UPDATE: Transocean Beats Q4 Expectations, Shares Surge

Shares of

jumped more than 7% in pre-market trading after the company reported better-than-expected earnings for the fourth quarter. The Vernier, Switzerland-based company posted a quarterly net loss of $739 million, or $2.04 per share, versus a year-ago profit of $233 million, or $0.64 per share. Excludeings net unfavorable items, adjusted net income came in at $344 million, or $0.95 per share. Its revenue declined 1.5% to $2.24 billion. However, analysts were expecting earnings of $0.77 per share on revenue of $2.1 billion. Operating and maintenance expenses slipped $8 million from the prior quarter to $1.310 billion, while general and administrative expenses rose $10 million sequentially to $62 million. Cash flows from operating activities dropped $316 million versus the third quarter to $566 million, while capital expenditures slipped $47 million sequentially to $318 million in the latest quarter. Transocean shares jumped 7.86% to $17.30 in pre-market trading.