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Transocean and Valaris present Q1 losses

The rig market may be improving, however, like Noble Corp., both Transocean and Valaris booked losses for the year’s first quarter.

Photo: PR/Transocean

Increasing activity and higher day rates may characterize the offshore drilling market, but the operating income among major rig companies is still under pressure.

This is evident from the quarterly reports put forth by rig companies Valaris and Transocean. Both saw a net deficit in the first quarter compared to the fourth quarter last year.

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