and customers, Thank participating Lex, you investors today’s analysts call. welcome employees, our to in and
this with maintaining prevent As any associated please spread quality therefore we to during of forgive work remotely do our have March, the call. part to to since we continue challenges audio COVID-XX,
delivered $XXX in the margin adjusted for on million adjusted EBITDA with million almost As reported of in yesterday’s release revenue. $XXX third EBITDA in XX% adjusted quarter, earnings Transocean
experienced this season efficient active pandemic deliver around including cash Gulf operating operations for in driven number million of generate customers Mexico, to which an Despite reliable $XX strong to extremely our storm we world. flow. and our committed challenges, and a in by global operating performance enabled continued and teams a the us was Importantly, of the safe,
crew the will a During To XX I you we of put challenges share that perspective, XX across rigs active change, our third with rig. require countries. pandemic XX in enter period of also members before just quarter, crew ranging regulations, related our some had and five protocols test quarantine country depending to XX from on rigs days, have secured a COVID-XX joining a and the must before they negative to customer
exposure than the with friends. addition meaning overall X,XXX In asked have home, from testing, members serve to reduce associated time of more delays our even and to we crew family hitches, quarantines and away more extended
coverings the quarantine hitches, subjected their while to not crews our are when practice resolve. face with members distancing absolute to success. crew are addition protocols In Their say, demonstrating required sacrifice our It’s these inspiring. just Transocean’s to suboptimal operating are dedication is persevere daily truly and conditions, company and and to crews commitment yet our and to wear checks social rigs temperature certain Needless possible. to extended onboard period our our
of global spare the the executing and Our extraordinary. coordinating, excellent movement our of The forced organization delivered a thousands entire adapt. customer the during staff. has is be our of including lockdown planning, testing nothing involved service of COVID-XX without of shore-based could to in and logistics not contribution personnel, pieces equipment organization, parts short
of the before have entire we our level a meetings the virus. the our the Virtual spread continued around did strength offices world and the COVID-XX. to new continue normal, deliver we to as of and the help and work expert employees closed Our technical to as rig provided high resilience are testament same of remotely performance largely support organization, remotely to and mitigate remain
our this, of sacrifices extend every and they the gratitude to and has all result make each women the keep all throughout for truly our and operating deepest I resilience reliably day however, personal the a of of to efficiently our rigs and my safely, Transocean to support men is strength demonstrated customers. challenges this tremendous pandemic face team remarkable. COVID-XX; For of We as
long every We customers. deliver for personnel while to will to our and operating necessary and continue safe to we keep take our healthy best-in-class crews precaution our performance shore-based necessary as as
third our Now the This third result crews often bonuses fleet our closely proud performance as a expectations. exceed exceeding investment as drilling our and I’m million Transocean, in development during and of day customers’ innovative more technologies, continues our the assets, high and to training looking meet of our performance, each effort quarter in achieved to collective of for whole of at quarter a extremely deployment our improve $XX leading programs. the schedules. including specification industry through result our is direct a continuously
by our in in practice compensation revenue of performance, into ultimately cash. Obviously linking many into In revenues. a level have helps high enhancement interest our performance addition, customers our efficient of and our conversion eschewed, of backlog competitors aligned and billion that to have this we the resulting an with $X
Since one-year to begun Now B. Loyd prospects are already In until its with is Barents operations full continues in the prepare XX-month on we contract her the opportunities somewhat Shell demand turning campaign her to about be process placed completed DDX the potential in for U.K., and believe well and in mobilization to the of DDX Norway. area. continues the Transocean robust, off Canada, Norway Paul have the quarter with we the kicked are starting recently in In completed Trinidad, fleet, Junior. encouraged XXXX. and with successful Chrysaor We mid Equinor. bleak to follow-on a future campaign first the her Canada
