Transocean Weathers the Storm and Backlog Continues to Rise; Fair Value Estimate Unchanged
Falling in line with industry trends, no-moat Transocean posted flat revenue, although the company benefited from a $40 million bump (5% of quarterly revenue) from the inclusion of a full quarter of results from Ocean Rig, which it acquired in December. Altogether, a decrease in rig utilization was offset by a negligible increase in dayrates, as anticipated. Adjusted operating margin fell to negative 3% from negative 1% previously, owing chiefly to higher depreciation expense from the larger pos...
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