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Transocean books USD 69 million deficit in third quarter

Transocean continues to lose money, booking a loss of USD 69 million for the third quarter. This is attributed to factors such as divestment of assets at a loss and restructuring costs.

Photo: RUSSELL CHEYNE/REUTERS / X02429

US-based drilling rig operator Transocean is in dire financial straits, according to the company's third quarter interim report, which shows a deficit of USD 69 million.

Net revenue from drilling contracts in the quarter totaled USD 773 million. This was almost 17 percent less than the previous quarter, when the company's net revenue clocked in at USD 930 million.

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