anticipated coupled the the the early recall, upon reported further the the you but termination the allowing July. rationalize into prices, program the of quickly Greece. improvement B. oil Last Unfortunately, program XXX near review we of termination. and her quarter, with work India’s to Egypt; course cold with of no for was As fulfilled in drilling Loyd, was us on transferred drilling full originally fleet. however, the the slated in Deepwater the India horizon, Paul Burullus reversed term This may to we moved prospects without to early our successful work stack kept
Moving to Offshore XXXX. report option exercised its India, XXX-day KGX. keep Reliance on will quarter the I’m second busy pleased This to through of the her
Australia the Pacific, with successful completed Asia campaign to Moving Chevron. in recently DDX her
any currently for we As not we do cold decided to term her, near have stack her. opportunities see
day. rate. Woodside in will a commenced in be of full January on which Woodside her point Finally, commence believe with the we and on operating reduced is We at week that mobilization $XXX,XXX day just Myanmar currently contract KGX rate standby this will day per at
our profitable on decided Arctic. downturn we start quickly we addition since of opportunities, Transocean completion past a In fleet. has in units, remain diligent retirement less remove to with for and once of working, her active drilling in rig upon as our disciplined keeping active our philosophy Consistent recycle we of competitive XXXX, practice fleet our the we campaign, assessing ongoing the marketability, the to recent determine from her fleet have demonstrated we few and that
opportunities, when months spoke market minimal the we Looking interest. there was three when now ago, upcoming last contracting customer has improved at materially environment from
reminder, tangible see unfolding. recovery a signs of were the we As when to entered we starting XXXX,
and early assets and exceeded the we to improving, deepwater environment increase several in recovery momentum. fully high XXXX, reducing to from awarded the specification day COVID-XX, experiencing very be to work temporary XXXX. and higher. world with prices projects encouraging by was rates oil were future around ultra lows, was in and when day, that visibility that historic the latter market at optimistic stalling fixtures sustainable were and starting In of signed XXXX. production a to reassess major fixtures in was XXXX earlier to of This harsh half utilized, and in end ultimately momentum utilize ultra market first XXXX. customers were a increasingly trend the year of respective utilization this deepwater $XXX,XXX, to of picking pause among Our many we delaying them coupled sanctioned and we increase their these energy. light up day also many points, the $XXX,XXX producers the early of represented Understandably, of half the was hit drove this the spurred to caused and protracted with portfolios through Unfortunately, the how XXX% for our data demand that expected rates was that supply which led disputes were when we with Indeed,
deferred been anticipated by delay fact months. projects encouraged these cancelled; certainly instead, the we approximately most they’ve not been have in XX disheartening, has by been previously of the While that are awards
pre-COVID from the doubled has this fact, the our bidding quarter to point activity In second returned and quarter has level low in levels.
Bacalhau recently IOCs several its awarded during handful we in dates quarter, fourth quarter Furthermore, is a independents, pre-salt near and the in the in half is and a participated has near re-tendered future. by second to the field, in start we more Petrobras projects encouraged fixtures project expect challenging, Gulf closer bids participated same awards recently During globe to In Taking U.S. XXXX, Tres term Brazil. and Marinas program of emerge Petrobras XX Mexico, amount [ph] starting in and activity the beginning see which the the the in third hit. just COVID Brazil, long are XXXX in we around while term the of of the NOCs. among in four-year before the the look of we with for bit remain a the improving Equinor
the capitalize projects Moving of and incentives the result this will opportunities as over market two Norwegian of enactment favorable to to as on over incentives. next favorable gas tighten more about investment years. government’s unfolding are continue oil the sanctioned for excited projects brought tax to forward anticipate Norway, we are a We the recent
region, excluding could awarded industry-leading months Total’s could Barents. Mozambique, several fleet Pacific that be tender XX for be made work over Africa, Transocean few anticipate the soon multi-year medium XXXX. be awarded for specification most see believe identified our tax In day assets and assets XXXX we projects for a we plus projects mark sold we optimistic performance the the dozen are fact, move $XXX,XXX the such be out in two that In the work coming next recent as XXXX. months, which could we of as the bonus in for will in about change. programs the exit with beginning light per starting and around be prospects green in Asia could In which the including Australia, again all enter market fixtures once the include forward, incentives, we and term long given high for will of XXXX, these of awards that If result we’ve Norway, future the
