Transocean Ltd. Reports Fourth Quarter and Full Year 2024 Results

Three months ended Three months ended December 31, September 30, sequential December 31, year-over-year 2024 2024 change 2023 change(In millions, except per share amounts, percentages and backlog) Contract drilling revenues$952 $948 $4 $741 $211 Adjusted contract drilling revenues$952 $948 $4 $748 $204 Revenue efficiency (1) 93.5% 94.5% 97.0% Operating and maintenance expense$579 $563 $(16) $569 $(10)Net income (loss) attributable to controlling interest$7 $(494) $501 $(104) $111 Basic earnings (loss) per share$0.01 $(0.56) $0.57 $(0.13) $0.14 Diluted loss per share$(0.11) $(0.58) $0.47 $(0.13) $0.02 Adjusted EBITDA$323 $342 $(19) $122 $201 Adjusted EBITDA margin 33.9% 36.0% 16.3% Adjusted net income (loss)$27 $64 $(37) $(74) $101 Adjusted diluted earnings (loss) per share$(0.09) $— $(0.09) $(0.09) $— Backlog as of the February 2025 Fleet Status Report$8.3 billion STEINHAUSEN, Switzerland, Feb. 17, 2025 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today reported net income attributable to controlling interest of $7 million, or loss of $0.11 per diluted share, for the three months ended December 31, 2024. Fourth quarter results included $20 million, $0.02 per diluted share, discrete tax items, net. After consideration of these unfavorable items, fourth quarter 2024 adjusted net income was $27 million, or loss of $0.09 per diluted share. Contract drilling revenues for the three months ended December 31, 2024, increased sequentially by $4 million to $952 million, primarily due to increased utilization for one rig that returned to work after undergoing a special periodic survey in the third quarter and higher reimbursement revenues, partially offset by lower revenue efficiency across the fleet. Operating and maintenance expense was $579 million, compared with $563 million in the prior quarter. The sequential increase was the result of higher in-service maintenance costs across our fleet, partially offset by a settlement with insurance carriers. General and administrative expense was $56 million, up from $47 million in the third quarter due primarily to increased legal and professional fees. Interest expense net of capitalized amounts was $152 million, compared to $154 million in the prior quarter, excluding the favorable adjustment of $61 million and $74 million in the fourth and third quarter, respectively, for the fair value of the bifurcated exchange feature related to the 4.625% exchangeable bonds. Interest income was $10 million, compared to $11 million in the prior quarter. The Effective Tax Rate(2) was 89.0%, up from 6.0% in the prior quarter. The increase was primarily due to higher income and increases in valuation allowance. The Effective Tax Rate excluding discrete items was 56.7% compared to 22.5% in the previous quarter. Cash provided by operating activities was $206 million during the fourth quarter of 2024, representing an increase of $12 million compared to the prior quarter. The sequential increase was primarily due to timing of interest payments and decreased payments for accounts payable, partially offset by reduced collections from customers. Fourth quarter 2024 capital expenditures of $29 million, compared to $58 million in the prior quarter, were related to capital upgrades for certain rigs in our fleet. “In 2024, we continued to advance our position as the technological leader in offshore drilling by, among other things, executing the first two 20K subsea completions in the history of the industry,” said Chief Executive Officer Jeremy Thigpen. “We also introduced and implemented other technologies