Transocean posts $675 million net loss so far in 2012

Oil drilling giant Transocean posted on Monday $675 million (526 million euros) in net losses for the first nine months of 2012 in contrast to net profit of $411 million in the same period of last year.

The Swiss-based provider of offshore contract drilling services for oil and gas wells attributed the results in part to withdrawal from the standard shallow-water “jackup” rig sector, according to a statement.

Net losses for the third quarter ending September 30 totalled $381 million, compared with net losses of only $32 million for the same period in 2011, the firm said.

For the first nine months of the year sales amounted to 6.918 billion, up from 5.972 billion from January to September 2011.

In mid-morning trading, the price of shares in Transocean was showing a gain of 1.06 percent to 43.95 francs on the Swiss SMI index which was down 0.29 percent overall.