Transocean posts 4Q loss

Transocean, a Swiss-based offshore driller has reported its 4Q 2014 revenues were 2.23 billion, slightly less that $2.25 bilion achieved a year ago.

The decrease was due primarily to increased idle time on several rigs partly offset by higher revenue efficiency, lower out-of-service days, and the start of operations in the third quarter of the company’s two newbuild ultra-deepwater drillships, Deepwater Asgard and Deepwater Invictus.

The company reported a net loss attributable to controlling interest of $739 million, versus a $233 million profit in the fourth quarter a year ago.

Goodwill impairment

Fourth quarter 2014 results included net unfavorable items of $1 billion.

The company took $992 million non-cash goodwill impairment, due to the decline in the market valuation of the company’s contract drilling services business.

As the result of this impairment, Transocean has said that it has no goodwill remaining on its balance sheet. It also took $148 million in impairments of assets classified as held for sale.

Capital expenditures for the quarter were $318 million, down from $948 million in the corresponding quarter of 2013. For the full year, the company’s capex was $2.16 billion. In its capex guidance for 2015, Transocean has said it plans to spend around $1.8 billion.

 

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