The
Zug,
Switzerland-based
company
posted
net
income
of
$456
million
in
the
three
months
to
December,
a
vast
reversal
from
a
$6.6
billion
loss
recorded
in
the
year-ago
quarter
following
huge
impairment
charges.
The
company
also
recorded
$126
million
in
favourable
items,
including
a
tax
benefit
and
gain
incurred
from
selling
shallow-water
rigs.
Without
the
one-time
items,
the
company
posted
net
income
of
91
cents
per
share,
beating
analyst
estimates
of
82
cents.
Revenue
was
$2.2
billion,
up
from
$2
billion
in
the
year-ago
quarter.
Operating
and
maintenance
expenses
were
trimmed
to
$1.43
billion
from…
