For the second quarter, Transocean
In case you hadn't heard, there's a serious drilling downturn under way. That explains why Transocean is seeing its fleet utilization drop alongside peers like Ensco International
By fairly aggressively stacking jackups amid an oversupplied market, Transocean does benefit from lower operating costs. These were outweighed in the quarter by shipyard and maintenance work, however. Combined with newbuild costs, these shipyard projects took operating and maintenance expenses 9% higher for the quarter.
The shallow water market is looking rather ugly. As I've feared for some time, the wave of freshly built jackups hitting the water this year is putting some real pressure on the contract drillers. That's why I picked Core Laboratories
As far as the deepwater, Transocean remains optimistic. It should be, after signing that sweet contract with Petrobras