Transocean’s top line
Transocean’s (RIG) drilling revenue for 2Q16 was $918 million, nearly 17% lower than $1.1 billion in the previous quarter and 48% lower than the $1.8 billion in revenue in 2Q15.
Transocean earns its revenue by operating offshore drilling (IYE) units such as ultra-deepwater floaters, harsh-environment semisubmersibles, deepwater floaters, mid-water semisubmersibles, and high specification jack-ups.
In 2Q16, Transocean’s Ultra-Deepwater Floater segment contributed $556 million, or 60%, of the company’s total revenue. This segment’s revenue fell by 10% from the previous quarter’s revenue of $621 million.
Transocean’s utilization rate for ultra-deepwater floaters fell from the previous quarter’s 50% to 43%. On the other hand, the average daily revenue rose to $503,000 from $490,300 in the previous quarter.
The combined revenue from harsh environment floaters, deepwater floaters, and mid-water floaters contributed 31% to the company’s total revenue. This combined revenue fell by $120 million to $284 million in the second quarter.
Revenue from jack-ups
Transocean’s High-Specification Jack-Up segment contributed 8% of the total revenue in the second quarter. Its revenue declined to $74 million from $82 million in the second quarter.
We’ll now take a look at how other offshore drillers’ (IYE) revenue fared in the second quarter.