Transocean LTD (NYSE:RIG) unveiled its latest quarterly earnings results late in the day Monday, which sent shares rising as the company’s revenue was trending upward.
The offshore drilling contractor said that its second quarter of fiscal 2018 yielded mostly positive results as its total contract drilling revenues reached $790 million for the period. The figure was well ahead of the company’s $664 million in total contract drilling revenues from the first quarter of fiscal 2018.
Transocean’s revenue efficiency for the period was 97.4%, better than the 91.5% revenue efficiency from the previous quarter. The company’s net loss attributable to controlling interest came in at $1.135 billion, or $2.46 per diluted share.
During the first quarter of 2018, the company’s net loss attributable to controlling interest was roughly $210 million, or 48 cents per share. On an adjusted basis, Transocean had a net loss of $18 million, or 4 cents per diluted share, which excluded $1.117 billion of net unfavorable items.
This was a considerable improvement over its previous quarter’s adjusted net loss of $210 million, or 48 cents per share. The company added that its operating and maintenance expenses tallied up to $431 million, which were slightly higher than its operating and maintenance expenses of $424 million from its first quarter of the fiscal year.
RIG stock was up about 3.7% during regular trading hours on Monday in anticipation of the company’s quarterly earnings report, which sent shares up an additional 1.4% after the bell.