Transocean Ltd. (RIG) shares were down 4.3% during pre-market trading on November 2, after the offshore oil and gas drilling contractor reported worse-than-expected Q3 results, falling short of both earnings and revenue estimates. The company reported an adjusted loss of $0.20 per share, missing analysts’ expectations of a loss of $0.16 per share. In stark comparison, the company reported earnings of $0.51 per share in the same quarter last year. Similarly, revenues also declined 19% year-over-year to $626 million, failing to meet consensus estimates of $658.57 million. The revenue shortfall was mainly attributed to decreased activity from two rigs, while another rig commenced a planned shipyard stay during the quarter.
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