Transocean takes $2.8B charge. Delays 3Q results

Transocean Ltd. has announced that it expects its third quarter 2014 results to include a non-cash charge of $1.97 billion related to the impairment of goodwill.

The charge, the offshore drilling contractor has explained, is the result of impairment testing conducted due to the decline in the market valuation of the contract drilling business.  As of June 30, 2014, goodwill was approximately $2.99 billion.

The company has also said it expects an impairment of the Deepwater Rig asset group of $788 million due to the deterioration of the market outlook, reflecting the recent decline in dayrates and utilization for this particular asset class.

Transocean said that due to the complexities involved in determining these impairments, the company is delaying its third quarter earnings release and conference call originally scheduled for 9:00 a.m. EST, 3:00 p.m. CET, Friday, November 7, 2014, and will issue a subsequent announcement with a revised date and time.

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