Transocean Swings To Profit In Q1
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Transocean Ltd. (RIG) reported a profit in Q1, driven by increased contract drilling revenues and lower expenses. Operating income rose to $287 million from $64 million year-over-year, with net income at $71 million, reversing a $79 million loss. Earnings per share were $0.06, compared to a loss of $0.11 last year. Contract drilling revenues increased to $1.081 billion from $906 million. For Q2, revenues are expected between $930 million and $970 million, with full-year projections of $3.8 billion to $3.9 billion.
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