Transocean (RIG $54.58 -4.45) reported second quarter earnings of
$0.65 per share, excluding $0.17 in negative items, may not be comparable to the
Capital IQ Consensus Estimate of $0.87.
Revenues fell 5.8% year/year to $2.33 billion versus the $2.37 billion
consensus.
Second quarter contract drilling revenues, which increased to $2.086 billion
from $1.95 billion in the first quarter, were positively impacted by improved
activity in the Gulf of Mexico, the commencement of operations of the newbuild
Ultra-Deepwater Floater Deepwater Champion, the reactivation of previously idled
rigs, and higher revenue efficiency for our Ultra-Deepwater and Deepwater
Floaters, partially offset by the stacking of additional Deepwater and Midwater
Floaters. Overall utilization was flat during the period compared to the first
quarter.






