Transocean Sedco Forex Inc. Reports First Quarter 2000 Results
Transocean Sedco Forex Inc announced that net income for the three months ended March 31, 2000 was $32.5 million on revenues of $300.8 million. The results include a cash settlement of $25.1 million, relating to the previously reported agreement with BP Amoco to cancel the remaining 14 months of firm contract time on the semisubmersible Transocean Amirante.Net income for the corresponding three months in 1999 was $11.3 million on revenues of $189.2 million. Operating and maintenance expense for the first quarter of 1999 included charges for severance costs and provisions for potential legal claims totaling $42 million.
The December 1999 merger of Transocean Offshore Inc. and Sedco Forex Holdings Limited (Sedco Forex) was accounted for as a purchase, with Sedco Forex as the acquirer for accounting purposes. Therefore, the results for the three months ended March 31, 1999 reflect Sedco Forex historic results only and exclude the historic results of Transocean Offshore Inc.