Transocean Ltd. (RIG)

[Mother Lode]

looks like Utilization rates was the culprit here:


Here is how Transocean performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Utilization - Total fleet average rig utilization: 49.4% versus the three-analyst average estimate of 58%.

Utilization - Ultra-Deepwater Floaters: 45% compared to the 55% average estimate based on three analysts.

Average Daily Revenue - Harsh Environment Floaters: $357.4 thousand versus the three-analyst average estimate of $290.05 thousand.

Average Daily Revenue - Total fleet average daily revenue: $391.3 thousand versus the three-analyst average estimate of $345.79 thousand.

Average Daily Revenue - Ultra Deepwater Floaters: $406.5 thousand compared to the $372.73 thousand average estimate based on three analysts.

Utilization - Harsh Environment Floaters: 63% versus the three-analyst average estimate of 65.1%.

Contract drilling revenues- Ultra-Deepwater Floaters: $516 million compared to the $519.87 million average estimate based on three analysts. The reported number represents a change of +19.2% year over year.

Contract drilling revenues- Harsh Environment Floaters: $197 million compared to the $195.72 million average estimate based on three analysts. The reported number represents a change of -23.6% year over year.