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Transocean doubles losses amid oil price crisis

The Transocean Leader drilling rig.
The Transocean Leader drilling rig.

Rig operator Transocean has seen its pre-tax losses more than double year-on-year as it tackles the effects of Covid-19 and the oil price crash.

The deficit for the first quarter of 2020 was £316.2million, compared to £143m in the same period last year.

Despite the losses, chief executive Jeremy Thigpen said the firm was well-positioned going forward with its “industry-leading backlog” of work worth £7.6bn.

He said: “Looking forward, we recognise the dramatic decline in oil prices, coupled with the continued uncertainties surrounding the containment of COVID-19, and the resumption of the global economy, will invariably delay the contracting activity that we expected in 2020.

“However, with our industry-leading backlog and proven track record for managing costs, we expect to continue to deliver industry-best margins.

“With continued strong operating performance, and the prudent management of our liquidity, Transocean is well-positioned to continue delivering the highest level of service while keeping our employees and our customers safe.”

Earnings before interest, tax, depreciation and amoritsation was £188m for the Switzerland-headquartered firm, while revenues were £607.5m

Earlier, fellow rig operator Valaris fell to a £2.5bn loss due to heavy impairments on its offshore vessels.

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