Transocean, Baker Hughes reflect oil drilling woes

Transocean Ltd (RIG.N) and oilfield services firm Baker Hughes Inc (BHI.N) both reported unexpectedly weak results on Wednesday, spelling out how tough the slump has been on even the top end of the energy industry.

Transocean, the largest offshore rig contractor, reported a 24 percent drop in second-quarter profit as drilling by jackup rigs in shallower waters collapsed due to weaker oil and gas prices.

Chief Executive Bob Long said on a conference call with analysts he saw no signals that the market for the over-supplied jackup market would improve in the near term, including the rest of this year and next year.

Read Full Article from Reuters

- Posted: 2009-08-05 11:33:54

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