Oil driller Transocean Ltd.'s quarterly profit dropped sharply again as revenue was nearly halved amid an oil rut that has devastated the sector.
Still, the quarterly results beat expectations, driving up its beaten-down stock by 1.2% to $9.40 in after-hours trading.
The Switzerland-based company, which boasts the world's largest fleet of offshore drilling rigs, spent billions of dollars to expand its fleet right before oil prices collapsed.
Over all, Transocean's third-quarter profit fell 26% to $244 million, or 62 cents a share. Excluding certain items, profit fell to 25...