RIG Transocean Ltd

   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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