Transocean Takes Another Big Writedown to Make Way for Its Acquisition
Yet again, Transocean's (NYSE: RIG) management has taken drastic steps to preserve its place as one of the top offshore rig companies in the business. This quarter, it decided to retire more rigs and take a huge writedown. At the same time, though, the company is about to close on a multibillion-dollar acquisition of new rigs. While it seems contradictory to do both at the same time, it actually makes sense.
Here's a brief look at Transocean's most recent results and what investors should make of these moves.
Image source: Getty Images.
Source: Fool.com
