Deepwater Horizon Aftermath Sinks Transocean Earnings


Oil driller Transocean posts third quarter earnings of $368 million, down from $710 million a year before.

Oil driller Transocean posted third quarter earnings after the bell Wednesday of $368 million, or $1.15 per share, compared to $710 million, or $2.19 per share, in the same quarter last year. The results included charges related to the April explosion on a rig that BP leased from the company, that killed 11 and resulted in an oil spill in the Gulf of Mexico, as well as other charges. Revenue fell 18% to $2.31 billion.

Transocean’s business has fallen as a result of stoppages and slowdowns in the Gulf of Mexico.

Bloomberg reported that Transocean said in a filing earlier in the month that is has three rigs under construction, slated for lease to Exxon Mobil, Reliance Industries and BP.

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Stuart H. Smith is an attorney based in New Orleans fighting major oil companies and other polluters.
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