Transocean LTD (NYSE:RIG) reported its latest quarterly earnings results after the bell Monday, sending shares down as the company missed analysts’ expectations.
The offshore drilling contractor reported first-quarter earnings at a loss of 48 cents per share, which was 13 cents worse than the Wall Street consensus estimate of a loss of 35 cents per share. Revenue tallied up to $667 million for the period, which topped analysts’ expectations of $643.27 million.
Transocean’s net loss amounted to $210 million, which was nearly twice as wide as it was in the year-ago quarter of $111 million, or 28 cents per share. On an adjusted basis, the company still lost $210 million, again wider than the year-ago adjusted net loss of $93 million, or 24 cents per diluted share, excluding $18 million of net unfavorable items.
The company’s total contract drilling revenues for its first quarter were $664 million, up from the $629 million during the fourth quarter of fiscal 2017. Revenue efficiency tallied up to 91.5% for Transocean, compared to 92.4% during the previous quarter.
“This first quarter of 2018 was significant for Transocean and our best‑in‑class fleet,” said Transocean LTD President and CEO Jeremy Thigpen in a statement during the company’s earnings call. “We consummated the Songa Offshore acquisition, which added four new, contracted, high‑specification, harsh environment semisubmersibles to our fleet, and further bolstered our industry-leading backlog.”
RIG shares fell about 2.3% after the bell Monday, following a 0.5% dip during regular trading hours.