Transocean Boosts Revenue, Reports Loss -- Earnings Review
July 30 2018 - 7:10PM
Dow Jones News
Micah Maidenberg
Transocean Ltd. (RIG) reported second-quarter results Monday.
Here's what you need to know.
REVENUE: Transocean recorded $790 million in contract-drilling
revenue for the quarter, up 12% from a year earlier. Analysts
surveyed by FactSet had expected revenue of $729 million.
LOSSES: Even though sales were higher, the offshore oil drilling
company lost about $1.1 billion during the period, or $2.46 a
share, as it recorded impairment charges on three vessels it is
retiring, due to goodwill impairment costs and other expenses.
During the second quarter last year, the company lost $1.7 billion
billion, or $4.32 cents a share.
UTILIZATION: The Swiss company said customers were using its
equipment--floating petroleum rigs used to extract oil from beneath
the ocean--more heavily. The utilization rate across the equipment
portfolio stood at 57% in the quarter, up from 44% a year
earlier.
JOINT VENTURE: During the quarter, Transocean formed a joint
venture with asset manager Hayfin Capital Management to acquire a
33% interest in a semisubmersible rig that it can start renting to
customers during the first quarter of 2019.
SHARES: Transocean's stock was up 3.6% at $13.38 Monday. For the
year, the shares are up more than 25%.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
July 30, 2018 18:55 ET (22:55 GMT)
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