Oppenheimer Lowers Transocean EPS Following Fleet Status Update

Oppenheimer reports that it has lowered its EPS estimates for Transocean Ltd.

, specifically for 2010 (from $6.44 to $6.10) and for 2011 (from $7.46 to $7.18). “The idled rigs imply continued low utilization for low-end jackups and mid-water rigs,” Oppenheimer writes. “Another rig has left the Gulf of Mexico, leaving 13 of its floating rigs in the Gulf of Mexico.” Oppenheimer retains its Perform rating on Transocean Ltd., saying that it is concerned that the Macondo lawsuits could prevent further outperformance. Transocean Ltd. currently trades for $66.58.