that enhance our operational performances and further differentiate our fleet. This commitment to innovation, along with our reputation for delivering safe, reliable, and efficient operations, is clearly recognized by our customers, as demonstrated by the $2.4 billion in backlog we secured during the year.” Thigpen continued, “With industry-leading contract coverage well into 2026, our primary objective will be strong operational execution and an intense focus on cost control to ensure we maximize the conversion of our backlog to cash, enabling us to continue de-leveraging our balance sheet.” Full Year 2024 For the year ended December 31, 2024, net loss attributable to controlling interest totaled $512 million, $0.76 per diluted share. Full year results included $458 million, $0.50 per diluted share, net unfavorable items as follows: $755 million, $0.82 per diluted share, loss on impairment of assets; and$5 million, $0.01 per diluted share, loss on impairment of our investments in unconsolidated affiliates; partially offset by,$161 million, $0.18 per diluted share, gain on retirement of debt; and$141 million, $0.15 per diluted share, related to discrete tax items, net. After consideration of these net unfavorable items, adjusted net loss for 2024 was $54 million, $0.26 per diluted share. Non-GAAP Financial Measures We present our operating results in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). We believe certain financial measures, such as Adjusted Contract Drilling Revenues, EBITDA, Adjusted EBITDA and Adjusted Net Income, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP. All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the company’s website at: www.deepwater.com. About Transocean Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world. Transocean owns or has partial ownership interests in and operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters. For more information about Transocean, please visit: www.deepwater.com. Conference Call Information Transocean will conduct a teleconference starting at 9 a.m. EST, 3 p.m. CET, on Tuesday, February 18, 2025, to discuss the results. To participate, dial +1 785-424-1116 and refer to conference code 540196 approximately 15 minutes prior to the scheduled start time. The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. Supplemental materials that may be referenced during the teleconference will be available at: www.deepwater.com, by selecting Investors, Financial Reports. A replay of the conference call will be available after 12 p.m. EST, 6 p.m. CET, on Tuesday, February 18, 2025. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-1152, passcode 540196. The replay will also be available on the company’s website. Forward-Looking Statements The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2023, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean. Notes (1)Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. See the accompanying schedule entitled “Revenue Efficiency.”(2)Effective Tax Rate is defined as income tax expense or benefit divided by income or loss before income taxes. See the accompanying schedule entitled “Supplemental Effective Tax Rate Analysis.” Analyst Contact:Alison Johnson+1 713-232-7214 Media Contact:Pam Easton+1 713-232-7647 TRANSOCEAN LTD. