and today’s analysts Thank you, in Cale to and participating welcome investors customers, employees, call. our
to just the global current Before affairs. I quarterly on thoughts get a state few would the I provide into update, of like
$XXX exceeded observed first quarter, we per regularly the which During prices, barrel. oil
to oil and sustained importance the to hydrocarbons the and that reserves resulted produce of of Ukraine security, and diminished world’s driver persistent we E&P these the in has attention invasion prices. higher Russian the certainly the companies primary higher to the by While contributed underinvestment serving resulting the capacity energy globally replace believe value as on of focused prices sanctions
the in past companies to well over left invest the know, investments form that various growth you certain some have shareholders initiatives. has replacement their of offshore less dividends was distributed reserve capital invested production as few As for years, capital may them and earmarked in this E&P All previously buybacks the plan transition with being projects. else and for and equal, to of energy in, develop as instead in
of that steps carbon taking While adequate to future firmly achieve energy also ensure critical question continue is Hydrocarbons recognize lower play without reliable role we and we a diversity central proceeds. as is will a energy to believe to that the important, sources a supply. transition
a sale energy fact, Outlook by our natural flow global XXXX nearly is that role In transition increase gas customers. and XX% EIA’s funding the will International next cash XX generated technologies years. and play critical consumption indicates over expected oil the energy from to Energy initiatives of Indeed, in the
production favorable. worldwide resources project energy continue base, lower meet work ago, and companies gas growth to renewable the and proven experienced economics several cost now than robustly diminishing in industry demand commodity and years reserves. offshore combined with constructive to development of meet the With consistent remain exploration projects and the prices, replenish will the are from for expected natural demand most to While both and sources to this demand. very small rates, significant will to engage petroleum a increase continue albeit Exploration experience
for projects their well that and XX% profitable approximately respective fact, are offshore consensus breakeven numerous $XX per price that customers industry projects barrel $XX per of experts barrel. In is claiming the indicate of the below observers at with
Now, to the quarterly results.
the delivered EBITDA revenue. our fleet of $XXX $XXX driven professionals of for operating for million experienced by As quarter. we discussed team quarter, in adjusted on yesterday’s in XX.X% again performance earnings first the strong who adjusted This release, was uptime million of reported
Let’s the fixtures. and fleet recent now to turn our
During Heading added of rigs $XXX,XXX to for Invictus. fleet. to backlog with backlog idled Gulf south $XXX,XXX III its the idled since the contract Skyros into of X-well an an Inspiration rate our with securing us a Deepwater million continuous incremental service Mexico, work, wells our and the rig and rate BHP The returned keeps work, X just mentioned press we The recently increased with $XXX one fixtures leaving we Mexico, of day. an at the day with through to And Colombia, years quarter, in we a returned the day. contract additional in an day secured additional additional busy as our of of the Energy day. of in in were rigs extension increased EnVen Petrobras of able the rate $XXX,XXX Invictus Driller on a busy remaining with Development January. worldwide per extension the QX well recent January to XXXX, Gulf rig at X-well the In release, The of XXXX. in BHP. Deepwater concluding at of million $XX.X representing rig been only per Remaining secure secured first had keep most X XX-day warm per
we while January earnings pursuing The to work well-deserved X-well actively we Given this added In day, per the rig as which in totally Year, of the performance. base performance-based Skyros her operational for similar much region, days availability of in keep into to with work, the secured the Skyros opportunity as for escalating working released. this is the tenders are significant The favorable XXXX. announce of superior its assets additional very additional for Deepwater long-term recently was we operational we our of rate provisions are XXX year. The a stellar of Rig at are work reputation experience rate extensive Spitsbergen was rates a at day on country recently campaign will extension a and XXXX. also additional lack pleased in strong award previously work rig, Angola, combined Total’s for XXXX. East of major work. the $XXX,XXX not May of to a to rig contains with now $XXX,XXX Deepwater a opportunities the Norway, through at later earn additional some operator the thanks bonus. appreciated, commencing to the contracted of we a position In win that into India, with Heading the our our to three agreement in awarded release, Transocean of believe Based mentioned performance, were surprising
take have and remained XXXX, while prices, offshore industry activity. a are Oil steady volatile, highly and we toward by increase are for market trends somewhat driving the we supportive encouraged As upcoming look continue opportunities to that in shape.
