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Transocean continues decline in third quarter

Transocean, the world's largest rig company, took a new beating from the tough offshore market in the third quarter, where the operating result was nearly halved and revenue plunged further. Large bond sales give flexibility, says CEO.

US-based Transocean, which makes a living leasing rigs to the presently struggling offshore market, declined further in the third quarter on operations as well as revenue.

The operating result dropped to USD 225 million in the latest quarter against USD 445 million in the same period last year, while revenue ended at USD 903 million against USD 1.6 billion in last year's third quarter, according to Transocean's third quarter interim report, published Thursday.

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