Transocean (RIG) Shares Volatile as CEO Cauthen Sees FY13 Revs Down $1.15B - $1.2B from Expectations

September 12, 2012 10:27 AM EDT
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Transocean (NYSE: RIG) is moving around Wednesday following a guidance update by CEO Greg Cauthen on a conference call today.

The company sees fiscal 2013 revs $1.15 billion to $1.20 billion lower than expected. Transocean notes the sale of shallow rigs will lead to the lower revs and costs associated with the sales should be $120 million to $140 million.

Costs in FY13 should be $750 million to $825 million, lighter than expected.

Shares are up 0.9 percent on the session.

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