Transocean expects drilling market to improve in 2022

Transocean exits the second quarter with a significantly reduced deficit, and the drilling major's CEO projects improved rates and utilization from the turn of the year.

Photo: PR/Transocean

The world's largest drilling company, Transocean, reduced its deficit considerably in the second quarter of the year, with a high utilization rate contributing to the progress.

In the second quarter, Transocean booked a net deficit of USD 103 million against a deficit of USD 497 million in the second quarter of 2020, while revenue came to USD 656 million, a drop from the USD 930 million generated in the same period last year, according to the drilling company's quarterly report released Tuesday.

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