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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Transocean Ltd | NYSE:RIG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.09 | 1.62% | 5.66 | 5.70 | 5.61 | 5.62 | 14,481,611 | 23:52:52 |
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)
Copyright (c) 2018 Dow Jones & Company, Inc.
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