in the across proven, dangerously the injury Guard operating with and our suppliers ultimately of to is currently impacts recognition from prevents Guard in equipment Gulf the equipment sensors equipment. of being signal is Halo to close intend system the moving sends we the dangerous moving drill warning system Mexico. equipment. individual. they of piece or of Once fleet. the personnel
shearing about and/or matter capability BOP provides several matter in objects is unmatched say, to addressed is the be successfully and enterprise existing possesses of be capability with No encountered retrofittable a incident. technology may well-controlled to to not customers are a depth-agnostic this a drilling tested slice aShear aShear and game-changing risk working has instantaneously. a provides previously The milliseconds, what reduction units technology the to aShear as been allowing the multiple wellbore, we're deploy and level offshore, the in available event aShear, the regulators of assurance in casing, in joints to and excited industry. stacks. offshore this now tools, we year. of blowout Needless including
standard the consumption This the first rigs eliminates fleet. also to of rig The will a alleviates The functionality the demands operation stored also safety to generators practice. run providing our state. hybrid fuel energy, onboard steadier complete a engine of allowing It is fuel This of current overall on engines loss while increasing secondary and assets power reduces system with peak efficiency. a event applicability the in many a additional the of run its of of currently emissions, both Transocean's This need Spitsbergen the I in use precautionary reduces engine. engine last across its source technology hybrid is while power. wear, diesel system as the power solution kind within discuss in on to
deploying we to are we that developing continue extremely our provide our safety, be for proud Understandably, footprint. in improved assets customers, environments and the in operate, efficiency which personnel drilling improvements our additional for reduce to environmental and and safeguards drive technologies
floater XX almost million Turning providing awards, in $XXX back incremental Transocean backlog. to XXXX won
Importantly, XXXX. wide the range a call, that approximately per of options, where the pleased was also offshore work from timeframe over signed spanned with day, that previously associated ultra $XXX since breadth of pleased not recent from to ongoing contracts and report increase an started $XXX,XXX to we of our average markets, we I'm fixture totaling customers multiple the priced I'm last approximately report XX% originated and earnings that for million, awards deepwater these reflecting recovery.
of Gulf of Beacon a to average a extension day for the Offshore Mexico, a $XXX,XXX the with In XXX-day day. Deepwater XX-day follow Transocean, an customer rate new Asgard and on per contract at we Energy, signed
our want an to industry-leading intelligence this with per we that far marketing better know available. their their we than I as worth a their upon market opportunities create based offer resolve this the congratulate were and more $XX,XXX team day, rejected they competence $XXX,XXX market that value day almost on less for is While that asset re-contract to
ultimately rate for Telos that $XXX,XXX signed command while day rate follows at the will this higher the for with contract form of we a a pleased We completion immediately the current a and Inspiration, Inspiration's of also drillship, of are asset, sixth-generation the we campaign. expect this day per Deepwater Again, work day.
completion mobilization. a per DD in work of one-year plus Equatorial will in second Trinidad, $XXX,XXX her to In we This the signed III quarter. to upon contract contract commence for Guinea day
a All service rigs assets. ultra in we discussed getting deliver and market third during demonstrate value for we have more we with the the our of deepwater reflect these these appropriate why high-specification pictures call, for tightening competence quarter
Looking Hemisphere, to the for per Norge $XXX,XXX day, in following directly contract signed first $XXX,XXX asset at Norway, Eriksson, four-month Transocean fourth-generation Also a its Equinor for current a two campaign. has per again its Conoco at has options work the Leiv at day. Eastern exercised
day that we're an the at been day in region, months look And we job Australia rate the Asia-Pacific Petronas current exercised Nautilus in contracted Woodside has by following a for and option six $XXX,XXX per as for plus its has pleased the Malaysia. at mobilization, of KGX Deepwater
these we as our very seeing Transocean. are the with exercised desire in the to we've customer's day Most rates, they demonstrate importantly, improvement fixtures discipline I'm Again, they both in the illustrate work and encouraged market by contracting.
the mid macro the majority the with of during over in oil remaining below to the a customer's barrel, per to per boding offshore investment upper Breakeven well $XX fourth solidly barrel sustainably activity prices prices continue years, lack of to in now decline, Looking for of for and reserve increased projects economics continue due come quarter XXXX, to to $XX our market, range. Brent firms or the ratios past five at offshore. replacement oil
on oil risk be positive in and would not anticipated commitments. our delays a Its awards acknowledge all to oil customer's as result and I coronavirus. can and remiss flow, impact effect demand With result delays timing these trends, the cash impact of activity the of and prices related near-term of current project on of therefore
have epidemics of unknown overall time this on at they typically While short-term energy that nature effects remain must be acknowledged. this consumption,
couple continue a longer remain the to to in of term Returning market, other the points see trends we critical.
continues that activity in shale service fell First, rig American unsustainably in North activity America to is pricing decline, XX% low, year-over-year despite North XXXX.
