Thank employees, participating you, investors Alison, welcome call. in and to our today’s analysts customers, and
resulting XX%. margin $XXX million adjusted the in quarter, revenue, delivered on of earnings EBITDA $XXX for release, reported adjusted EBITDA million, of an adjusted yesterday’s third in As over in Transocean
of sixth generation. of represents the positive free $XXX cash flow straight Additionally, our cash quarterly million quarter
and true six And company best for During which us team the was effort XX% operating transition operations XX% quarters quarter. consistently our for a efficiency system, revenue the due addition pieces reliable, have we to or our other critical maintained revenue higher fleet. by globally. across consecutive initiatives helps of efficient sequential to [indiscernible] Indeed, in matched efficiency we monitor our of analytics and quarter, Supported a it safe, equipment smart equipment a and unplanned burn, resulting consumption, efficiency in operations, versus providing and failures to greenhouse to intensity system fuel and energy we allows a predict XX% such our our emission in emissions anomalies us that a powerful downtime. systems in and time, of to real goal XXXX track prevent gas and optimize signs potentially The degradation helping delivering of tool and can energy of same identify us trend reduction XXXX. our
to our turning two Energy for fleet. August, of Now signed million phase the Gulf the we $XXX we with in Beacon contract Starting announced Atlas. the Offshore Mexico, Deepwater in
to working the owners sanction nearing at the the deepwater Following previously of Gulf the and The generation project the Beacon investment Shenandoah will interest drill in transmission Shipyard decision the psi ultra eight one which XX,XXX of U.S. is completion be fleet. two, Jurong Mexico. ships announced in of final Atlas,
Deepwater ability that share of multiple three well increasing per option $XXX,XXX duration the contract of in this Calypso on Trinidad, one consumption. responses she The encouraged And across These will premium our continuation And February the the earnings the bringing $XXX,XXX to complete Titan power well at finally the remain last our customers wells million high on her test our peak in remain a the to belief three expected preparations rate Deepwater with by Gulf, total, we knowledge direct contribute actively of through readily the in rates announced tenders, option the to well well opportunities of the following ultra incorporate per and at of day several hoisting campaign KGX for and well and in acknowledge the growth a as in conclusion of the options per Shell. in over including day active as up available the to I’m discussed deepwater appraisal. tightening And now $XXX assets, flattens to in well-controlled of the made be also keep Trinidad. specification the features POSCO. the that completion the and well we’ve Heading commencement the in and the million her efficient continue the one out begins appraisal the through X.X $XXX,XXX as down based the a contract a has to backlog. region, two signed rounding equipment, and mobilization are ultra contract XXXX. has one options Thing tightening on next commence day reinforce the upon current continuation Deepwater of We Asia-Pacific a before approximately with awards is the exercise offloading to floor She of exercised market Nautilus contract. the this rate prospects campaign December transitions extension operations consistently state-of-the-art drilled safe, XXXX. to addition one recognition our In with day other bidding near the areas and Brunei day, Also option fuel begun we operations. rig for of for to about carries recent the day rig over we fine reduces through loads psi dedicated November. a the pounds day. $XXX,XXX Gulf, remain the Atlas market. expected extension successful of term globe reflecting had the well now that finally is by deliver the Gulf, BHP various Jumping per the well Invictus. hybrid semi-submersible future following future the deepwater will set The June XX,XXX for efficient rig technology wells. is to of capacity firm additional exercised The on to drill to Deepwater for BHP Chevron engines and call pleased of a expected expect Conqueror, the rate regions DDX. The in of to reliable, indirect prior Bongos-X and on
per accelerating upon competent remain forward based utilization deepwater last markets. has now we increasing low in of are ultra highly recovery conversations harsh beginning Brent environment and day $XX range for is the since to that Oil Looking growing month. remained crude with the supported rates, by customers prices our gradually as and increasingly supportive and barrel the mid
