Transocean feels bounce as charges clear the air

Boost: Transocean chief executive Steven Newman

AFP/SCANPIX

By BLAKE WRIGHT Houston

 02 March 2012 01:47 GMT

OFFSHORE rig giant Transocean recorded more than $6 billion in special charges during the fourth quarter of 2011, including about $1 billion in estimated funds related to the Macondo spill in the US Gulf.

The Macondo charge, signalling a potential settlement with well operator BP, sent shares of Transocean soaring after earnings were released on Monday.

By midday, on 27 February, shares in the rig giant were up by more than 5% and shares continued to trend upward at press time.

Overall, Transocean posted a net loss of $6.12 billion, or $18.62 per share, for the fourth quarter of 2011, compared with a net loss of $799 million, or $2.51 per share, for the same period in 2010.

Fourth-quarter 2011 results also included an estimated, non-cash charge of…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index