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except per share data)(Unaudited) Years ended December 31, 2024 2023 2022 Contract drilling revenues$3,524 $2,832 $2,575 Costs and expenses Operating and maintenance 2,199 1,986 1,679 Depreciation and amortization 739 744 735 General and administrative 214 187 182 3,152 2,917 2,596 Loss on impairment of assets (772) (57) — Loss on disposal of assets, net (17) (183) (10)Operating loss (417) (325) (31) Other income (expense), net Interest income 50 52 27 Interest expense, net of amounts capitalized (362) (646) (561)Gain (loss) on retirement of debt 161 (31) 8 Other, net 45 9 (5) (106) (616) (531)Loss before income tax expense (benefit) (523) (941) (562)Income tax expense (benefit) (11) 13 59 Net loss (512) (954) (621)Net income attributable to noncontrolling interest — — — Net loss attributable to controlling interest$(512) $(954) $(621) Loss per share Basic$(0.60) $(1.24) $(0.89)Diluted$(0.76) $(1.24) $(0.89) Weighted-average shares outstanding Basic 850 768 699 Diluted 925 768 699 TRANSOCEAN LTD. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In millions, except share data)(Unaudited) December 31, 2024 2023 Assets Cash and cash equivalents$560 $762 Accounts receivable, net 564 512 Materials and supplies, net 439 426 Assets held for sale 343 49 Restricted cash and cash equivalents 381 233 Other current assets 165 144 Total current assets 2,452 2,126 Property and equipment 22,417 23,875 Less accumulated depreciation (6,586) (6,934)Property and equipment, net 15,831 16,941 Contract intangible assets — 4 Deferred tax assets, net 45 44 Other assets 1,043 1,139 Total assets$19,371 $20,254 Liabilities and equity Accounts payable$255 $323 Accrued income taxes 31 23 Debt due within one year 686 370 Other current liabilities 691 681 Total current liabilities 1,663 1,397 Long-term debt 6,195 7,043 Deferred tax liabilities, net 499 540 Other long-term liabilities 729 858 Total long-term liabilities 7,423 8,441 Commitments and contingencies Shares, $0.10 par value, 1,057,879,029 authorized, 141,262,093 conditionally authorized, 940,828,901 issued and 875,830,772 outstanding at December 31, 2024, and CHF 0.10 par value, 1,021,294,549 authorized, 142,362,093 conditionally authorized, 843,715,858 issued and 809,030,846 outstanding at December 31, 2023 87 81 Additional paid-in capital 14,880 14,544 Accumulated deficit (4,545) (4,033)Accumulated other comprehensive loss (138) (177)Total controlling interest shareholders’ equity 10,284 10,415 Noncontrolling interest 1 1 Total equity 10,285 10,416 Total liabilities and equity$19,371 $20,254 TRANSOCEAN LTD. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited) Years ended December 31, 2024 2023 2022 Cash flows from operating activities Net loss$(512) $(954) $(621)Adjustments to reconcile to net cash provided by operating activities: Amortization of contract intangible asset 4 52 117 Depreciation and amortization 739 744 735 Share-based compensation expense 47 40 29 Loss on impairment of assets 772 57 — Loss on disposal of assets, net 17 183 10 Amortization of debt-related balances, net 53 51 33 (Gain) loss on adjustment to bifurcated compound exchange feature (214) 127 157 (Gain) loss on retirement of debt (161) 31 (8)Loss on impairment of investment in unconsolidated affiliates 5 5 — Deferred income tax expense (42) 18 46 Other, net (7) 43 44 Changes in deferred revenues, net 45 70 (20)Changes in deferred costs, net (2) (190) 1 Changes in other operating assets and liabilities, net (297) (113) (75)Net cash provided by operating activities 447 164 448 Cash flows from investing activities Capital expenditures (254) (427) (717)Investment in loans to unconsolidated affiliates (3) (3) (5)Investment in equity of unconsolidated affiliates — (10) (42)Proceeds from disposal of assets, net of costs to sell 101 10 7 Cash acquired in acquisition of unconsolidated affiliates 5 7 — Net cash used in investing activities (151) (423) (757) Cash flows