Transocean posts surprise revenue rise, shares +1.9% AH

|About: Transocean Ltd. (RIG)|By:, SA News Editor

Transocean (RIG+1.9% AH after easily beating expectations for Q3 earnings and announcing construction contracts for five newbuild high-specification jackups.

Total fleet rig utilization was 83% in Q3 vs. 80% in the prior quarter; contract backlog was $29.8B as of the Oct. 16 fleet status report, and additional backlog totaling $166M has been secured since then.

The combined capital cost for the five rigs is estimated at under $1.2B; the first rig is expected to be delivered from the shipyard in Q1 2016 and the remaining four jackups delivered at roughly four-month intervals thereafter.