Transocean Lowers Cost Guidance 9% After Posting Surprise Profit

  • Largest offshore driller reported adjusted profit of 17 cents
  • Company slashed costs 25% from first quarter to $500 million

Transocean Ltd. followed up a surprisingly profitable three months by revealing there’s more costs to cut as the world’s largest owner of offshore rigs gets smarter at parking equipment that explorers don’t want.

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