Offshore Driller Transocean Swings To Loss On Falling Revenue

Reuters

HOUSTON, May 6 (Reuters) - Transocean Ltd, one of the world's top offshore drilling companies, reported a first-quarter loss on Wednesday as oil exploration and production companies rent out fewer of its rigs because of tumbling crude prices.

The net loss was $483 million, or $1.33 per diluted share, down from a profit of $456 million, or $1.25 a diluted share in the same period a year ago, before oil prices plunged 50 percent.

First quarter 2015 results included $881 million of one-time items that hurt the company's bottom line as it puts some older equipment up for sale or scraps parts of its fleet in a market widely seen as oversupplied.

On an adjusted basis that excluded items, Transocean earned $398 million, or $1.10 a share, beating a Thomson Reuters I/B/E/S estimate of $0.74 a share.

Rig utilization rose to 79 percent from 73 percent in the fourth quarter. The contract backlog for April came in at $19.9 billion, versus $21.2 billion in February.

Revenues were $2.04 billion, versus $2.34 billion in the year earlier period.

(Reporting By Terry Wade; editing by Andrew Hay)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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