SAN FRANCISCO, Nov 3 (Reuters) - Transocean Ltd, the contractor that lost its rig in BP's well blowout in April, reported lower profit, hit by costs associated with the disaster and the resulting curbs on Gulf of Mexico drilling.
Transocean said on Wednesday its third-quarter net profit fell to $368 million, or $1.15 per share, from $710 million, or $2.19 per share, a year ago.
The results included costs related to the BP disaster that amounted to $22 million after taxes, as well as after-tax charges including $14 million related to other legal matters and a $22 million loss on debt retirement.
Revenue fell 18 percent to $2.31 billion. Analysts had expected $2.47 billion, according to the average forecast on Thomson Reuters I/B/E/S.
The BP Plc spill brought most drilling activity to a halt in the Gulf of Mexico for much of this year because of tighter regulations and a U.S. drilling moratorium that only ended last month.
Rig operators competing with industry leader Transocean -- Noble Corp, Diamond Offshore Drilling Inc, and Ensco Plc -- also posted weaker third-quarter profits last month, but saw early signs of activity picking up in the Gulf.
(Reporting by Braden Reddall. Editing by Robert MacMillan) Keywords: TRANSOCEAN/ (braden.reddall@thomsonreuters.com; +1 415 677 2543; braden.reddall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Transocean said on Wednesday its third-quarter net profit fell to $368 million, or $1.15 per share, from $710 million, or $2.19 per share, a year ago.
The results included costs related to the BP disaster that amounted to $22 million after taxes, as well as after-tax charges including $14 million related to other legal matters and a $22 million loss on debt retirement.
Revenue fell 18 percent to $2.31 billion. Analysts had expected $2.47 billion, according to the average forecast on Thomson Reuters I/B/E/S.
The BP Plc spill brought most drilling activity to a halt in the Gulf of Mexico for much of this year because of tighter regulations and a U.S. drilling moratorium that only ended last month.
Rig operators competing with industry leader Transocean -- Noble Corp, Diamond Offshore Drilling Inc, and Ensco Plc -- also posted weaker third-quarter profits last month, but saw early signs of activity picking up in the Gulf.
(Reporting by Braden Reddall. Editing by Robert MacMillan) Keywords: TRANSOCEAN/ (braden.reddall@thomsonreuters.com; +1 415 677 2543; braden.reddall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.