Transocean Shares Fall

Wednesday, February 15, 2006
According to Bloomberg, shares of Transocean Inc. had their biggest drop since 2001 on concern rising costs and delays getting rigs ready for new contracts will keep profit from growing. Fourth-quarter net income was $151.6 million, or 45 cents a share, compared with a loss of $73.4 million, or 23 cents, a year earlier. A doubling of oil prices in two years generated record profits for producers such as Exxon Mobil Corp. and raised demand for drilling rigs. Costs to provide more rigs to its customers are rising as it refits idled units for new contracts. Shipyards also are charging more for maintenance and repairs. Shares of Transocean fell $6.04, or 7.7 percent, to $72.55 at 12:59 p.m. in New York Stock Exchange composite trading. A close at that price would mark Transocean's biggest decline since November 2001. Transocean expects operating and maintenance costs in the first quarter to exceed fourth-quarter levels by $30 million to $50 million. In the second quarter, costs will rise by an additional $40 million. Transocean said possible delays in getting rigs ready for higher-rate contracts may hold back profit. Rig demand is surging as Exxon Mobil, Chevron Corp. and other oil and natural- gas producers increase exploration spending. Drillers are commanding not only higher rates, but also longer contract durations from customers. (Source: Bloomberg)
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Gulf Island Fab Sign Bechtel Offshore Cooperation Agreement

Gulf Island Fabrication, Inc. says it has signed a cooperative agreement with Bechtel Oil, Gas, and Chemicals, Inc. to work together to pursue opportunities for offshore projects for the U.

Farstad Offshore Vessel Squadron Chartered Out

Farstad Shipping ASA reports the following charter contracts, with a total value (including options) of approximately NOK 1.75-billion, as follows: Inpex has awarded

6 MW Offshore Wind Turbine of Siemens Certified

Siemens Energy has obtained type certification of DNV GL for the company's innovative D6 offshore wind turbine. The model Siemens SWT-6.0-154 is equipped with a modern direct drive generator,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0964 sec (10 req/sec)