Transocean Ltd (Switzerland)

Good day everyone and welcome to the Q1 2025 Transocean Earnings Call. At this time, all participants are in a listen-only mode. Later, there will be a question and answer session. You may queue for a question at any time by pressing the star key followed by the number 1 on your telephone keypad. You may remove yourself from the queue by pressing star 2. Please be advised that today's call is being recorded. Should you require operator assistance, please press star 0. I'd like to turn the floor over to the Director of Investor Relations, Alison Johnson. Please go ahead.

Thank you, Jamie. Good morning, and welcome to TransOcean's first quarter of 2025 earnings conference call. A copy of our press release covering financial results, along with supporting statements and schedules, including reconciliations and disclosures regarding non-GAAP financial measures, are posted on our website at deepwater.com. Joining me on this morning's call are Jeremy Thigpen, Chief Executive Officer of Keelan Adamson, President and Chief Operating Officer, Thad Beda, Executive Vice President and Chief Financial Officer, and Roddy McKenzie, Executive Vice President and Chief Commercial Officer. During the course of this call, Transocean Management may make certain forward-looking statements regarding various matters related to our business and company that are not historical facts. Such statements are based upon current expectations and certain assumptions and therefore are subject to certain risks and uncertainties. Many factors could cause actual results to differ materially. Please refer to our SEC filings for our forward-looking statements and for more information regarding certain risks and uncertainties that could impact our future results. Also, please note that the company undertakes no duty to update or revise forward-looking statements. Following Jeremy, Keelan, and Thad's prepared comments, we will conduct a question and answer session with our team. During this time, to give more participants an opportunity to speak, please limit yourself to one initial question and one follow-up. Thank you very much. I'll now turn the call over to Jeremy.

Thank you, Allison, and welcome to our employees, customers, investors, and analysts participating on today's call. Before diving into our first quarter results, I am pleased to announce that Keelan Addison will officially become TransOcean's President and CEO effective May 1st. While that technically provides me a few more days in the role, we believe that it's prudent to begin the handover a few days early and give Keelan the honor of leading today's call. Most of you know Keelan, but for those of you who do not, he started in operations here at Transocean nearly 30 years ago and has progressed his way through the organization and the executive ranks where he has served as our president and chief operating officer for the past several years. I've had the distinct pleasure of working closely with Keelan in various capacities since I became CEO 10 years ago. And I can assure you that Keelan possesses a comprehensive understanding of the offshore drilling business and Transocean. Importantly, he recognizes and appreciates the challenges that we constantly face in this business. and embraces the oftentimes difficult decisions that are required to persevere, overcome, and succeed. Keelan is a very well-rounded, thoughtful, courageous, inspiring, and humble leader whose depth of experience will be a key attribute and serve him well as he enhances TransOcean's leadership position by safely optimizing performance, introducing innovative technologies, and maximizing shareholder returns. While transitioning out of the CEO role is certainly bittersweet, I will continue as a board member with the company through our annual general meeting on May 30th. shareholders are asked to elect Keelan to the board, elect our current board chair, Chad Deaton, as director, and elect me as chairman. At that time, Chad will transition to the role of lead independent director. Irrespective of the market conditions we may encounter, I am confident we have the right team assembled under Keelan's leadership to meet any challenge. With that, I'll turn it over to Keelan.