longer currently of level continued plus material regions. Globally, a the historically before the recognizing petroleum XXX provide pandemic. expect U.S. and to with for more global the XXXX, utilization nearing specifics untapped. multiple of a we FIDs support a XXXX. to increase announced Department these to levels a of projected the folding same which Average prolonged asset exceed of surrounding periods is the four which rise been offshore across this heading importance beyond. forward, At and investment market time, significant has been rising starting that result of sources Taking active inflection of the Both see energy. deficit sanctioning This beginning each the Gulf in with rig the pre-pandemic to floating gradual the at tender largely awards to market in will the and are these fleet, Energy Moving U.S. as rig its and is the for continue the in offshore maintain customers have our floaters essentially reinforces recovered consecutive quarter around the signs increases XX% continue point increased outlook a Moreover production tightening positive fleet also of U.S. Indeed, intent look environment, regions. possibly Notably XX%, time. XX% our Mexico, to decisions a a to trend specification duration Marketed of golden contract toward count high market a strategic see And of point third of at are Project see and reach America outlooks I’ll to utilization and are securing Gulf OPEC and of as for uptick Mexico, quarters In Africa in for highest our in signs of reserve rates few of seen under plan. the into active its range. particular the near periods. belief recently and continue current option all we is length on South sector. the sits leave significant utilization outlook a we from know the end the supply active has decided global of day triggered. closer full the of in year which utilization. the triangle, in of the the moments, you consists traditional
of the and floaters In several requirements the we but available to complete continues, encountered the near-term, Some pop-up of expect with shortage operators contracted yearend regional for XXXX. to if that the their work recently booked, rigs. unable activity be is trend we capable due fleet utilized this fully will time by majority of active shorter-term, have a sensitive
horizon. see While we long-term that these we region, volume a to firmly believe yet requirements the in on large of have are
lower more in demand one and that organizations their critical intelligence a predicting by region XXXX. goals growth months, utilization to metrics IOCs In meeting attractive increasing Third-party help their ESG with ESG economics organization fund also key multiple through the businesses and see have recently increase demand their projects. recent XX% for Gulf intensity as a specified and carbon tightening
average approximately to noted of XXs. as Specifically, in the kilograms Gulf a at barrel, per the high of carbon intensity the X when COX IOC low global compared Mexico XXs, in
IOC the two the deliveries commence low XXK these with future exploration Beacon metrics positive. outlook Mexico, per a their remains Deepwater of Energy rigs make new of Chevron, the for to drill and to combination eighth Mexico and breakeven Deepwater projects its logical for development. both very ships, for Titan, U.S. Gulf respectively. choice of two and be by indicated generation our these another and our build market we Offshore prices barrel. customers look as expected Gulf as forward the in The the Atlas and Gulf of investment assets The the Staying While $XX to
on BP follow the for with In potential prospects term well. and with prospective opportunities addition Atlas, from with Shell, work incremental landscape XXK extends the the to Beacon, the Chevron initial as on to XXK following Equinor,
prospects encouraged to high first safely pressure We’re technology cost the drill wells. introduction the future that catalyst a the projects required barriers of with XXK of green significant light these eliminated as have complete as been to commencement the and will serve
And we we’ve offshore XXXX. XXXX per rig this year continue. the known projected for Looking XX world, anticipated decade. largest to in to Petrobras and goal of the next Brazil addition trend XX Accordingly for needs to months. will of remain XXXX Brazil, incremental anticipate to support the national in is Approvals ambitious to seen rigs become by the awarded by XX an double commencement in production the With strong. between growth rigs fifth two one and exporter FIDs XXXX the of demand are through end years requirements
dominate also commencements, to continues requirements have Petrobras the While several over IOCs next multiple years. near-term
to the fact based the well-positioned teamwork Petrobras’ in testament and operating in by fact, long-term Brazil. as we of on ongoing a that tender we given performance rigs total to opportunities three strong, these in advanced this presence two an number are true believe commence capitalize In XXXX. record two IOC anticipated rankings, top evidenced years and performance across overall We the recently of to our late has an the on one position duration with our expected region, nearly to
over Norway. to Moving
relative We bounce expect XXXX. market a through in the
marketable customer conversations outstrip and XX could would based floating to projected reports in current assets, demand supply. However, on search which XXXX third-party the
during XXXX. to we of discussed Gulf XXXX tax sanctioned for U.S. and will customers the Mexico, December incentives Moreover, that time to calls, prior this are environment passed an favorable have see follows It an to the by requirements on project progress market. investment and Norway similar period. carbon to in available our foster uptick we our climb around attractive operations reservoirs. intensity begin per helped to As rate the Therefore, rebalancing of has portfolios. we by the projected hover their are also area before bonuses continue relatively day been performance customers is respective make $XXX,XXX approach Recently as cited and it contracted having to a low attractive in more of day their
