Stock News - (NYSE:RIG) Net Income Falls, Share down

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Transocean LTD. (NYSE:RIG) fell 0.35% to $85.61 after it said third-quarter net income fell by a third to $710 million, or $2.19 a share, from $1.06 billion, or $3.30 a share in the year-ago period. Excluding 46 cents a share in one-time charges, Transocean earned $2.65 a share. Revenue fell to $2.82 billion from $2.88 billion. Wall Street analysts expected earnings of $2.61 a share and revenue of $2.82 billion, according to a survey by FactSet Research. The Zug, Switzerland drill ship operators said the decrease in its revenue was primarily due to a $164 million reduction from the stacking of rigs and decreased activity, partially offset by a $108 million increases from two of newbuild drillships that went into service, as well as improved dayrates and revenue efficiency.

Transocean LTD. (Transocean), formerly Transocean Inc., is an international provider of offshore contract drilling services for oil and gas wells. As of February 03, 2009, the Company owned, had partial ownership interests in or operated 136 mobile offshore drilling units.

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