Transocean Profit Declines as Drilling Demand Wanes
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Transocean Ltd., owner of the rig that exploded in the Gulf of Mexico in April, said profit fell for a seventh consecutive quarter, the longest streak of declines in at least a decade, amid faltering demand for drilling vessels.
Net income fell 48 percent to $368 million, or $1.15 a share, during the third quarter, from $710 million, or $2.19, a year earlier, the Vernier, Switzerland-based company said in a statement. Excluding costs stemming from the April disaster, taxes and debt retirement, per-share profit was 3 cents higher than the average estimate of 30 analysts surveyed by Bloomberg.