Transocean fares well in 1Q despite the downturn

Transocean reported its 1Q 2016 results this week, “delivering a strong operating performance, and solid financial results,” despite the challenging environment, the company reported.

Offshore staff

HOUSTON – Transocean reported its 1Q 2016 results this week, “delivering a strong operating performance, and solid financial results,” despite the challenging environment, the company reported. The company added more than $200 million to its cash balance in the first quarter of 2016, said President and CEO Jeremy Thigpen.

The company stated that contract drilling revenues for the first three months of 2016 decreased $345 million sequentially to $1.1 billion due primarily to reduced activity associated with stacked and idle rigs, and rig disposals.

Transocean also provided a fleet status report:

  • Actinia, received a three-year contract offshore India at a day rate of $101,000 ($111 million estimated contract backlog).
  • Deepwater Invictus, awarded a two-well contract offshore Trinidad at a day rate of $350,000 ($28 million estimated contract backlog).
  • Dhirubhai Deepwater KG2, received a six-month contract; location and day  rate were not disclosed.
  • The midwater floater TransoceanJohn Shaw is classified as held for sale. The rig will be recycled in an environmentally responsible manner, the company stated.

05/05/2016

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