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What: Shares of Transocean
So what: Revenue fell to $2.24 billion, below analyst estimates of $2.34 billion, but the bottom line is what is really hurting Transocean. The company reported a loss of $71 million, or $0.22 per share, as costs to meet regulatory requirements weighed on the company. On an adjusted basis, earnings per share were $0.03, well below the $0.76 analysts expected.
Now what: There's really nothing good to report here, and we're only moving into an uncertain time for Transocean. The company has been fighting against paying any damages for the Deepwater Horizon oil spill; a trial is scheduled to begin in February to determine if the company will be hit with damages. With that, and increasing operating and maintenance costs weighing on the company, I just can't see buying shares right now.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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