initially onshore declines in from Further, to in in is Additionally, more decline, America previous decline material expected than of XXXX as acreage producing significantly show expectations. recovery think anticipated. below rates initially on beyond. oil is of delivering tier and lower growth more North and this than growth Empirically, this we came supply are is XXXX activity expected, rates significant acreage a lower structural
Second, exhibited prices. lengthy reducing by potentially the fear in decline balanced be the that majority more of sudden continues of oil resulting This market. nations producing a and to much is is in discipline the a
that As we and term continue X the in per likely witnessing market. longer strengthen believe is we that already factors consumption the barrels hopefully should offshore in recovery excess are day, of these growing to million support
XXXX. we with Starting but number anticipated, by specification as out of witnessed last virtually evidenced months, Gulf tightening the we significant assets, market a see for of of the the the majority highest few Mexico, the sold fixtures as have over announced
been bringing additional their the meet fact, In customers about demand. Gulf to contacted rigs by we've into
tiebacks, to continue customers our development, favorable Greenfield are we exploration. economics deepwater. shift and opportunities in focus As towards witnessing realize the offshore, the a The include
industry since first some deepwater indicate projects the XXXX. will fact, development in for exploration In reports time XXXX outpace
encouraged remain prospects the drillship. capable for second PSI ultra deepwater we Transocean, to XX,XXX a Specific about
that should to deepwater in portion operators We results continue the with multiple need another come the exploration and discussions believe on drill as many activity geology decision presents in regarding we to drilled operate in on understood years. is This rig ultra fixtures the operators very a potential customers appear occurred that the the three continue well soon. come We proceed for advanced a wells a for tertiary, require would encouraged that to has area materializing. could U.S. that rigs XXXX, Mexican Mexican surprise waters and of wells, first and The final with deepwater investment little side very the Gulf significant based opportunities dedicated beginning to of understand number on for promising. be also have for development to lower are are a activity. long-term Multiple the ultra very of
contracts recently additional believe we awarded success the were continued In Trinidad, drilling rigs. to the Caribbean, in will where several lead
is grow count pointing In we in towards opportunities neighboring Ghana see recent duplicated. potential Suriname, well the campaigns to success the rig multiple demand materialize. Trinidad, continue also Beyond development incremental new assuming as for
expect of incremental several tighter multi well This demand drillships tender anticipated year ultra programs. utilization coming we IOC for to number in in opportunities country for Petrobras, will require a highly as deepwater to Brazil, In resulting see as rigs worldwide.
Looking think Starting where with West programs with rigs. We at require multi three tender. could we Angola, to this several see materializing. further are seeing least year are we now IOCs at incremental demand Africa, after pleased
multi there to are the Additionally, number of year few, a in looking is begin second-half in to of XXXX. increasing name campaigns Namibia, several as Mozambique, and IOCs Nigeria an opportunities
importantly remains which day This In in the support utilization, per region to and day believe it will, market $XXX,XXX in for for Asia-Pacific, in day. XXXX, In region, more awards we particular, the to high level. If should contracted the remain strengthening where new solidly tight the well rates. continues market rate market the continued tighten towards mid rigs rate Australia $XXX,XXX strongest and as continue the to day to and move per in continued remains activity emerge. bodes opportunities
new In market, the continues a utilized keep the for Norwegian to market assets. fully multi number North programs run strike. now XXXX, harsh-environment the of year Sea Turning its of high-specification the should
move with the coming would her As off has the options expect to continue contracted Barents higher. such, campaign we In in Equinor third next with to keep fourth her contract that the on kicking quarter. weeks. quarter into day rates will She into be the Canada, could
Barents contract. in country, keep highest Canada the will in asset As specification beyond we her current understandably to look the
campaign However, fixture a to secure Equinor. we with are suitable unable her following
market favorable floaters. We will consider harsh-environment for conditions the extremely returning her high-specification to Norway, remain where
dependent we remain are for summary, to outlook beyond, best that focus Transocean encouraged the recognize recovery that to continue our of by we and shape XXXX our and energy the In we ultra cycles. positioning the outside factors Therefore, many but is the time pace throughout on will of control. outperform and upon deepwater
focus as markets is in Our the the harsh-environment high-specification deepwater both these on on wise segments evident. assets ultra of proven the has serving bifurcation increasingly
the distinguish curves advantage to opportunities and processes customer focus Transocean us As beats wells continued us further a enabled from and to continue to our that consistently deliver other internal in important, our has manner procedures as competition drilling a provide on against competitive and contractors. our refine improve we
The and ability for breakeven the service we generation work I'm levels Transocean playing cash both role ESG cycle been pursue, the de-risking elusive. improve very that of a furthering the sustainably efficiency to whole drilling the so through both the for portfolios, sustainability opportunities their embracing in and in is world. operations, continue in a as investing flow, of their to way industry the proud offshore customers and significant reduce safety while have embrace of our Transocean, the furthering we of technologies importance new of through our places our for the develop that
backdrop years that term coronavirus short-term reflecting the term a now and the Transocean. With both we've seen stable immediate a about notwithstanding macro significantly forecast a is supply more longer than demand environment and for in and longer we're optimistic impact, resilient its near prospects surrounding uncertainty
would fleet us over serve XXXX. XXXX. to performance just call efficiency team service, on the entire organizational and in in excellence, to Mark, quality, focus well the operational I safety, May our your continue Mark? thank for to turning Before Transocean like customer
