Houston-based Transocean (RIG)
said net income for the quarter rose to $170.4 million, or 50 cents a share, from $154.9 million, or 47 cents, a year earlier.
Revenue for the three months ended Sept. 30 was $762.6 million compared with $651.8 million a year ago.
But the company also warned that its fourth-quarter results are likely to be stunted by $40 million to $50 million due to repairs to some of its biggest rigs, which took a beating from the summer's Gulf of Mexico hurricanes
, and lost revenue while the rigs are in dock.
The market reacted to the news by sending Transocean briefly down as much as 1.6% before it popped back into positive territory on a 1.6% gain to $59.67.
The company also warned that higher operating and maintenance expenses are expected to more than offset any increase in revenues the company might realize in the fourth quarter of 2005.