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Lower Impairments Augment Transocean's 1Q'16 Earnings; Contract Backlog Continues To Decline

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Transocean (

), an international offshore drilling service provider, reported an improvement in its earnings on a year-on-year basis, despite the ongoing commodity slump. This was largely due to lower impairment charges compared to the same quarter last year. Operationally, it was a tough quarter for the company, as it experienced a notable decline in most of its operational metrics, particularly contract backlog and rig utilization. As a result, the Swiss company continued to witness a drop in its revenue both annually as...


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