Transocean Earnings Beat Forecasts

Tuesday, August 17, 1999
Transocean Offshore Inc. posted earnings for the second quarter that just beat expectations as low oil prices early in the year caused continued depressed exploration and production spending worldwide. Transocean reported net income for the second quarter of $56.4 million on revenues of $235.6 million. For the corresponding three months in 1998, Transocean reported net income of $69.7 million. Transocean Chairman and CEO J. Michael Talbert said although crude oil prices improved better than 30 percent during the second quarter of 1999, relative to average levels experienced during the initial three months of the year, the dayrates for its rigs fell in the second quarter. Transocean's operating income fell 15 percent with revenues from the company's mobile units totaling $221.8 million while operating income, before depreciation and amortization and general expenses was $111.8 million. That compares to revenues of $233.6 million and operating income of $132.3 million during the corresponding three months of last year. The average fleet dayrate experienced on the company's 20 fully-owned and active semisubmersibles and drillships was $128,100 during the second quarter of 1999, compared to $132,100 during the first quarter of 1999.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Coast Guard tactical air squadron holds change of command ceremony

Capt. Kevin P. Gavin relieved Capt. Donna L. Cottrell as commanding officer of Coast Guard Helicopter Interdiction Tactical Squadron Jacksonville during a change of command ceremony at HITRON Friday.

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1196 sec (8 req/sec)