STEINHAUSEN, Switzerland (AP) _ Transocean Ltd. (RIG) on Wednesday reported a loss of $497 million in its second quarter.
On a per-share basis, the Steinhausen, Switzerland-based company said it had a loss of 81 cents. Earnings, adjusted for one-time gains and costs, came to less than 1 cent on a per-share basis.
The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 27 cents per share.
The offshore oil and gas drilling contractor posted revenue of $930 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $756.8 million.
In the final minutes of trading on Wednesday, the company's shares hit $2.07. A year ago, they were trading at $5.37.