from financing activities Repayments of debt (2,103) (1,717) (554)Proceeds from issuance of debt, net of issue costs 1,770 1,983 175 Proceeds from issuance of shares, net of issue costs — — 263 Proceeds from issuance of warrants, net of issue costs — — 12 Other, net (17) (3) (8)Net cash provided by (used in) financing activities (350) 263 (112) Net increase (decrease) in unrestricted and restricted cash and cash equivalents (54) 4 (421)Unrestricted and restricted cash and cash equivalents, beginning of period 995 991 1,412 Unrestricted and restricted cash and cash equivalents, end of period$941 $995 $991 TRANSOCEAN LTD. AND SUBSIDIARIESFLEET OPERATING STATISTICS Three months ended Years ended December 31, September 30, December 31, December 31, December 31, Contract Drilling Revenues (in millions)2024 2024 2023 2024 2023 Ultra-deepwater floaters$675 $668 $536 $2,518 $2,072 Harsh environment floaters 277 280 205 1,006 760 Total contract drilling revenues$952 $948 $741 $3,524 $2,832 Three months ended Years ended December 31, September 30, December 31, December 31, December 31, Average Daily Revenue (1)2024 2024 2023 2024 2023 Ultra-deepwater floaters$428,200 $426,700 $432,100 $428,000 $393,700 Harsh environment floaters 452,600 464,900 354,700 435,900 354,300 Total fleet average daily revenue$434,700 $436,800 $407,800 $430,100 $382,300 Three months ended Years ended December 31, September 30, December 31, December 31, December 31, Revenue Efficiency (2)2024 2024 2023 2024 2023Ultra-deepwater floaters92.0% 92.5% 96.8% 93.4% 96.5%Harsh environment floaters97.6% 100.1% 97.6% 97.5% 97.8%Total fleet average revenue efficiency93.5% 94.5% 97.0% 94.5% 96.8% Three months ended Years ended December 31, September 30, December 31, December 31, December 31, Utilization (3)2024 2024 2023 2024 2023Ultra-deepwater floaters64.3% 60.7% 46.8% 57.3% 49.4%Harsh environment floaters75.0% 75.0% 66.7% 71.1% 59.1%Total fleet average rig utilization66.8% 63.9% 51.6% 60.5% 51.9% (1) Average daily revenue is defined as operating revenues, excluding revenues for contract terminations, reimbursements and contract intangible amortization, earned per operating day. An operating day is defined as a day for which a rig is contracted to earn a dayrate during the firm contract period after operations commence. (2) Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. (3) Rig utilization is defined as the total number of operating days divided by the total number of rig calendar days in the measurement period, expressed as a percentage. TRANSOCEAN LTD. AND SUBSIDIARIESNON-GAAP FINANCIAL MEASURES AND RECONCILIATIONSADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE(in millions, except per share data) YTD QTD YTD QTD YTD QTD YTD 12/31/24 12/31/24 09/30/24 09/30/24 06/30/24 06/30/24 03/31/24Adjusted Net Income (Loss) Net income (loss) attributable to controlling interest, as reported$(512) $7 $(519) $(494) $(25) $(123) $98 Loss on impairment of assets, net of tax 755 — 755 617 138 138 — Loss on impairment of investment in unconsolidated affiliates 5 — 5 — 5 4 1 Gain on retirement of debt (161) — (161) (21) (140) (140) — Discrete tax items (141) 20 (161) (38) (123) (2) (121)Net income (loss), as adjusted$(54) $27 $(81) $64 $(145) $(123) $(22) Adjusted Diluted Earnings (Loss) Per Share: Diluted earnings (loss) per share, as reported$(0.76) $(0.11) $(0.65) $(0.58) $(0.03) $(0.15) $0.11 Loss on impairment of assets, net of tax 0.82 — 0.82 0.64 0.17 0.17 — Loss on impairment of investment in unconsolidated affiliates 0.01 — 0.01 — — — — Gain on retirement of debt (0.18) — (0.18) (0.02) (0.17) (0.17) — Discrete tax items (0.15) 