Transocean Posts Significant Q1 Earnings Beat

Transocean RIG shares are moving higher in after hours trading after the company announced quarterly top and bottom line beats.

Revenue for the first quarter was three percent higher than Wall Street expected at $2.34 billion. This figure is 6.5 percent higher than expected.

Quarterly non-GAAP EPS was an impressive $1.43 while analysts predicted just $1.03. Much of the increase in profitability can be attributed to lower operating and maintenance expenses.

Shares are up 2.86 percent late into the after hours trading session to $43.33.