Rig major Transocean books major Q3 loss

Distressed Transocean took a huge impairment in the third quarter, resulting in a big deficit. But with the acquisition of Songa Offshore, Transocean is ready to reap the benefits of a market recovery, says the CEO.

Photo: Transocean

The world's largest rig company, Transocean; has published another interim report with a negative bottom line triggered by a major impairment.

In the second quarter, Transocean suffered a big deficit as a result of an impairment on 15 rigs, which were sold to Borr Drilling. In the third quarter, six rigs set for retirement were impaired, and this dealt a serious blow to the rig major's result.

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