Transocean reduces billion dollar deficit in Q3

The world's largest rig operator reduced its loss in the third quarter from a billion dollar deficit to a loss of USD 409 million, according to the interim report. The company is preparing for more work, says CEO.

Photo: Transocean

Things improved for Transocean in the third quarter this year, though the bottom line remains negative, shows the interim report from the world's largest rig operator published Tuesday.

In the quarter, the company reduced its net deficit to USD 409 million from a deficit of USD 1.4 billion in the same period last year. The losses are again attributed to impairments of USD 432 million in the third quarter, according to the report. Revenue grew from USD 699 million in the third quarter 2017 to USD 816 million this year.

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