Transocean Ltd (switzerland) · NYSE:RIG
Transocean Ltd (switzerland) — Transocean — Shareholder Meeting (May 2015)
17 slides from Transocean Ltd (switzerland)'s shareholder meeting presentation, May 15, 2015
Slide 1: 2015 Annual General Meeting
2015 Annual General Meeting Cham, Switzerland May 15, 2015 www.deepwater.com
Slide 2: Forward-looking statements disclaimer
The statements described in this presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements which could be made include, but are not limit
Slide 3: Agenda
Agenda • Chairman’s Remarks – Ian Strachan, Chairman of the Board • Company Presentation – Jeremy Thigpen, President and CEO • Transocean Overview • Market • Financial Statements • Litigation Update • Concluding Remarks 33
Slide 4: Chairman's Remarks
Chairman’s Remarks • Progress • Improved operations and financial performance • Fleet renewal • New Leadership • Chairman of the Board • CEO Transocean is well positioned for the future 44
Slide 5: Company Overview: Industry Leader
Company Overview Industry Leader • Premier position in ultra-deepwater market segment • Largest fleet of high spec and midwater floaters • Operates in most major markets worldwide • Technical leader • Significant relationships across the customer spectrum • Size and technical capabilities create rei
Slide 6: Company Overview: Value Creation
Company Overview Value Creation • Strong backlog Financial • Focus on costs and margins • Debt reduction Flexibility • Deferral of newbuild jackup deliveries • Transocean Partners LLC • Dividend reduction Value Creation • Recommended 2015 Return of Capital • Building 12 high-spec rigs; five are divi
Slide 7: Company Overview: Strong Backlog
Company Overview Strong Backlog Total Backlog - $19.9 billion(1) 7
Slide 8: Market
Market • Exploration successes support long-term ultra-deepwater demand • Market conditions are currently challenging • Rig market is temporarily oversupplied, including ultra-deepwater Ultra-deepwater Deepwater Midwater High-Spec Jackups Deepwater Invictus Jack Bates GSF Rig 140 Transocean Honor •
Slide 9: Years ended December 31 results
Years ended December 31, (In USD millions, except per share data) 2014 2013 Revenues $9,174 $9,249 Operating income (loss) (1,378) 2,217 Net income (loss) attributable to controlling (1,913) 1,407 interest Earnings (loss) per diluted share from ($5.23) $3.85 continuing operations Adjusted net income
Slide 10: Three months ended March 31 results
Three months ended March 31, (In USD millions, except per share data) 2015 2014 Revenues $2,043 $2,339 Operating income (loss) (321) 672 Net income (loss) attributable to (483) 456 controlling interest Earnings (loss) per diluted share from ($1.32) $1.27 continuing operations Adjusted net income $39
Slide 11: Consolidated balance sheet, December 31
December 31, (In USD millions) 2014 2013 ASSETS Cash and cash equivalents $2,635 $3,243 Other current assets 3,366 3,529 Property and equipment, net 21,538 21,707 Goodwill - 2,987 Other assets 874 1,080 Total assets $28,413 $32,546 LIABILITIES AND EQUITY Current liabilities $3,770 $3,554 Long-term d
Slide 12: Swiss statutory income statement (CHF thousands)
Years ended December 31, (In CHF thousands) 2014 2013 Guarantee fee income 7,319 16,451 Dividend income 2,043,659 - Interest income 25 14 Total income 2,051,003 16,465 Total costs and expenses 35,339 52,569 Loss on impairment (7,482,493) - Gain on currency exchange 44,643 6,429 Net loss (5,422,186)
Slide 13: Swiss statutory balance sheet (CHF thousands)
December 31, (In CHF thousands) 2014 2013 ASSETS Total current assets 26,991 23,036 Property & equipment, net - 168 Investment in affiliates 9,954,217 17,436,710 Other non-current assets 257,027 257,026 Total assets 10,238,235 17,716,940 LIABILITIES AND SHAREHOLDERS’ EQUITY Total current liabilities
Slide 14: Litigation Update
• Favorable ruling handed down by Texas Supreme Court 2/13/15 - BP is not an additional insured • Favorable court ruling 9/4/14 - effectively eliminates Transocean’s financial risk arising from the below-surface discharge of oil • Transocean found to be not grossly negligent and not liable for punit
Slide 15: Concluding Remarks
Concluding Remarks • Continuous Progress • Improved operations • Fleet renewal and repositioning • Cost structure and waste elimination • Liquidity • Litigation uncertainties Transocean is well positioned for the future 1 15
Slide 16: 2015 Annual General Meeting
2015 Annual General Meeting Cham, Switzerland May 15, 2015 www.deepwater.com
Slide 17: Footnotes
Footnotes (1) Calculated by multiplying the contracted operating dayrate by the firm contract period for future periods , as of the Fleet Status Report issued April 16, 2015, for continuing operations only. Firm commitments are represented by signed drilling contracts or, in some cases, by other def