The company said Wednesday its quarterly revenues were $2.34 billion, compared with $2.25 billion reported in the final quarter of last year. Net income for first quarter 2014 was $456 million, compared with $321 million for fourth quarter 2013.
Transocean is the largest offshore drilling contractor in the world. The company said Monday it planned to create a subsidiary, Caledonia Offshore Drilling Co.,that will take eight rigs to conduct operations in the British waters of the North Sea.
The subsidiary's rigs will have day rates ranging from $300,000 to around $400,000. The North Sea entity will be established in the second half of the year.
The rigs are capable of working in waters in a range of 1,000 to 1,800 feet deep. Drilling can target reserves as much as 25,000 feet below the sea floor.