Transocean nearly doubles 2Q earnings after buyout

HOUSTON: Transocean Inc., the world's largest offshore drilling contractor, says its second-quarter profits nearly doubled after buying smaller competitor GlobalSantaFe late last year.

Net income was $1.1 billion, or $3.45 per share, compared with $549 million, or $2.63 per share, during the same period last year. Sales ballooned $3.1 billion, compared with $1.43 billion last year.

Analysts with Thomson Financial were looking for per-share profits of $3.23 and sales of $3.05 billion. Companies like Transocean have done well in the era of soaring oil prices, with companies drilling in more places.

Company shares rose 33 cents to $133.51 in premarket trading Wednesday.