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
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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.
This year’s operating and maintenance costs are expected to fall to $2 billion, a 9 percent reduction from the company’s previous forecast, Chief Financial Officer Mark Mey told analysts and investors Thursday on a conference call. Shares of the company based in Vernier, Switzerland, rose 5.3 percent to $11 at 10:19 a.m. in New York after earlier climbing as much as 8.5 percent.