Results at Transocean fall short of expectations

Transocean, the world’s largest offshore rig contractor, has reported a net loss of $799 million (SFr860.1 million) for the fourth quarter of 2010.

This content was published on February 24, 2011 - 08:46 and agencies

Transocean, with about a dozen floating rigs in the Gulf of Mexico, was hit hard by the halt in drilling there after the well blowout that destroyed its Deepwater Horizon rig last April. Eleven people died in the disaster, which was the worst oil spill in United States history.

The company, which has its registered headquarters in the Swiss city of Zug, booked a charge of more than $1 billion for writing down the value of its shallow-water fleet.

Transocean earned 68 cents per share, compared with the average 89 cents expected by analysts, according to a Reuters poll.

The financial loss compared with a profit of $723 million made in the comparable period in 2009.

Transocean has been facing Swiss regulatory resistance to its dividend plans because of potential legal liability from the Deepwater Horizon disaster.

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