Transocean Proxy Statement and 2010 Annual Report

TRANSOCEAN LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
Note 24—Quarterly Results (Unaudited)
Shown below are selected unaudited quarterly data. Amounts are rounded for consistency in presentation with no effect to the
results of operations previously reported on Form 10-Q or Form 10-K.
AR-118
Three months ended
March 31, June 30, September 30, December 31,
(In millions, except per share data)
2010
Operating revenues $ 2,602 $ 2,505 $ 2,309 $ 2,160
Operating income (loss) (a) 926 957 645 (662)
Net income (loss) attributable to controlling interest (a)
Earnings (loss) per share
677 715 368 (799)
Basic $ 2.10 $ 2.23 $ 1.15 $ (2.51)
Diluted $ 2.09 $ 2.22 $ 1.15 $ (2.51)
Weighted-average shares outstanding
Basic 321 319 319 319
Diluted 322 320 319 319
2009
Operating revenues $ 3,118 $ 2,882 $ 2,823 $ 2,733
Operating income (b) 1,319 1,121 957 1,003
Net income attributable to controlling interest (b) 942 806 710 723
Earnings per share
Basic $ 2.94 $ 2.50 $ 2.20 $ 2.24
Diluted $ 2.93 $ 2.49 $ 2.19 $ 2.24
Weighted-average shares outstanding
Basic 319 320 321 321
Diluted 320 321 322 322
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(a) First quarter included loss on impairment of $2 million. Second quarter included gain on the loss of Deepwater Horizon of $267 million.
Fourth quarter included loss on impairment of $1.0 billion. See Note 5—Impairments and Note 9—Drilling Fleet.
(b) First quarter included loss on impairment of $221 million. Second quarter included loss on impairment of $67 million. Third quarter included loss on
impairment of $46 million and settlement charges related to litigation matters of $132 million. See Note 5—Impairments.
Note 25—Subsequent Events (Unaudited)
Debt—On December 31, 2010, Transocean Inc. called the remaining Series A Convertible Senior Notes for redemption. On
January 31, 2011, we redeemed the remaining aggregate principal amount of $11 million of our Series A Convertible Senior Notes for an
aggregate cash payment of $11 million. As a result, no Series A Convertible Senior Notes remain outstanding as of January 31, 2011.
Disposition—Subsequent to December 31, 2010, we completed the sale of the High-Specification Jackup Trident 20 and
received net cash proceeds of $262 million.
Distribution—On January 24, 2011, we filed an appeal on the decision of the Administrative Court of the Canton of Zug to the
Swiss Federal Supreme Court. On February 11, 2011, our board of directors recommended that shareholders at the May 2011 annual
general meeting approve a U.S. dollar-denominated dividend of approximately U.S. $1 billion out of qualifying additional paid-in capital and
payable in four quarterly installments. The board of directors expects that the four payment dates will be set in June 2011,
September 2011, December 2011 and March 2012. The proposed dividend will, among other things, be contingent on shareholders
approving at the same meeting a rescission of the 2010 distribution. Due to, among other things, the uncertainty of the timing and
outcome of the pending appeal with the Swiss Federal Supreme Court, our board of directors believes it is in the best interest of the
Company to discontinue with the disputed 2010 distribution and to file a request to stay the pending appeal with the Swiss Federal
Supreme Court against the decision of the Administrative Court until shareholders have voted on the proposed rescission.