Transocean's Q2 profit soars on lower costs, higher dayrates

Transocean (NYSE:RIG) +2.9% premarket after its Q2 earnings rose 91% Y/Y and easily beat Wall Street consensus, helped by higher dayrates and reduced operating and maintenance costs.

Total average dayrates during Q2 increased to $410K from $382.8K in the year-ago quarter, but overall fleet utilization was 78%, down from the year-ago utilization rate of 80%.

Total operating and maintenance expenses fell 10.6% Y/Y to $1.2B, in part due to lower shipyard expenses.

RIG's effective tax rate declined Q/Q, which resulted from "idle time on certain rigs in high-tax jurisdictions."

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