No. of Recommendations: 1
Hi everyone,

Release: http://finance.yahoo.com/news/transocean-ltd-reports-second-...

Transocean posted what I think was a decent quarter.

Except for midwater floaters, utilization was higher for every rig class sequentially and either higher or even (mostly higher) YoY. Dayrates (average daily revenue) was higher (or down just a touch for deepwater floaters) YoY and higher (or down just a bit for harsh environment floaters) sequentially. That is all good news.

It has also paid off about $1.6 billion in debt since the start of the year, lowering D/E ratio (using ending equity balance) from 0.78 at the end of 2012 to 0.68 at the end of Q2. That's definitely good, in my opinion.

Shares were up about 1% this morning, but since the call started at 10, they've dropped to being down 1% or so. Wonder what management said to lead to that. Will read the transcript later on and report back. I especially want to hear about industry demand and see if their comments are in line with others like Atwood and SeaDrill (which I follow for Stock Advisor).

Cheers,
Jim
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