Transocean’s post-Macondo hit on revenues

By Anthony Guegel Houston

 09 August 2012 22:59 GMT

TRANSOCEAN suffered a net loss of $304 million for the second quarter of 2012 as a result of net “unfavourable items” of $560 million.

These include an estimated ­potential hit of $750 million for loss contingencies associated with the Macondo blowout and loss of the semi-submersible rig Deepwater Horizon.

Transocean described the loss estimate related to Macondo as “reasonable” and “probable” but added that it will be “adjusted to reflect new information and ­future developments as they ­become known”.

Operating and maintenance expenses totalled $1.607 billion for the second quarter of 2012, which included $82 million in “higher costs” for rig repair, survey and maintenance projects. Drilling management services activity levels outside the US Gulf ­increased operating…

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