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Transocean projects stronger contract activity later this year

Rig operator Transocean finished a strong year for the drilling sector with a triple-digit million dollar deficit on its bottom line in record year characterized by large impairments. The company's CEO sees stronger contract activity later in the year and lasting into next year.

Photo: PR/Transocean

Drilling rig company Transocean becomes the latest drilling company to confirm that 2020 was a difficult year for the strained sector.

The company reports an adjusted deficit of USD 209 million after taxes in the fourth quarter, shows the interim report published Tuesday. This contributes to a combined adjusted deficit of USD 466 million for a year, that also saw the company book a large impairment on its fleet.

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