investors participating in analysts and today's and customers, Thank employees, Brad, our you, to welcome call.
just our spread in session are like the our on Before lines. that speaker inform to speaker quality audio choppy our do remote results, and is are would to as work and part we we if dive from of safely all therefore continuing to COVID-XX, remotely us to bit I please if the Q&A the a forgive to phone is we listeners the to different prevent
$XXX on yesterday's revenue. in for adjusted million release, generated million in $XXX reported EBITDA Transocean first earnings the quarter of adjusted As
attributable of XX%, adjusted results to than lower EBITDA just enterprise guidance guided for that our revenue the expectations. our costs deliver fell primarily operation, our efficiency the to quarter across of exceeded short While Norwegian us enabled
first fourth from and reflective These the with commenced Brazil our in of during both year. Deepwater results Petrobras last multi-year of quarter Deepwater are quarter the campaigns of Mykonos, Corcovado full which operations
the in the a Transocean the Beacon she U.S. Offshore contract first options, quarter already contracted remain the March to entered Asgard Also Premier first Beacon Gulf new two the exercising into The middle Leader in the Mexico. Deepwater work Energy through With with is this in with into of quarter now on the a U.K. contract of year. fourth to scheduled is in of campaign year. started and the
initial we This commence of year, exercise to with Additionally, a have Equinor. could contracts operations. has or have options commenced expected campaign year. extending commenced third the Barents that of through run to previously possibility operations follow-on is her a we into the with are In that either Equinor number the Canada quarter about announced the
fall, allowing drilling delay a the their to for with Leader Transocean drilling our In us customer we either worked following the who with current the with campaign Loyd have XXX XXX or Paul Chrysaor substitute campaign. the to their B. is the into U.K.
of over the demonstrated and and evaluate the our we the will in thoughtfully years, fleet. repeatedly value have we quickly future her As XXX
has keeps work with working Chevron contracting Gulf performance drilling that completed Mexico. Her in with has immediate just Inspiration of Discoverer a was Five-Year instrumental Talos now contract begun who the the third her quarter. her into follow-on successful and The campaign with Chevron are superior
rig the testing teams expected to mobilization in Shell. to tier as Guinea, we this diligence Trinidad, despite commend we the Equatorial challenges performance going customer to In deliver is ExxonMobil our COVID-XX. process the presented operations want the by the our anchoring asset top in ensure to in of DD their completing Acceptance for III delivering to I Trinidad, through
the all their hedges, of including not personally managing teams offshore COVID-XX global our is the to transition and our teams The I recognize performance extended of sacrifices, unique operations of employees our many facilitating and vast array to operations for and Trinidad. onshore challenges. for thank uninterrupted in want of
changes, isolations every inventory critical through living for including check required and area from all work have limited onboard, crew and and of confronted and where jurisdiction obstacles, and changes, In evacuations. travel distancing where and a not obtaining recommendations, health we flight safe overcome personnel work following countries while to social bans maintaining and and part, we quarantines and but quarters cancellations to required safety scheduling still
to I transition efforts ensure entire operations team am the beyond safely continue. proud their and of
our have for kept contract and standards on to operated transition fleet and reliability efficiency. We safety, high
was in personnel including the in only rig, resolved majeure one approximately instances unable our Even where force the or our not-transitioned of and customers which occurred rig week. reach after to are the India instance
operational for customers. fleet our kept our have We
This our necessary is contract before efforts extraordinary of places and necessary was located to crew coordinate after and book organization changes when travel forwarders to and flights suppliers of charter accommodations freight a result rigs our unavailable, the ensure to stay direct and and stocked conventional have the to supplies. closely with with keep boats employees
done throughout for have distancing by following local the this social our protocols while precautions. other and personnel we world onshore keeping Additionally, safe
will of the able by This a priority deemed reflection and officials. been have our safety, employees are to actions to health until our employees productively so onshore government of and no longer our such to customers. continued successfully health is our top work Transocean’s continue remaining do and necessary commitment remotely with and
team I you say Transocean. entire thank at to the this For
action from the fleet our stacked recycle XXX Polar taken and four we’ve Pioneer Dee the environment Looking XXX mid-water to at fleet, and the Songa and older from harsh assets, fleet. responsibly our the recently our
marketability retention. value industry, at of that required they determined future the the sufficient see current to warrant assets say, similar the industry. given to in across perceived these expect uncertainty with hope and for and old we moves no longer to have All we their significant with capable Needless years option least of coupled reactivation, units, less these XX the a respective were cost
I it Transocean, a $X.X make leading the backlog. industry perceived few COVID-XX comments would billion now as is about to to like impact
As are force rigs have currently in I earlier, a any not mentioned status that of a we as majeure do result COVID-XX.