may know, work continues are that you and opportunities the continued volume the has As demonstrated while ultra deepwater disappointed difficult recovery nearing encouraged opportunities multiple for through times beyond. to COVID-XX levels. these the In pre in and of by emergence of activity we this region are XXXX we is delayed, be summary, certainly
some approximately term. take will comfort remain continue challenges backlog, pragmatic, and Transocean to that very we the our near the those While to in the recognizing billion $X specifically we industry in face
In timely fleet, As flawless the into will including know, our operations the and from further scrapping capital executing structure take third active actions active was necessary backlog much regard, quickly limited or delivering that to cost as to revenue of this preserve as our stacking improving to cold you such, us enable transactions. likely enhance but quarter the not and to to convert very a possible, evolving perspective. and idle markets non-working opportunistic financing we fit continue as assets, liquidity,
of liquidity we so to debt series During undertook improving actions forecast. reduce and importantly also the period, our more a did our while
interest result, our As extending by quarter almost runway continue to we liquidity reduced our billion, expense reducing navigate through as this our successfully a we the debt cycle. $X economic and during
we’re demonstrated have we several over last the done. years, not As
and Our they can execute disputes transactions time finance successfully and as and legal teams favorably proven again fiscally we resolve responsible arise. that have
future. a in us our sheet assets, way to development be few our differentiating We people, I the regarding formally in of have that the drilling balance and that the indicate like from likely of now continue have near a peers to to they started to steps would technologies. in will our or that managing the are state so in process majority continue provide do our invest The new and sector to offshore comments proactive either taken of restructuring perspective. the enables our
we advantageous in large different the and a are liquidity relative associated position transactions, we our competitors, focus not backlog, restructuring with difficult balance Given strong and our maintain nor to to liquidity and able and to our have operating we’re crippling operations process. performance in believe customers. currently prudently enhancing decision a as we Transocean sheet a and very is experiencing are Instead, our we to continue delivering demoralizing the invest importantly such a business distractions sometimes singular best-in-class on to facing
with from shortage expense marketable which and industry significant eventually support with need rig industry’s marketable cash of of most and competitors should to we emerge teams. prices see; largest upon to is therefore, inevitable and necessary Transocean assembled that will of impact an the has is Transocean some providing pace contracted may the strongest inflection day favorable a most strategically in at starting floating we associated the maintain invest assets. competitive backlog, an we approach crews and natural take and consolidation, in with shore-based and the to levels, our the stabilize immediate continue the the stacked restructuring, positive flows at fall count, As industry rigs experienced maintenance training we see due Furthermore, largest crews almost in expect reactivating are possible with the which us oil to contracting our contracted fleet rig and we industry the in fleet to a economics. the to rigs likely already our our future the that believe In the on continue fleet supply more most maintain rigs. that competitive lucrative most is to when rates to based conclusion, contracting we and of result will the ensure to visibility it have disciplined the remain fleet. meet that with that in actions We
to challenge scale recovery not market best will before our preservation In to and we offshore market however, the the stabilize, confidence we it the customers in cash begin be likely XXXX; committed latest activity from accepted the to deepwater positioned benefit generation begun ready customers As such, are to We’ve their of us increase years the has offshore survive the this and to flows. recovery. eventual a in full interim, that will gives are of middle the and that market our come. as to
deepwater harsh will as our to enhance and refine in positioned to continue proud to the have leader are We ourselves further fleet strategically clear that environment ultra and drilling position.
As most that such, fleet we marketed we expect cycle. our economic it turn current as navigate utilized will industry’s that, over this remain successfully I’ll With Mark. the to
