Offshore drilling giant Transocean reported a net loss of $130 million for the three months ended 30 September 2021, but on the bright side is encouraged by improving market conditions and the oil price strength.

The net loss of $130 million, or $0.20 per diluted share, compared to $103 million, or $0.17 per diluted share, in the second quarter of 2021.

Adjusted earnings before interest, tax, depreciation and amortization was $245 million compared to $255 million in the previous quarter.

Revenues in the quarter were $626 million compared to $656 million in the second quarter of 2021.

Contract backlog was $7.1 billion as of the company's recent fleet status report.

Chief executive Jeremy Thigpen said: "Our strong uptime performance during the quarter drove an impressive revenue efficiency of 98%, resulting in adjusted revenues of $683 million.”

“Furthermore, during the quarter, we were excited to secure the maiden contract for Deepwater Atlas, solidifying Transocean’s position as the undisputed leader in the 20,000 psi deepwater drilling market."

“Further demonstrating our technical leadership, we recently announced our commitment to reduce our greenhouse gas emissions intensity 40% by 2030 as compared to 2019. "

Thigpen concluded: “We grow increasingly encouraged as we observe continuously improving market fundamentals and the resulting strength exhibited in oil prices.

"With tightening utilization for high-specification ultra-deepwater and harsh environment assets, and longer tender durations across multiple markets, dayrates are steadily increasing, which bodes well for the offshore drilling industry, and Transocean.”

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