Transocean Inc., the world's largest offshore oil driller, said first-quarter profit more than doubled as record crude prices increased exploration for new reserves.
Net income rose to $1.19 billion, or $3.71 a share, from $553 million, or $2.62, a year earlier, the Houston-based company said today in a statement.
Oil producers are expanding the search for untouched oil reserves from India to the Canadian Arctic as record prices make previously uneconomic fields worth drilling. Companies will spend $380 billion boring 20,000 offshore wells during the next five years, according to analysts at Douglas-Westwood Ltd.
Sales more than doubled to $3.11 billion from $1.33 billion. The average first-quarter rent for Transocean's ultra-deepwater floating rigs was $380,800 a day, up 26 percent from a year earlier.
The company tripled its cash and cash equivalents to $1.57 billion.
– Bloomberg
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