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 May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Mobil Says Oil Discovery off Guyana is 'Significant'

Unlike almost all its neighbors, Guyana isn’t an oil producer yet. But the energy giant Exxon Mobil recently announced it had discovered “significant” oil off the coast.

US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.1177 sec (8 req/sec)