Rig Rates Force IOCs Into Alternative Strategies

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As one of the largest rig operators, Transocean made significant profits in 2005. Full-year net income reached US$715.6mn from revenues of US$2.89bn, a huge increase on 2004's US$152.2mn. The improvements resulted from increased day-rate charges and higher revenues from integrated services activities. The final three months saw net income of US$151.6mn, a figure Transocean expects to maintain this year to the disappointment of analysts. The firm is being compared unfavourably with other rig operators, such as Diamond Offshore Drilling and Sugar Land, that saw profits beating market expectations. The firm, with 160 rigs including 93 mobile offshore drilling units, owns