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Transocean says 3Q profit fell by 33 percent
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MINNEAPOLIS - Offshore drilling contractor Transocean Ltd. said on Wednesday that its third-quarter profit fell by one-third, hurt by special charges and a slowdown in drilling.
The company earned $710 million, or $2.19 per share, down from $1.06 billion, or $3.30 per share, during the same period last year.
In the latest quarter, the company recorded charges of $148 million, or 46 cents per share, including $132 million for litigation. Excluding those items, the company earned $2.65 per share.
Revenue fell 11.6 percent to $2.82 billion from $3.19 billion.
Analysts polled by Thomson Reuters predicted profit of $2.67 per share on revenue of $2.85 billion.
Shares of the Switzerland-based company fell 89 cents to $85.02 in morning trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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