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Transocean: 1Q Earnings Snapshot

Transocean: 1Q Earnings Snapshot

Associated Press

STEINHAUSEN, Switzerland (AP) _ Transocean Ltd. (RIG) on Monday reported a loss of $171 million in its first quarter.

The Steinhausen, Switzerland-based company said it had a loss of 28 cents per share. Losses, adjusted for one-time gains and costs, were 30 cents per share.

The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 29 cents per share.

The offshore oil and gas drilling contractor posted revenue of $754 million in the period, which met Street forecasts.

Transocean shares have risen 27% since the beginning of the year, while the Standard & Poor's 500 index has risen 17%. In the final minutes of trading on Monday, shares hit $8.80, a drop of 29% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RIG at https://www.zacks.com/ap/RIG