Transocean books loss, but sees improving longer-term market fundamentals

Offshore drilling contractor Transocean has booked a loss for the last quarter of 2019 as its revenues increased. However, the company has reduced the loss sequentially and year-over-year helped by gain on termination of construction contract, tax items, and disposal of assets, but partially offset by impairments and restructuring costs.

Transocean’s contract drilling revenues were $792 million in 4Q 2019 compared with $784 million in the third quarter of 2019 and $748 million in 4Q 2018.

It is worth reminding that Transocean completed the acquisition of another drilling contractor, Ocean Rig, in the 4Q 2018, specifically in December 2018.

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