Taking a dip: Transocean's first quarter profits
Transocean profits dip
Transocean reported a drop in quarterly profit today as the world's largest offshore drilling contractor was pinched by weaker industry activity with oil and gas prices half that of a year before.
First-quarter net profit fell to $942 million, or $2.93 per share, from $1.15 billion, or $3.58 per share, a year before.
Revenues were up less than 1% at $3.12 billion.
Shares of Transocean have risen by 54% in 2009, comfortably outperforming a 35% increase in the Philadelphia Stock Exchange oil service index OSX.
In a sign of the times for shallow-water rig demand, the company also announced it was taking three jackups in Africa out of service.