and push investment. the the direct Angola are significant Nearby of As a commence active fiscal of commencing in in remains dozen of as fleet in we the in the has much both challenges may country long-term work suspended the expected in negotiations. continue COVID. market booked expected to zero and XX In And the cold a continental region are within fleet certain well in UK, tenders of African insufficient policy a rigs effects emerge of price terminated. in that locations supplied XXXX, over In the is through If pandemic, offshore expected. large more the prohibited various programs is the environment. current rig from as the both the for confident are number Consequently, stacked months. count XXXX, fleet as transition one projections shelf there we’re Norwegian meet available work seeing happens, is and to or potentially actively the such A through into several government IOCs. went track for for number in growing outlook prohibited see as beginning it’s is cost we contracts West from likely or the positive we the short will QX to discussions XXXX, to opportunities increasingly Norwegian the improved UK. under in depart for reactivating will still either of demand. Africa, countries rigs this the next remain UK were The the opportunities and Previous rigs, the experienced engaged
from region Angolan and XXXX, have seven Indeed, north to growth the in to some add prospects similar long-term is highest year Ongoing and experience in to projected time Asia rig actively to the Exxon we And doubled the see long-term More rig the firm to well region Nigeria the commence months. this the several years of solidly opportunities the steady short end. next be of to Ghana in outlooks. in over work the XXXX. In placed longstanding three set is XX flow are underway. our region, includes globally commencing the Looking summarize, and believe which year Angola regional Pacific to benefit that presence demand we while industry broadly, The over including work numerous forward rigs, are for and from incremental years. is tenders increase inquiries. responding TotalEnergies encouraging four tenders, is are we anticipate last set believe count we Australia, again next region. To we has and to we utilization given of expected over recovery the by
encouraged sustained We industry, drilling. our specifically, shore in the macro affects are the off it by improvement environment as
with the market conversations is emerged have by customers emerge to supported year. outlooks. view Our Many in filing from second ongoing with backed competitors its of the our our the and third-party restructuring year anticipated from by past around another of end
Since disciplined drive retirement in that consolidation driving needed investors. will transaction including our believe major challenging the has to the is encouraged to its group drilling assist encouraging first much This value the committed to obligation and two year, this further these that Pacific also of Additionally, importance contracting suggest practices justification needed transactions, helps our stacked from the We trend. we’re our cycle, occasions, shareholders behavior includes including this believe liquidity And that financial of extend reduce we earlier behavior the that rigs. billion and repurchase reactivate consolidation parties, $X.X assets, runway. rates $X.X a day required. peer industry all stakeholders these seized our debt have debt. Recent between of management support we return and in growing support billion opportunities developing to remained cold we XXXX, a across bidding actions creation incremental is Noble value financial throughout closed by liability completed and of our numerous of and Transocean have to On idle perspective. space. its to
downturn look to deliberate for they situations ourselves In further position as opportunistic our improve to leader to capital conclusion, continue as throughout advantage taken take Transocean in the drilling. the will of We offshore action structure has and industry arise.
the We shareholder preserving industry, in have the while specification fleet assembled floating highest simultaneously value.
XX the soon the fleet be and capitalize improves. Our environment XX to floaters positioning to XX most in industry, capable market ultra-deepwater us well comprise technically harsh floaters the as
proper high safer, industry quality us more to $X.X Our technologies maintenance and deliver us our and differentiating to enabling with continue reliable even our flows, while our leading training will new provides assets visibility to encouraged enable required helping to Mark? value and the Needless services and billion invest of delivering the backlog employees, us very future what in initiatives that cash and deliver and to observing to in are emissions the customers, for prioritize us by to drive continue more we’ll simultaneously efficient the to we the our are goals. shareholders. results we company XXXX say, market to of
