Transocean Can Pump To $58 With Strong Demand For Offshore Drilling

Offshore driller Transocean reported a quarterly loss of $163 million in Q2 despite posting a 10% increase in sequential revenues and higher utilization levels because of a $750 million charge related to the Gulf of Mexico incident. The company?s fleet utilization rate jumped from 61% to 66% in Q2 2012, indicating a strong revival in offshore exploration, but a looming suspension of operations in Brazil might weigh on the company?s results over the next few months. A revival of exploration in the Gulf of Mexico and strong activity in the North Sea and in offshore Africa are expected to result in strong growth for Transocean?s business.

http://www.forbes.com/sites/greatspeculations/2012/08/08/transocean-can-pump-to-58-with-strong-demand-for-offshore-drilling/