0.02 (0.18) (0.04) (0.15) — (0.14)Diluted earnings (loss) per share, as adjusted$(0.26) $(0.09) $(0.18) $— $(0.18) $(0.15) $(0.03) YTD QTD YTD QTD YTD QTD YTD 12/31/23 12/31/23 09/30/23 09/30/23 06/30/23 06/30/23 03/31/23Adjusted Net Loss Net loss attributable to controlling interest, as reported$(954) $(104) $(850) $(220) $(630) $(165) $(465)Loss on impairment of assets 57 (1) 58 5 53 53 — Loss on disposal of assets, net 169 — 169 — 169 — 169 Loss on impairment of investment in unconsolidated affiliate 5 5 — — — — — Loss on conversion of debt to equity 27 24 3 — 3 3 — (Gain) loss on retirement of debt 31 (1) 32 — 32 — 32 Discrete tax items (74) 3 (77) (65) (12) (1) (11)Net loss, as adjusted$(739) $(74) $(665) $(280) $(385) $(110) $(275) Adjusted Diluted Loss Per Share: Diluted loss per share, as reported$(1.24) $(0.13) $(1.13) $(0.28) $(0.85) $(0.22) $(0.64)Loss on impairment of assets 0.07 — 0.08 0.01 0.07 0.07 — Loss on disposal of assets, net 0.22 — 0.23 — 0.23 — 0.23 Loss on impairment of investment in unconsolidated affiliate 0.01 0.01 — — — — — Loss on conversion of debt to equity 0.04 0.03 — — — — — (Gain) loss on retirement of debt 0.04 — 0.04 — 0.04 — 0.04 Discrete tax items (0.10) — (0.10) (0.09) (0.01) — (0.01)Diluted loss per share, as adjusted$(0.96) $(0.09) $(0.88) $(0.36) $(0.52) $(0.15) $(0.38) TRANSOCEAN LTD. AND SUBSIDIARIESNON-GAAP FINANCIAL MEASURES AND RECONCILIATIONSADJUSTED CONTRACT DRILLING REVENUESEARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION AND RELATED MARGINS(in millions, except percentages) YTD QTD YTD QTD YTD QTD YTD 12/31/24 12/31/24 09/30/24 09/30/24 06/30/24 06/30/24 03/31/24 Contract drilling revenues $3,524 $952 $2,572 $948 $1,624 $861 $763 Contract intangible asset amortization 4 — 4 — 4 — 4 Adjusted Contract Drilling Revenues $3,528 $952 $2,576 $948 $1,628 $861 $767 Net income (loss) $(512) $7 $(519) $(494) $(25) $(123) $98 Interest expense, net of interest income 312 81 231 69 162 60 102 Income tax expense (benefit) (11) 55 (66) (31) (35) 156 (191)Depreciation and amortization 739 180 559 190 369 184 185 Contract intangible asset amortization 4 — 4 — 4 — 4 EBITDA 532 323 209 (266) 475 277 198 Loss on impairment of assets 772 — 772 629 143 143 — Loss on impairment of investment in unconsolidated affiliates 5 — 5 — 5 4 1 Gain on retirement of debt (161) — (161) (21) (140) (140) — Adjusted EBITDA $1,148 $323 $825 $342 $483 $284 $199 Profit (loss) margin (14.5)% 0.7% (20.2)% (52.0)% (1.5)% (14.3)% 12.9%EBITDA margin 15.1 % 33.9% 8.1 % (28.1)% 29.2 % 32.2 % 25.8%Adjusted EBITDA margin 32.5 % 33.9% 32.0 % 36.0 % 29.7 % 33.0 % 26.0% YTD QTD YTD QTD YTD QTD YTD 12/31/23 12/31/23 09/30/23 09/30/23 06/30/23 06/30/23 03/31/23 Contract drilling revenues$2,832 $741 $2,091 $713 $1,378 $729 $649 Contract intangible asset amortization 52 7 45 8 37 19 18 Adjusted Contract Drilling Revenues$2,884 $748 $2,136 $721 $1,415 $748 $667 Net loss$(954) $(104) $(850) $(220) $(630) $(165) $(465)Interest expense, net of interest income 594 (13) 607 220 387 157 230 Income tax expense (benefit) 13 21 (8) (43) 35 (16) 51 Depreciation and amortization 744 184 560 192 368 186 182 Contract intangible asset amortization 52 7 45 8 37 19 18 EBITDA 449 95 354 157 197 181 16 Loss on impairment of assets 57 (1) 58 5 53 53 — Loss on disposal of assets, net 169 — 169 — 169 — 169 Loss on impairment of investment in unconsolidated affiliate 5 5 — — — — — Loss on conversion of debt to equity 27 24 3 — 3 3 — (Gain) loss on retirement of debt 31 (1) 32 — 32 — 32 Adjusted EBITDA$738 $122 $616 $162 $454 $237 $217 Loss margin (33.7)% (14.0)% (40.7)% (30.9)% (45.7)% (22.6)% (71.6)%EBITDA