Categories Earnings, LATEST, Other Industries

Transocean turns to profit in Q3 on strong revenue growth

Ending a long-drawn losing streak, offshore drilling company Transocean (RIG) Monday reported a profit for the third quarter, defying expectations for a net loss. The rebound was supported by a double-digit increase in revenues. Following the announcement, the company’s stock gained 2% in the after-hours trading.

Transocean swings to profit in Q3
Transocean Limited Q3 2018 earnings infographic

The Switzerland-based petroleum explorer having its US headquarters in Houston reported a net income of $30 million or $0.06 per share for the third quarter, on an adjusted basis. Analysts had expected a loss of $0.10 per share. On a reported basis, the company posted a loss of $0.88 per share for the three-month period.

The Switzerland-based petroleum explorer reported a net income of $30 million or $0.06 per share for the third quarter

At $816 billion, total contract drilling revenues were 17% higher compared to last year. The top line also came in above analysts’ forecast. During the quarter, the company’s main growth driver was its robust floater contracting activity. Revenue efficiency was 95.2%.

“Consistent with our objective of protecting near-term liquidity, last week we successfully issued $750 million of seven-year priority guaranteed notes replacing the committed Ocean Rig acquisition financing with permanent financing,” said Transocean CFO Mark Mey.

Transocean posts smaller than expected Q2 loss

In the September quarter, the management entered into an agreement to acquire submersible rig operator Ocean Rig, as part of its efforts to high-grading the fleet. The deal will be closed by year-end after obtaining shareholders’ approval at the extraordinary general meeting to be held next month.

Transocean shares, which lost about 2% over the past twelve months, traded lower during Monday’s regular session. The stock gained 2% during the extended session following the earnings report.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips

Most Popular

Tyson Foods (TSN) Q1 2023 Earnings: Key financials and quarterly highlights

Tyson Foods Inc. (NYSE: TSN) reported first quarter 2023 earnings results today. Sales rose 2.5% year-over-year to $13.2 billion. Net income attributable to Tyson was $316 million, or $0.88 per

After weak start to 2023, Apple (AAPL) sees some bright spots

Apple Inc. (NASDAQ: AAPL) this week reported its first revenue decline in more than three years, even as the high inflation continues to squeeze customers’ spending power. Sales of the

Earnings: Qualcomm (QCOM) Q1 profit falls on lower revenues

Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023. At $9.5

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top