The world’s largest offshore driller, Transocean Ltd. (NYSE:RIG), reported first quarter 2009 EPS of $2.93 on net income of $942 million and revenue of $3.12 billion. In the first quarter of 2008, Transocean reported EPS of $3.58 and revenues of $3.11 billion. Analysts had been expecting EPS for the first quarter of $3.51 on $3.10 billion in revenue.
Transocean took a total of $221 million in write-downs on the value of two semisubmersibles it is trying to sell and another $43 million in payments related to its merger with GlobalSantaFe. Excluding those items, the company’s EPS would have reached $3.75.
The company did not refer to future prospects in its earnings release, but it did note a 17% drop in its operating and maintenance expenses for the quarter. Transocean did see a rise in its contract drilling revenues, year-over-year, but that was more than offset by substantial drops in its contract drilling intangible and other revenues categories.
Compared with Diamond Offshore Drilling Inc. (NYSE:DO), which beat analysts’ expectations on both EPS and revenues and declared a special cash dividend into the bargain, Transocean showed just mixed results.
Transocean shares are up about 3% in pre-market trading, to $75.00. The company’s 52-week range is $41.95-$163.00. Diamond is up about 1% on Transocean’s coat tails.
Paul Ausick
May 6, 2009
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
