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

Share this article

Follow Offshore Energy Today

Posted on February 25, 2016 with tags .

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply