Transocean profit short of Wall Street estimates

Wed May 8, 2013 4:46pm EDT

May 8 (Reuters) - Transocean Ltd, the world's largest offshore drilling contractor, reported on Wednesday a weaker-than-expected rise in quarterly profit as some of its rigs could not work for a period of time due to a third-party equipment problem.

First-quarter net income rose to $321 million, or 88 cents per share, from $10 million, or 3 cents per share, a year ago - when it took a big charge on the value of its fleet. Excluding one-time items, it earned 93 cents per share, compared with the average $1.00 expected by analysts on Thomson Reuters I/B/E/S.

Revenue in the quarter grew 4 percent to $2.2 billion.

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