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this do to of maintaining to the part forgive beginning call. during work we to with challenges please are [indiscernible] pandemic, COVID-XX, associated from since audio the have we As speaker the our any spread therefore speaker to safely quality prevent of continuing
working and by on $XXX EBITDA teams the in delivered operating unprecedented earnings revenue. $XXX margins Despite associated our million second outstanding of As of quarter, Transocean release EBITDA experienced yesterday’s COVID-XX, delivered with for reported my challenges the committed XX%, revenue to adjusted deepest and a performing, moment efficiency better EBITDA. million adjusted adjusted in generating XX.X% express in sequential times. resulting revenue women to take difficult of men of these all to a the driving want who most I improvement and in through are gratitude our to than forecast Transocean
and to Our pandemic, and sacrifices continue each safely would resilience to every throughout crews operating personal like tremendous our that day shown acknowledge to I make they the [indiscernible]. company have and strength this keep
like teammates Additionally, and I and remotely well supporting have our despite working distractions missed would in beat our and the associated not and inconvenience recognize from to working thank shore-based our to with they operations who have a customers. home, adapted
balance hopeful our that continue the the the precaution Canada, activity to personnel Moving second kicked also to quarter of contribute almost [indiscernible] number we In billion will healthy. program our to new safe of Onto programs every this expect through contract backlog. our to on and $X third her year, third fleet. we the depending [indiscernible] through of her the in-country [indiscernible] further are Mobile Exxon drilling we program, this the campaign in In quarter. [Indiscernible] current successful Trinidad, commenced in Guinea can campaign to and, success working This follows with XX-month off our the [indiscernible] take a with with rationalize keep term. of a keep DDX the quarter we run equatorial Transocean Shell crews initiated [indiscernible] we beyond May. DDX and Equinor one-year
stacking process prices, see campaign, drilling near the in are success option India the of we of well which for quarter, [indiscernible] therefore of the an exercised additional course program India July. success Unfortunately, an drilling rig. oil [indiscernible] the prospects last Just for the no and term the and despite and changed improvement into cold in the the kept
that the of to first with the in with the quarter. Chevron first Australia her completed is In work DDX Malaysia, Petronas the Asia, [indiscernible] fourth year. on continue into quarter next commenced of campaign to full Moving scheduled into quarter our activity Nautilus
would the the for and highly million when drill expect with not final expect energy to the by XX,XXX contracting of we executed activity correspondingly pound Mexico. decision oil system. with capable the XXXX, March include, value continued Atlas, and a associated The however, sanction, wells, include total any X in resulting with a other industry’s for the services Conditioned demand will Shenandoah ultra Atlas has for upon should XXXX to million. Gulf prices, purchases equipment investment front, been Beacon, a of capable and and Shenandoah to that drilling anticipated Deepwater year. is the project very challenged in time, Beacon of which third of the completion ultra program Energy the second of expenditures rig would operations deepwater contract which next drilling to the Offshore The commencing most additional Turning regarding contract contracting incur we be approximately contract under will PSI drilling drill global deepwater project uncertainty have and of a are upgrades, the ship, into among four the encouraged ship to Prior quarter first by quarter program. involve in $XXX predictably the subject the hoisting do industry’s we material delivered disappointing; keep
additional require the project, actively of Shenandoah tertiary customers with engaged with Mexico capabilities. the of ship conversations enhanced a Atlas’ for Gulf in the lower that are we opportunities Beyond in the will
this future contracts of will be positioned very should follow drilling to Transocean with most to only well for secure these dates experience expected start since have deepwater Importantly, closely and the challenging will execute assets ultra we and the Atlas. that Shenandoah contractor be environments, the projects successfully in
opportunities, when below were contracting upcoming we has marginally $XX last ago three even environment barrel. and market from Looking spoke months now per largely the improved at or prices at oil
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Santos further four-year coming Equinor in movement we is which Additionally, the considering drill months in Furthermore, XXXX. we Mobile’s contracting see Exxon for the end in begin some of Brazil at ship could the IOCs country following in recent from initial Basin. believe drilling a contract operations awarding of a could
high that Speaking of specifically will multi-year Equinor, note harsh you recently environment Norway. fixture in semi for awarded a a they
see day we continued the price to While were performance was upside encouraged remaining a market a tied contract day fixtures, the significant near step from down opportunity and recently rate fairly day $XXX,XXX bonuses. uncertainty, awarded rates in oil drop base to given with
in Additionally multi-year respond soon incentive. government’s favorable related expect to for tax recent to the of and first enactment ultra this the In and we to will Norwegian with incentives stabilize award investment Africa, Mozambique. offshore market anticipate favorably we the drill oil investments, ship see deepwater gas operators
see is in a year In begin these Asia with think will both of in very in we awards anticipate also five-well award XX-month XXXX. will year. be work activity offshore for likely we Pacific, Angola it awarded Australia would for commencing We contract an Activity this this XXXX.
throughout other for we countries few duration a have been pleasantly opportunities the to shorter work see Additionally, surprised the in emergence of region.
take While in we that ultra disappointed has $X in we delayed, backlog various almost are see emerging are we we becoming opportunities recovery deepwater once certainly billion comfort again the encouraged and XXXX. by our been
we maintaining XXX. defined taken as to we any Consistent our a young of benefits to see strategy, asset contractor. the our have Driller continue continue significantly action fleet X responsibly high Sedco more the we the semi-submersibles with other well floaters at Looking to retire rigs, operate recently and Development than specification
when maintaining, ages, increased operating costs outweigh reactivating cash an our Beyond of employ view asset fleet and/or potential, continue focused composition. an objective to cash the on criteria the flow we with associated its assets’ When flows our evaluating remove recognize from continue and Despite will specifically near face industry, take medium term. more and the the prudent Transocean pragmatic our to remain we in the actions to challenges to we asset optimism, the fleet. our
activity. ultra pandemic, As were the optimistic we shape; contracting deepwater was entered hydrocarbons thus recovery offshore beginning current significantly, fallen the however, that the to take offshore for of has year, the we a impacting result demand as
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likely of so term. process steps you in contractors formally As are started the other the they taken or do know, a have to either near restructuring that that indicate number
Given strong over Transocean past facing a challenges balance years, the with the not operating restructuring. associated sheet and timely distractions our performance, transactions strong several is backlog, and
every minutes. will and liquidity our does a expectations he an provide As in runway few Mark update quarter, on
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Transocean position and this undisputed drilling. in deepwater harsh able was its time, During environment to ultra as leader further the
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at survive As full confidence before XXXX; in will best brought scale recovery however, recovery. be given will have increase latest assets. market levels capable the it them us benefit are their prices has oil most contractual to challenge this positioned we offshore increase to such, the in not stabilize as into In to as right programs committed to recent operating the with find that performance while market accepted enable ready supportive. the offshore has more to the the interim, their and conclusion, industry’s fold, eventual begin prices and highest activity to we continue customers our a customers drilling projects the safely solution from back with are In the we working to become that oil deepwater our
strategically position. are enhance have We [indiscernible] to [indiscernible] the ourselves proud leader clear that as positioned refine
utilized As most that fleet successfully this remain our Mark? we as such, navigate expect downturn. industry’s we marketed the will
