Revenue during the quarter plunged 41.46 percent to $785 million from $1,341 million in the previous year period. Gross margin for the quarter expanded 515 basis points over the previous year period to 56.31 percent. Total expenses were 77.96 percent of quarterly revenues, up from 68.38 percent for the same period last year. That has resulted in a contraction of 958 basis points in operating margin to 22.04 percent.

Operating income for the quarter was $173 million, compared with $424 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $398 million compared with $647 million in the prior year period. At the same time, adjusted EBITDA margin improved 245 basis points in the quarter to 50.70 percent from 48.25 percent in the last year period.

"I would like to recognize and thank the entire Transocean team for producing strong first quarter operating and financial results," said Jeremy Thigpen, president and chief executive officer. "Our 98% revenue efficiency demonstrates our unwavering commitment to maximizing uptime for our customers. Our 48% Adjusted Normalized EBITDA Margin is the direct result of our ongoing efforts to optimize our business to enhance shareholder value. And, most importantly, our 12 months without a Lost Time Incident, proves our resolve to deliver incident free operations, all the time, everywhere."

The company has spent $118 million cash to meet investing activities during the quarter as against cash outgo of $364 million in the last year period. It has incurred net capital expenditure of $118 million on net basis during the quarter, down 67.58 percent or $246 million from year ago period.

The company has spent $25 million cash to carry out financing activities during the quarter as against cash outgo of $32 million in the last year period.

Cash and cash equivalents stood at $3,093 million as on Mar. 31, 2017, up 20.16 percent or $519 million from $2,574 million on Mar. 31, 2016.

Working capital increases
Transocean Ltd. has recorded an increase in the working capital over the last year. It stood at $2,524 million as at Mar. 31, 2017, up 19.51 percent or $412 million from $2,112 million on Mar. 31, 2016. Current ratio was at 1.99 as on Mar. 31, 2017, up from 1.82 on Mar. 31, 2016.

Cash conversion cycle (CCC) has increased to 120 days for the quarter from 115 days for the last year period. Days sales outstanding went up to 128 days for the quarter compared with 84 days for the same period last year.

Days inventory outstanding has decreased to 73 days for the quarter compared with 88 days for the previous year period. At the same time, days payable outstanding went up to 80 days for the quarter from 57 for the same period last year.