Transocean Profit Slides on Lower Rig Demand

MarineLink.com
Thursday, February 27, 2014
Image courtesy of Transocean

Reuters – Transocean Ltd, owner of the world's largest offshore drilling fleet, said on Wednesday that fourth-quarter profit fell 49 percent from a year ago, hurt by lower rig utilization.

The company's net profit attributable to controlling interest fell to $233 million, or 64 cents per share, from $456 million, or $1.26 per share, a year earlier.

The driller for the oil industry said about $34 million in unfavorable charges affected its profit in the latest quarter, and that its year-ago profit was boosted by $126 million in favorable items.

Revenue rose marginally to $2.332 billion from $2.326 billion in the quarter ended Dec. 31, 2013.

Shares of the company fell nearly 1 percent to $43.01.

Total fleet rig utilization dropped to 75 percent in the latest quarter from 83 percent in the third quarter and from 79 percent a year ago. The company also said its contract backlog was down to $27.2 billion in February from $29.8 billion in October.

Some major oil companies have trimmed their capital budgets in recent months to rein in spiraling exploration and production costs that have irked some investors.

Transocean, which expects 2014 capital expenditures of $2.6 billion, said two ultra-deepwater drillships were in contract to be built for $1.24 billion. They would be delivered in the second quarter of 2017 and the first quarter of 2018.

Source: Reuters
 

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

US Aircraft Carrier 'Ike' Leaves Drydock

The aircraft carrier USS Dwight D. Eisenhower (CVN 69) (Ike) has left dry dock and moved from Dry Dock 8 to pier 42/43 at Norfolk Naval Shipyard (NNSY) in Portsmouth, Va.

Seadrill's Q2 2014 Revenue Holds Nearly Steady

Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report.

Pariah Containership Banned from Australian Ports

The Australian Maritime Safety Authority (AMSA) informs that it has issued a direction to the container ship 'Vega Auriga' (IMO 9347786) that prohibits the ship

Finance

Seadrill's Q2 2014 Revenue Holds Nearly Steady

Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report.

COSCO Resorts to Rate Restoration for F. East to S Africa Trade

COSCO Container Lines would like to announce Rate Restoration for all shipments (include reefer cargo) from Far East to South Africa Trade and take effect from September 1, 2014.

MN 100: Crowley

9487 Regency Square Boulevard Jacksonville, FL 32225 Tel: (800) 276-9539 Email: corpcomm@crowley.com  Website: www.crowley.com Chairman & CEO: Thomas B.

Offshore Energy

Seadrill's Q2 2014 Revenue Holds Nearly Steady

Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report.

Collaboration Tackles Sea Spray Icing Challenges

Sea spray icing is one of the major challenges when operating in Arctic conditions. DNV GL is now launching an industry collaboration which will develop a simulation

DNV GL’s Arctic Map Shows Complex Risk Picture

The world’s need for energy is driving interest in further industrial activity in the Arctic, yet the region’s conditions are highly variable depending on the type of activity,

Underwater Engineering

Seadrill's Q2 2014 Revenue Holds Nearly Steady

Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report.

Rock On: UK's Kent Beach Flood Defence Starts

Rocks are being delivered as work by Van Oord starts on the £30m scheme to protect 1,400 properties at Broomhill Sands Coastal Defence Scheme in Kent, informs UK's Environment Agency.

Wood Group Kenny Wins 2 Contracts from Petrobras

Wood Group Kenny (WGK) has won two contracts with a total value of over $2 million with Brazilian operator Petrobras. In the first, WGK has begun a conceptual

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.2921 sec (3 req/sec)