1Q Utilization Holds Steady, but Markets Still Ruled by Oversupply; FVE unchanged
No-moat Transocean’s results were slightly improved over the prior quarter. Its top line climbed over 5% sequentially to $664 million, primarily because of the acquisition of Songa and its four contracted harsh environment semisubmersibles. As a whole, utilization for the portfolio held steady over the quarter, and higher harsh environment utilization countered declines in other classes. The addition of Songa’s floaters also drove harsh environment day rates to $279,000 from $202,000. Although t...
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