Seeking Alpha

Transocean posts surprise revenue rise, shares +1.9% AH

  • 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.
From other sites
Comments (4)
  • King Rat
    , contributor
    Comments (724) | Send Message
     
    Congrats to RIG, but with them, CLR, and others all reporting growth in profits despite apparent drop in prices, there has to be a loser in oil somewhere but it's not showing.
    6 Nov 2013, 08:59 PM Reply Like
  • saratogahawk
    , contributor
    Comments (2033) | Send Message
     
    Drillers are very nearly inelastic with respect to oil prices. The longterm nature of the exploration and development and the longterm E&P budgeting process for the oil companies insulates the offshore drillers from sensitivity to oil price fluctuations. A longterm drop of a year or more to $60 and below might impact them but not these few week fluctuations.
    6 Nov 2013, 09:02 PM Reply Like
  • UNCMOISH
    , contributor
    Comments (17) | Send Message
     
    BEST STOCK I EVER OWNED. BOUGHT MY FIRST ABOUT 1970, WHEN IT AS ONE OF ITS MANY ALIASES @ %3.00/SHARE.
    7 Nov 2013, 12:31 AM Reply Like
  • rdearm1
    , contributor
    Comment (1) | Send Message
     
    Take that goldmam.
    7 Nov 2013, 05:13 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector