Transocean Stock Inches Higher After Q2 Report – Transocean (NYSE:RIG)

Transocean Ltd. RIG released its second-quarter results after Monday’s closing bell. Here’s a look at the details from the report. 

RIG shares are trending up after-hours Monday. Check the latest price here.

The Details: Transocean reported quarterly earnings of zero cents per share which missed the consensus estimate of earnings of one cent per share. 

Quarterly revenue came in at $988 million, which beat the analyst consensus estimate of $972.89 million and is up from revenue of $861 million from the same period last year.

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For the second quarter, Transocean reported:

• Contract drilling revenues for the quarter increased sequentially by $82 million to $988 million.
• Operating and maintenance expense was $599 million, compared to $618 million in the prior quarter.
• Interest expense was $141 million, compared with $152 million in the prior quarter.

“We reported a quarter of safe, reliable, and efficient operations, resulting in an adjusted EBITDA margin of 35% and free cash generation of $104 million,” said CEO Keelan Adamson. “This result reflects favorable revenue efficiency driven by high operational reliability.”

“We also continue to improve our balance sheet and are on track to reduce our debt by over $700 million this year, creating long-term value for our shareholders,” Adamson added.

RIG Price Action: According to data from Benzinga Pro, Transocean stock was up 1.78% at $2.86 in Monday’s extended trading. 

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