Before we dig into this quarter's report by Transocean
You'll recall that the company scuttled off to Switzerland alongside Noble
Now that we've cleared that up, let's take a look at the numbers. Transocean's quarterly revenue of $2.8 billion was off 12% compared to last year. Per-share earnings dropped by more than a third, though there were some one-off items like a large legal bill muddling the comparison somewhat. Field operating income, a useful alternative measure of Transocean's earning power, fell 19%.
Revenue efficiency -- which compares Transocean's revenue to the maximum that could have been earned under contracts with clients such as Chevron
As with Ensco
The bottom line is that the ultra-deepwater remains "the bright spot" in the current environment, and Transocean is very well suited to capitalize on that trend. The firm's 10-rig newbuild program is 70% complete, and the company has floated by possibility of an eleventh newbuild order by the end of the year. The long view on deepwater drilling remains unchanged.