Transocean, Ltd. ( RIG ) released its first-quarter results after Monday's closing bell. Here's a look at the details from the report. 

The Details: Transocean reported first-quarter losses of 10 cents per share, which missed the analyst consensus estimate for losses of nine cents. Quarterly revenue clocked in at $906 million, beating the consensus estimate of $885.7 million.

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For the first quarter, Transocean ( RIG ) reported:

Contract drilling revenues for the quarter decreased sequentially by $46 million to $906 million.

Operating and maintenance expense was $618 million, compared with $579 million in the prior quarter. The sequential increase was the result of an unfavorable legal outcome in the first quarter, a favorable legal settlement in the fourth quarter and increased costs related to a rig in shipyard, partially offset by lower in-service maintenance costs across the fleet.

General and administrative expense was $50 million, down from $56 million in the fourth quarter, due primarily to decreased legal and professional fees.

“The Transocean team delivered a solid quarter, with an adjusted EBITDA of $244 million on revenues of $906 million,” said CEO Jeremy Thigpen. “We also improved our balance sheet with the repayment of $210 million in outstanding debt.”

“While uncertain macroeconomic conditions have resulted in near-term market volatility, including commodity prices, Transocean ( RIG ) is very well-positioned to navigate this evolving landscape. In addition to continuing to deliver strong operating performance across our highly contracted fleet, we remain engaged in constructive conversations with our customers on opportunities several years in the future,” Thigpen added.

RIG Price Action: According to data from Benzinga Pro, Transocean ( RIG ) stock was up 1.30% after-hours at $2.31 on Monday.  

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