committed with utilization to with consistently experts tightening continue see XX%, suggesting unfolding as high utilization exceeding a We some the across multiple offshore industry market as of drillship regions XX%.
the has new they inflection Clarksons, on further point than higher rig the day replacing. for awarded X that an years, market to As evidenced time contracts are are contract rates reached according broker first in the average being at
ago. analysts Rystad’s this X Rystad year-on-year, Additionally, expectation yet their increased expectation again double investment, Energy months just short-term for is XX% time which to Deepwater
rigs rigs the X environment have removed more contributed Since current As permanently to we recent driven predicting past than XXX in scrapped global the rigs the increase the has from cycle historically supply demand have during XXXX, the of floating by been of floating years, benign active shortage day and scrapping the over been low rates. fleet.
demand and times upon XX strongly equipment. a lead we increasing rigs rig for required at even equipment. which execute, combined than and stacked and limited long the constraints that slight very cost to Based definitions, several globally. have data costs, least some with due floating given to escalation between to benign current believe will return of could additional the to cold rigs stacked due cold their depending differences is that We real take reactivation possible future and these estimate cold addition, will availability are the don’t and third-party the of stacked in XX market. would the the and to marketable estimates of never there increased rigs of actually that In drive Also, specifications is has reactivation supply more supply in be suggest required headline it high months chain XX upon
want of Transocean rig. to reactivate reiterate the I that a will reactivations, not speculatively On topic
will active Per there a bring addition to our in fiscal prepare with of to committed remain believe shipyards at We likely the We and contract investment. capacity underlying believe XX capital currently costs. in each construction assessment go are additional on significant will million order return incremental majority progression. to these that excess books, dayrates fleet rigs is of of $XXX We to utilization we to investors. their suitable and that or only Fernley’s work, which of in $XXX recent upward to newbuilds to hands rig require the will generates expenditures discipline a ultimately million the recently continue
per $XXX,XXXs Mexico, coming believe As and assets await which XX%. Deepwater possible day Taking combined constraints with of low day assets rate the in worldwide the already very of the look nearly Deepwater industry high-specification the the a recently near years of day, of ago just most few our fleet. the at and are the of future where in closer of exceptions, most enter with we and months. $XXX,XXX the region the will participants, aggregate from liquidity market. such, we drillships, govern above newbuild from the global the the the cold increasing in announced this of chain, balance constraints entry newbuild fixtures. the eagerly see few well will Remaining supply both reflects stacked concentrated $XXX,XXX the Titan, active we delivery we Atlas utilization per in of to Mexico, that which is Gulf over growth environment, day currently in these continue tightening drillship of to in will the sheets Gulf the Many rates U.S. significant sold-out the committed exceeds awards observe made It a around market two rates global into
and floaters drilling the as secured Mexico drilling deepwater has Offshore Gulf firm contracts offshore you served will behalf of recall, respectively. As have for leading Historically, already other on Beacon market a of for these indicator Energy Chevron markets.
