Transocean reports Q1 adjusted EPS (3c), consensus (14c)

Reports Q1 revenue $767M, consensus $787.04M. “Over the first months of 2024, Transocean has achieved some fairly significant milestones. First, we secured a 365-day extension on Deepwater Asgard at a rate of $505,000 per day, once again demonstrating the sustained tightness in the high-specification floater market as well as Transocean’s ability to command industry-leading dayrates,” said CEO Jeremy Thigpen. “Additionally, earlier this month we finalized a $1.8B debt refinancing transaction, enabling us to improve near-term liquidity and start the process of simplifying our balance sheet. We also completed the extension of our revolving credit facility to mid-2028, further enhancing our financial flexibility.”