eight As of a to parts the backlog bolster our enabled backlog, few liquidity Shell contracts past of the two the us with reminder, the strength years and securitizing over Equinor. largest by our combined our
and These and rate perspective, from strength of day but the quality not contracts conditions terms were just of strong, the contract. customers the the a the in
do these and just are we spread the but longer our we continue these the in on rigs take a can provide of of not prevent we contracts COVID-XX, for industry. the to everything rigs, eight than that in significantly to remediation While period is fact comfort on will standard all
and opportunity efforts to say that closely our have again and operate doing I’d will in vigilant pandemic through necessary our remain and crisis. to continue this free like also continue we COVID-XX with to taking of rigs this like would we and us to throughout that take the customers this safely to continue our protocol supportive to worked been can our empathize, everything keep pursuit. to actions I and have extremely will complimentary
prices in been customer past significantly budgets in to market in deep three the our have decrease outlook, to we reduced. this Turning response months, oil have seen
source term our of for So escalating tempered. remains while strength, backlog our rates near day new and is a outlook obviously work
to months. rather we've said the looking that proceed to to Having their year, generally that in but see canceling that, been projects are not XX encouraged sanctioning by postpone defer to earlier customers our likely nine were and
but look and that that than price once next become projects, these We oil not opportunity the of When of recover current oil duration out offshore XX represent offshore does onshore with support than XX months, we investment prices recognize better commitment over almost we believe now projects a see for these their the projects we our fully a base viable total rig continue years. XX more as economically customer again projects. will to
previous the margins, took in In current fleet steps reduce downtown response Transocean conditions, steps we expenses necessary take the our activity. preserve will the to to with to decline to similar commensurate the during and the our market
strategy, in only idle fleet thereafter. our and purposeful came one fully rig the of and Fortunately marketing the active first with some we booked roll-off of year, half a through into effectively XXXX remainder with disciplined the
taken a the opportunity future transfer with to have discuss to leader efficiently the run We as more XXX to Lloyd previously on and the our fleet. last work
an to not on decisive opportunities. capitalize themselves, While In costs, situations. to our have cold opportunities these some also that be cases contracting other we recycling will further in will and assets stacking and manage effort similar immediately we do foreseeable look present
other reduce as initiated quarter non-essential internal performance, and Additionally, SG&A CapEx support our by non-essential to and all already to first reduce expenses, we costs initiatives. actions operating have defer and our evidenced
Our and cost will in dictates. based remain adjusting it structure activity is as our we drilling levels activity scalable on diligent
As best to interests working and higher align commitment theirs our of customers term options new with projects, oil are we diligently discipline our keep will contracts, we to Having cash the therefore have with await contracting. in who prices near with in new active. said to for we any it exercise important is fleet effort an continue us generate our that, to our
a affords opportunity focus that year. almost marketable XXXX to of fleets. our the how number months of into the with the manage on very our are back with happy contracted fleet We to to of XXX% we determine strategically now operations half started This us best
decisively weakness market liquidity. operational we or fleet the is protect continues stacked act event to year, to throughout will our either our the In ensure
delivery We are to Atlas anticipated later the also Deepwater how year. of determining the best manage this
second there customer Atlas and between dislocation to XX,XXX to industry's unprecedented oil will significant customers disruptions the to the interests decline by the work in become Despite schedule psi said move which potential her meet shipyard, we delivery closely we prices, continue close and ultra-deepwater delivering due year-end to currently and of regarding demand, to oil supply the the to That asset the drillship. as our industry. art and COVID-XX, its state with challenged is the created remained
into we recovery be Difficulty] the disappointed that are broad In likely [Technical to conclusion, are delayed XXXX.
customers are our capable them to industry's the safely with and working operating programs, highest to performance levels solution the find while most with their assets. committed at However, right contractual enable to we the
position. refine a and to ourselves future enhance ultra-deepwater the in will We’ve clear that leader positioned in environment strategically fleet as continue to our drilling
the As fleet remain Mark? that such, will as extended this expect successfully our we most utilized navigate we downturn. industry’s marketed
