Transocean CEO Discusses Q3 2010 Results – Earnings Call Transcript

Nov. 05, 2010 6:16 PM ETTransocean Ltd. (RIG) StockRIG
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Q3: 2010-11-03 Earnings Summary

EPS of $1.24 misses by $0.13
 | Revenue of $2.31B (-18.21% Y/Y) misses by $147.44M

Transocean Ltd. (NYSE:RIG) Q3 2010 Earnings Call November 4, 2010 11:00 AM ET

Executives

Gregory Panagos – VP, IR and Communications.
Steven Newman – CEO
Ricardo Rosa – SVP and CFO
Terry Bonno – VP, Marketing

Analysts

Jim Crandell – Barclays Capital
Jeff Tillery – Tudor Pickering Holt
Robin Shoemaker – Citi
Scott Burk – Oppenheimer
Doug Becker – Merrill Lynch
Roger Read – Natixis Bleichroeder
Ian Macpherson – Simmons
Matt Conlan – Wells Fargo Securities
Kurt Hallead – RBC Capital Markets
Jud Bailey – Jefferies & Co.
Lukas Daul – SEB
Waqar Syed – Macquarie Capital

Operator

Good day, everyone. Welcome to the third quarter 2010 results conference call for Transocean Limited. Today’s conference is being recorded.

At this time, for opening remarks and introductions, I would like to turn this conference over to Mr. Gregory Panagos, Vice President of Investor Relations and Communications. Please go ahead, sir.

Gregory Panagos

Thank you, Camille. Hello, everyone, and welcome to Transocean’s third quarter 2010 earnings conference call. A copy of the third quarter press release covering our financial results along with supporting statements and schedules is posted on the company’s website at www.deepwater.com. We’ve also posted a file containing four charts that will be discussed during this morning’s call. That file can be found on the company’s website by selecting Investor Relations, Quarterly Toolkit and then PowerPoint Charts.

The charts included cover average contracted dayrate by rig type, out of service rig months, operating and maintenance cost trends and free cash flow backlog and debt maturities. The Quarterly Toolkit also has four additional financial tables for your convenience covering revenue efficiency, other revenue details, daily operating and maintenance costs by rig type and contract intangible revenues.

Joining me on this morning’s call are Steven Newman, our Chief Executive Officer; Ricardo Rosa, Senior Vice President

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