Transocean Q4 Loss Widens

(RTTNews) - Transocean Ltd. (RIG) reported fourth-quarter net loss attributable to controlling interest of $242 million, $0.48 per share, compared to net loss of $111 million or $0.28 per share in the prior year.

Adjusted net loss was $171 million, $0.34 per share, excluding $71 million of net unfavorable items. This compared with adjusted net loss of $93 million or $0.24 per share, in the previous year.

Total revenues were $748 million, compared with $629 million last year.

Contract drilling revenues for the three months ended December 31, 2018, sequentially decreased $68 million to $748 million due to lower utilization for the company's ultra-deepwater and harsh environment fleet. Additionally, fourth quarter results were negatively impacted by unexpected weather-related downtime on two of our harsh environment rigs off the coast of Canada resulting in approximately $21 million in lost revenue. Partially offsetting these decreases was a $15 million increase in revenue from three working rigs acquired as part of the Ocean Rig acquisition in December.