Transocean's Q2 net income tops $1 billion

Transocean Inc. reported Wednesday that its second quarter net income topped $1 billion, exceeding analysts’ expectations – thanks largely to last year’s acquisition of competitor GlobalSantaFe Corp.

For the three months ended June 30, Houston-based Transocean (NYSE: RIG) reported earnings of $1.1 billion, or $3.45 per share, on revenue of $3.1 billion. This compared with earnings per share of $549 million, or $2.63 per share, on revenue of $1.4 billion in last year’s second quarter.

Thirty-six analysts polled by Thomson First Call had estimated earnings per share of $3.23.

So far, the Nov. 27, 2007, acquisition of GlobalSantaFe has paid off. Transocean’s net income more than doubled in the first quarter.

Source: Houston Business Journal