Offshore drilling contractors, Transocean, have posted a profit for the first quarter of 2016, despite the slump.
The Swiss registered company has managed the feat, despite operating a fleet of offshore drilling rigs, with a utilisation rate of only 51%, a fall from 79% in the same period in 2015.
That fleet remains the largest offshore drilling fleet in the world, that coupled with its falling utilisation, has seen its backlog continue to shrink.
The news seems to get worse, with the falling utilisation rates and backlog resulting in a heavy fall in profits, from $2.02 billion, to $1.33 billion.
However over the last 12 months, with the oil glut and the resulting slump in the offshore oil and gas industry looking to stay firmly where it is, Transocean has worked hard to slash costs.
In its last set of accounts, the company showed expenses of $925 million, brought down heavily from $1.42 billion in the previous year.
No Slump For Transocean
So even with a heavy fall in its fleet’s utilisation, a shrinking backlog, and a fall in revenues; with the heavy cost cutting measures, Transocean still managed to post a profit of $249 million in the quarter, that from a loss of $483 million just a year ago.