Transocean’s top line
In 3Q17, Transocean’s (RIG) drilling revenue was $699 million, just 0.8% lower than its revenue of $705 million in the previous quarter, and 21% lower than the $886 million seen in 3Q16.
Transocean earns its revenue mainly through floaters. The company sold its jack-up fleet to Borr Drilling in March 2017. Transocean operates 37 high-specification floaters—30 ultra-deepwater floaters, and seven harsh-environment floaters. The company also has newbuilds under construction.
In 3Q17, Transocean’s Ultra-Deepwater Floater segment contributed $511 million, or 73%, of the company’s total revenue. This segment’s revenue fell 2.7% from the previous quarter’s revenue of $497 million.
Transocean’s utilization rate for ultra-deepwater floaters rose to 42% from the previous quarter’s 38%. Its average daily revenue fell to $449,300 from $482,200 in the previous quarter.
The combined revenue from harsh-environment floaters, deepwater floaters, and midwater floaters contributed 23% of the company’s total revenue. The combined revenue was $159 million in 3Q17, compared with $158 million in 2Q17.
Revenue from jack-ups
Transocean’s High-Specification Jack-Up segment contributed 4% of the company’s total revenue in 3Q17. Its revenue fell to $29 in 3Q17 from $50 in the previous quarter.
Some offshore drilling companies (OIH) have already released their results for the quarter ended September 30, 2017.
- Rowan Companies’ (RDC) 3Q17 revenue was $291 million, a fall of ~9% from its revenue of $320 million in the previous quarter.
- Diamond Offshore Drilling’s (DO) 3Q17 revenue of $366 million was lower than its revenue of $399 million in 2Q17.
- Noble’s (NE) contract drilling revenue was $266 million in 3Q17, compared with $278 million in the previous quarter.