Transocean Ltd. posted a quarterly profit, compared with a year-earlier loss, as cost cutting helped counter a slump in crude oil prices.
The company’s net income attributable to controlling interest was $249 million, or 68 cents per share, in the first quarter ended March 31, compared with a loss of $483 million, or $1.33 per share, a year earlier.
Excluding items, the company earned 69 cents per share.
Revenue fell 34.4 percent to $1.34 billion.
Operating and maintenance expense decreased to $665 million, compared with $794 million in the prior quarter, the company said in a news release.
“The decrease was due largely to lower activity, cost savings related to the company's operational and restructuring initiatives, and reduced stacking costs primarily associated with the company's dynamically positioned floaters offset partially by the reactivation costs of the Henry Goodrich,” Transocean said. “The quarter also included deferred mobilization cost of $18 million on the GSF Development Driller Ithat was previously expected in the second quarter of 2016.”