Transocean says Q1 earnings plunge 86.5% to $42 million

Swiss group Transocean, the biggest global offshore oil driller, saw first quarter earnings plummet 86.5 percent to $42 million, a company statement said on Wednesday.

It reported an exceptional charge of $184 million between January and March.

“First quarter 2012 revenues were $2.331 billion compared with $2.422 billion in the fourth quarter 2011,” a statement said.