Transocean (RIG) Q2 Loss Wider Than Expected, Sales Lag

RIG MPLX

Transocean Ltd. (RIG - Free Report) posted second-quarter 2019 adjusted loss of 34 cents a share, a penny wider than the Zacks Consensus Estimate. Lower-than-anticipated revenues from Harsh Environment floaters and increase in costs primarily led to the underperformance. Precisely, revenues from harsh environment floaters came in at $251 million, lagging the consensus estimate of $296 million. The bottom line also compared unfavorably with the year-ago period’s loss of 4 cents.

The offshore drilling powerhouse generated total revenues of $758 million, missing the Zacks Consensus Estimate of $774 million. The top line also declined from the prior-year figure of $790 million.

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