Transocean posts surprise revenue rise; shares up

Wed Nov 6, 2013 5:09pm EST

Nov 6 (Reuters) - Transocean Ltd, owner of the world's largest offshore drilling fleet, reported on Wednesday a larger-than-expected increase in revenue as it kept its fleet working more in the third quarter, and its shares rose 2 percent.

Third-quarter net income was $546 million, or $1.50 per share, compared with a loss of $381 million, or $1.06 per share, a year ago, when it took an $878 million charge for its exit from the lower end of the shallow-water jackup rig market.

Revenue rose 5 percent to $2.56 billion; analysts had expected $2.49 billion, based on the average of estimates on Thomson Reuters I/B/E/S.

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