therefore shortage recognition Gulf in September rigs demand rig XX% and improving negotiations. terms, in looming contractual XXXX rates higher tendering in for of through with of customers’ there direct strong demand multiple durations lengthy is reflecting expect analysts increase negotiations or growth In to America, we customers of day from locations Industry Latin longer and As XXXX. going March time forward. of limited a continue the increase Mexico, that a expect with
are XX incremental opportunities. Given these infrastructure track believe support our the we record very compete we well experience, region, for to operational and in established positioned
X new new additional week, entering rigs, X last could Just necessitate Brazil. issued to to rigs Petrobras up for multiyear up which ultimately tenders
the of This rig as years combined the months. XX and and discoveries within a driven X In minimum add specification in large by return activity MPD With demand needs. Mozambique areas next are by Ghana for could other Petrobras commencing floater Africa, demand additional like of years opportunities XX floaters pockets start medium NOCs, more in West the MPD from or we to the rigs region. addition Angola to Current in insufficient America strong of the materializes meet remain units and a to Latin with reactivation with greater this Petronas idle could should demand. but in Asia, We Asia-Pacific, years. If durations the that required recent be Equinor, several long-term next horizon, Total months. demand, more to in no in we demand IOCs are program There Energies year we see with and the no for the In than other awarded. Nigeria. opportunities rig remain are XX of encouraged developments those In are which specific region, and Namibia, opportunities including supply XX available would high be the within over to to additional expect, next commence work prospects in there of on major is opportunities with will years very rig drillships Shell, meet XX than expected XXXX. X seeing
XXXX. seeing are in demand occur for Australia, We also which most increasing is likely to
A critical delays to XXXX. by as subsea what to in Asia, operators and equipment. shortage program to anticipated Norwegian likely is in to stronger harsh out the record the move are XXXX be are expiring seeing similar based at end a maybe sanctioning in Norway incentives. the in a due time. XXXX for there to rig market Australia market and market, however forward projects sold utilize of a summer environment Norway anticipate season. Transitioning of tax in in a challenged broader expectations However, beginning shortage year stronger that by We on of a into XXXX level drilling we mid-XXXX market do is
Our starting active This tighten in in an could further rigs which in environmental there assets in the very lack is need Nord stands for And offshore supply contend received also XX and/or active market with the additional region rigs. of with evidenced Norway Newfoundland. in Total and currently if customers by warm market the real has UK, a the project possibility a approvals leave at may Norwegian Canada, that is in now only XX% recent UK Canada Beta XXX-day assets. working utilization a to late of tightening as XX tender XXXX. the
tightening Norwegian generation us Transocean over rig, the well an market. find cold-stacked in remains the some of in to which Given This as Sea. anticipated a semi-submersibles rigs from obviously the providers the next North year, two work further of environment moved UK the reactivating main could of to sixth perform hot we bode Norway in prohibitive ourselves the of would the cost for are one
of security rigs. expect requirements, a an the recent energy result now in for by made to European demand UK energy regarding support Additionally, announcement the as increase government we policy
of oil in summary, are new the North positive XXXX. contemplated fourth that earnings evidence the projects the the customer conversations, of market to The We tightened last that past outlook encouraged the and fixture and the gas at licensing has and increase. of new reinforced In actively of couple months a are fall more is analyst responding have tenders industry since for is to during call continued commodity increasingly market end our by rates round contracts Sea by the for than quarter, demand recent trends, our reports emerged and further day projections balances. clear and supply number
As a rate currently combination opportunities best gen significant of the of to rising reminder, represented Xth steadily XXth, and by a in idled continue rigs our will we rigs. stacked the obtain has Transocean portfolio market, manage our context term. Xth or to growth of and
basis, We ensuring will for financial these evaluate opportunities case-by-case creation on shareholders. on that all the value in a results return
capable which our efficiency assets while Mexico the operating in we all red Gulf riser area personnel consistency continuously improve around As The robotic always first fleet eliminating you Transocean automates riser rig floating know, system rigs most our completed technology just and rotary operations, of need owns in around from implementing table U.S. a the of industry’s and the the by value the work operations. first pool for innovative and zone The the of activities improves in simultaneously safety during improving increasing technically and feet. and X,XXX to system robotic are world. safety, cooperation was efficiency operates customer its with the riser installed on of
to We kick system Mexico. early first month well with rig the deployed enhanced monitoring detection operations in fluid to of a another integrity delivered The through anomalies. the will efficiency drilling and for has improved flow volumes deploy this was detect benefits enhanced a help U.S. second customer Gulf and quarter developed in system
KBOS a well emergency fleet. visibility flows our new landing deployment, just shearing to shearing following to across deployment system unrivaled Mark? and enables backlog benefits the pleased will Mexico, a anticipate selected we the technology to these U.S. leading conditions. recovery. now industry the I to technologies of industry KBOS the over over across cash pipe result continuing will string milliseconds for are Mark. sustained to sharing with our with capability conclusion, our positioning Needless future global grade a in safer Gulf say, look us of technology, tested will continue Transocean rigs provides provides In we process. such demonstrate to performance drill be the a very the call In construction turn a in forward in of successfully what us that Our we that XXX-day
