Offshore rig contractor Transocean Ltd posted a quarterly profit, compared with a year-earlier loss, as cost cutting helped counter a slump in crude oil prices.
The company's net income attributable to controlling interest was $249 million, or 68 cents per share, in the first quarter ended March 31, compared with a loss of $483 million, or $1.33 per share, a year earlier.
Excluding items, the company earned 69 cents per share.
Revenue fell 34.4 percent to $1.34 billion.
4:36 pm Transocean beats by $0.41, beats on revs (RIG) :
•Reports Q1 (Mar) earnings of $0.69 per share, excluding non-recurring items, $0.41 better than the Capital IQ Consensus of $0.28; revenues fell 34.4% year/year to $1.34 bln vs the $1.10 bln Capital IQ Consensus.
•Contract drilling revenues for Q1 decreased $345 million sequentially to $1.11 billion due primarily to reduced activity associated with stacked and idle rigs, and rig disposals.
•"Despite the challenging environment, the Transocean team delivered strong operating performance, and solid financial results, adding over $200 million to our cash balance in [Q1]...As we work through [Q2], and the balance of the year, we will continue to prepare ourselves for the eventual industry recovery by taking the necessary steps to both maximize internal efficiencies, and further differentiate Transocean in the eyes of our customers through superior safety and operational performance."
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