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Transocean rises after reporting lighter than expected Q2 loss

Published 07/30/2018, 06:36 PM
© Reuters.  Transocean rises after reporting lighter than expected Q2 loss
RIG
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  • Transocean (NYSE:RIG) +1.2% after-hours following a 3.7% gain in regular trading, as RIG reports a much smaller than expected Q2 loss and a 19% Y/Y increase in contract drilling revenue to $790M.
  • RIG took nearly $1.2B in special charges during Q2, including $548M in writedowns of three deepwater rigs previously announced for retirement.
  • RIG says the Q2 revenue increase primarily was due to a full quarter’s contribution from the four, CAT-D harsh environment semisubmersibles acquired from Songa in January and the Deepwater Poseidon ultra-deepwater drilling which began operations in February.
  • RIG says Q2 revenue efficiency was 97.4% vs. 91.5% in Q1, as the quarter marked the first full quarter of operations for all five of its newest ultra-deepwater drillships and the four semisubmersibles from Songa.
  • Now read: Vermilion Energy Inc 2018 Q2 - Results - Earnings Call Slides


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