On May 3, 2021, Transocean released its fiscal first-quarter 2021 results for the quarter ending March 2021. The Company reported an earnings-per-share (EPS) loss of (-$0.19) versus consensus analyst estimates for (-$0.17), a (-$0.02) miss. Revenues fell (-14%) year-over-year (YoY) to $653 million slightly missing analyst estimates for $653.71 million. Revenue efficiency was 97.4% compared to 97.2% prior quarter. Adjusted EBITDA was $245 million versus $210 prior quarter. Contract backlog was $7.4 billion as of the April 2021 Fleet Status Report. Net favorable items were $0.03 per diluted share offset by $0.10 for loss on disposal of assets. Contract drilling revenues fell by (-$37 million) sequentially due to the sale of one harsh environment rig that was operating in Q4 2020 in addition to two fewer calendar says in the Q1 and reduced activities for ultra-deep water units.