Transocean Reports Q4 Earnings
Transocean (NYSE: RIG) on Wednesday afternoon reported its fourth quarter and full year earnings. Shares of the largest offshore drilling fleet were down $0.61 per share or 1.42 percent in after-hours trading.
Below are some key takeaways from the earnings report:
• Revenue rose by a bit to $2.332 billion, which was up from $2.326 million a year ago;
• Aggregate fleet rig utilization was 75 percent in the quarter, which was compared to 83 percent in the third quarter. Some attribute weather situations to this;
• Transocean's net profit attributable to controlling interest fell to $233 million which is $.64 per share, from $456 million which is $1.26 per share, a year ago;
• Operating and maintenance expenses jumped quite a bit, as they were 1.532 billion in the fourth quarter, while they were $1.491 billion in the third quarter of 2013;
• Cash flows from operating activities skyrocketed up about $150 million or more than 20 percent to $773 million.
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