Transocean Ltd. (NYSE:RIG) Q1 2024 Earnings Call Transcript

David Smith: Very much appreciate the color. And if I could add one more on the market outlook, totally agree on the future call on more rigs. Maybe one small partial solution to getting more out of the existing fleet with better calendar scheduling, right, with some rigs having two or three or more months between contracts. I wanted to ask, what do you think contractors and operators can do to better manage those schedules and avoid the downtime between the end of one customer’s program and the start of the next customer’s job.

Roddie Mackenzie: Yes. The number one driver for that is the tightness in the market, right? So as we kind of described, we’re in this transition over the past six months and certainly the next six months, where many of the fleet are moving to longer-term contracts. So, by necessity in a downturn, you may have to move the rig frequently to keep her busy to move from one customer to the next, then go through customer acceptances and those kind of things and mobilization but as we get to this longer-term outlook, our backlog has been growing substantially now over the last couple of years. So, you’re going to see that transition that we’re not going to be exposed to nearly as many movements of rigs. So that’s going to tidy up very nicely for us, certainly the remainder of this year and into next year.

David Smith: Great. Thank you so much.

Operator: Thank you. That concludes the question-and-answer session. I will now turn the program back over to Allison Johnson, Director of Investor Relations for any closing remarks.

Alison Johnson: Thank you, Shelby, and thank you, everyone, for your participation on today’s call. We look forward to talking with you again, when we report our second quarter 2024 results. Have a good day.

Operator: That concludes today’s teleconference. Thank you for your participation. You may now disconnect.