Actionable news
All posts from Actionable news
Actionable news in RIG: TRANSOCEAN Ltd.,

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

Shutterstock photo

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...