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Transocean books billion dollar impairment in the second quarter

Swiss-American drilling company Transocean emerged from Q2 with a loss of millions of USD on the bottom line after a USD 1 billion impairment. CEO Jeremy Thigpen is positive about the future, however.

Photo: Transocean

Rig company Transocean finished the second quarter with another large net deficit, this time totaling USD 1.1 billion, as a result of several impairments.

Over the period, the Swiss-American company booked several impairments on assets, pulling the company further into the red, according to a press release accompanying its report release. The combined impairments total a little over USD 1 billion, including a financial loss of USD 548 million related to three floating rigs which are being retired as as well as a USD 463 million goodwill impairment.

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