Offshore Driller Transocean Swings To Loss On Falling Revenue
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)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Manages 46 Offshore Rigs
- Oil's Biggest Rigs Headed to Junkyard as Daily Losses Mount (Oct 18)
- Transocean To Buy Norwegian Rig Firm Songa Offshore For $1.1B (Aug 15)
- Borr Drilling Signs Deal With Transocean to Buy 15 Rigs (Mar 20)