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Transocean Swings to Loss on Falling Revenue

Maritime Activity Reports, Inc.

May 6, 2015

Transocean Ltd., one of the world's top offshore drilling companies, reported a first-quarter loss on Wednesday as oil exploration and production companies rent out fewer of its rigs because of tumbling crude prices.
The net loss was $483 million, or $1.33 per diluted share, down from a profit of $456 million, or $1.25 a diluted share in the same period a year ago, before oil prices plunged 50 percent.
First quarter 2015 results included $881 million of one-time items that hurt the company's bottom line as it puts some older equipment up for sale or scraps parts of its fleet in a market widely seen as oversupplied.
(Reporting By Terry Wade)

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