$RIG Transocean rises after reporting lighter t
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Posted On: 07/30/2018 11:31:37 PM
$RIG
Transocean rises after reporting lighter than expected Q2 loss
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.
Transocean rises after reporting lighter than expected Q2 loss
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.
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