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Transocean Swings to a Quarterly Profit as Cost-Cutting Offsets Revenue Decline

Oil driller Transocean Ltd. RIG 0.35 % swung to a first-quarter profit as it slashed spending to offset a 35% revenue drop brought on by an oil rut amid a supply glut wreaking havoc through the sector.

Rig utilization fell to 51%, from 60% in the previous quarter and 79% in the year-ago period. Contract backlog, meanwhile, fell to $14.6 billion as of the company’s most recent fleet status report in April, continuing a downward trend.

Switzerland-based Transocean, which has the world’s...


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