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Transocean says 3Q profit fell by 33 percent

Transocean 3Q profit down by 33 percent on special charges, slowdown in drilling

  • On 12:18 pm EST, Wednesday November 4, 2009

MINNEAPOLIS (AP) -- Offshore drilling contractor Transocean Ltd. said on Wednesday that its third-quarter profit fell by one-third, hurt by special charges and a slowdown in drilling.

The company earned $710 million, or $2.19 per share, down from $1.06 billion, or $3.30 per share, during the same period last year.

In the latest quarter, the company recorded charges of $148 million, or 46 cents per share, including $132 million for litigation. Excluding those items, the company earned $2.65 per share.

Revenue fell 11.6 percent to $2.82 billion from $3.19 billion.

Analysts polled by Thomson Reuters predicted profit of $2.67 per share on revenue of $2.85 billion.

Shares of the Switzerland-based company fell 89 cents to $85.02 in morning trading.

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