Average daily revenues increased 6.5% to $306,500.
Following the earnings announcement, the stock gained 1% in the extended trading hours on Monday. RIG shares have gained 24% since the beginning of this year and 28% in the trailing 52 weeks.
Transocean CEO Jeremy Thigpen said, “Over the past four quarters, we have secured over $2 billion in new contract awards; and, based on our recent customer engagements, it appears that the stabilization of oil prices, and the continued improvement in offshore project economics, have combined to provide our customers with the requisite confidence to move forward with more offshore projects.”
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Earlier this month, the Switzerland-based company had reported its quarterly fleet status, where it stated that it added about $373 million in contract backlog, bringing total backlog to $12.1 billion.