Transocean Posts Quarterly Profit on Cost Cutting

Offshore rig contractor Transocean Ltd posted a quarterly profit, compared with a year-earlier loss, as cost cutting helped counter a slump in crude oil prices.

 

The company's net income attributable to controlling interest was $249 million, or 68 cents per share, in the first quarter ended March 31, compared with a loss of $483 million, or $1.33 per share, a year earlier.

 

Excluding items, the company earned 69 cents per share.

 

Revenue fell 34.4 percent to $1.34 billion.


(Reporting by Vishaka George in Bengaluru; Editing by Sriraj Kalluvila)