margin 15.6 % 12.7 % 16.6 % 21.8 % 13.9 % 24.2 % 2.4%Adjusted EBITDA margin 25.6 % 16.3 % 28.9 % 22.5 % 32.1 % 31.7 % 32.5% TRANSOCEAN LTD. AND SUBSIDIARIESSUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS(in millions, except tax rates) Three months ended Years ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Income (loss) before income taxes$62 $(525) $(83) $(523) $(941)Loss on impairment of assets — 629 (1) 772 57 Loss on disposal of assets, net — — — — 169 Loss on impairment of investment in unconsolidated affiliates — — 5 5 5 Loss on conversion of debt to equity — — 24 — 27 (Gain) loss on retirement of debt — (21) (1) (161) 31 Adjusted income (loss) before income taxes$62 $83 $(56) $93 $(652) Income tax expense (benefit)$55 $(31) $21 $(11) $13 Loss on impairment of assets — 12 — 17 — Loss on disposal of assets, net — — — — — Loss on impairment of investment in unconsolidated affiliates — — — — — Loss on conversion of debt to equity — — — — — (Gain) loss on retirement of debt — — — — — Changes in estimates (1) (20) 38 (3) 141 74 Adjusted income tax expense (benefit)$35 $19 $18 $147 $87 Effective Tax Rate (2) 89.0% 6.0% (25.0)% 2.2% (1.4)% Effective Tax Rate, excluding discrete items (3) 56.7% 22.5% (30.0)% 159.1% (13.3)% (1) Our estimates change as we file tax returns, settle disputes with tax authorities, or become aware of changes in laws, operational changes and rig movements that have an effect on our (a) deferred taxes, (b) valuation allowances on deferred taxes and (c) other tax liabilities. (2) Our effective tax rate is calculated as income tax expense or benefit divided by income or loss before income taxes. (3) Our effective tax rate, excluding discrete items, is calculated as income tax expense or benefit, excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes), divided by income or loss before income taxes, excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes related to estimating the annual effective tax rate. TRANSOCEAN LTD. AND SUBSIDIARIESNON-GAAP FINANCIAL MEASURES AND RECONCILIATIONSFREE CASH FLOW AND LEVERED FREE CASH FLOW(in millions) YTD QTD YTD QTD YTD QTD YTD 12/31/24 12/31/24 09/30/24 09/30/24 06/30/24 06/30/24 03/31/24 Cash provided by (used in) operating activities$447 $206 $241 $194 $47 $133 $(86)Capital expenditures (254) (29) (225) (58) (167) (84) (83)Free Cash Flow 193 177 16 136 (120) 49 (169)Debt repayments (2,103) (30) (2,073) (258) (1,815) (1,664) (151)Debt repayments, paid from debt proceeds 1,748 - 1,748 99 1,649 1,649 - Levered Free Cash Flow$(162) $147 $(309) $(23) $(286) $34 $(320) YTD QTD YTD QTD YTD QTD YTD 12/31/23 12/31/23 09/30/23 09/30/23 06/30/23 06/30/23 03/31/23 Cash provided by (used in) operating activities$164 $98 $66 $(44) $110 $157 $(47)Capital expenditures (427) (220) (207) (50) (157) (76) (81)Free Cash Flow (263) (122) (141) (94) (47) 81 (128)Debt repayments (1,717) (10) (1,707) (139) (1,568) (4) (1,564)Debt repayments, paid from debt proceeds 1,156 - 1,156 - 1,156 - 1,156 Levered Free Cash Flow$(824) $(132) $(692) $(233) $(459) $77 $(536) YTD QTD YTD QTD YTD QTD YTD 12/31/22 12/31/22 09/30/22 09/30/22 06/30/22 06/30/22 03/31/22 Cash provided by (used in) operating activities$448 $178 $270 $230 $40 $41 $(1)Capital expenditures (717) (409) (308) (87) (221) (115) (106)Free Cash Flow (269) (231) (38) 143 (181) (74) (107)Debt repayments (554) (101) (453) (196) (257) (92) (165)Debt repayments, paid from debt proceeds - - - - - - - Levered Free Cash Flow$(823) $(332) $(491) $(53) $(438) $(166) $(272)

Transocean Ltd. Reports Fourth Quarter and Full Year 2024 Results

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