Transocean swings to profit in 4Q

Offshore drilling contractor Transocean has posted net income of $611 million for the fourth quarter of 2015 compared with a year-earlier loss of $739 million. 

Fourth quarter 2015 results included net unfavorable items of $4 million: $29 million related to loss on impairment of the GSF Grand Banks and Deepwater Navigator, which the company has classified as held for sale; $22 million related to restructuring costs; and $1 million in discontinued operations.

Transocean’s total revenues for the three months ended December 31, 2015 amounted to $1.85 billion, compared to $2.24 billion a year earlier.

Other revenues increased $356 million due to early contract terminations on the Polar Pioneer, Discoverer Americas, and Sedco 714. Contract drilling revenues decreased $113 million due to reduced activity and rig retirements partially offset by higher ultra-deepwater revenue efficiency and higher demobilization revenues.

The drilling contractor’s capital expenditures totalled $665 million, down from $940 million in the prior quarter. The decrease was associated with the company’s newbuild program.

During the quarter, the company took delivery of the newbuild ultra-deepwater drillship Deepwater Proteus and, according to Transocean, the floater is expected to be placed into service in the second quarter of 2016.

Offshore Energy Today Staff

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Posted on February 25, 2016 with tags .

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