Transcoean reported adjusted EPS/EBITDA of $0.17/$401 million, which is well ahead of consensus' ($0.02)/$323 million and Clarksons' expected $0.02/$330 million. Revenues of $943 million were 4 percent above consensus and 5 percent above Clarksons' expectations as well.
Operating costs at $500 million came in below the $550 million–$570 million guided range and the brokerage's modeled $550 million.
"We expect much focus will be on RIG's financing strategy, particularly following its recent debt issuance and tender, as well as its re-acquisition of Transocean Partners," analyst Haithum Nokta wrote in a note.
"We'll be keen to understand the moving parts related to the company's pursuit of secured financing vehicles. Apart from financing, we'll be looking for commentary related to its outlook for rig demand and marketing strategy," Nokta added.
Shares of Transocean closed Wednesday's regular trading at $10.45, while the analyst has a price target of $12. At time of writing, Transocean was up 3.64 percent on the day, trading at $10.83.
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