Transocean Drilling Company Losses Over $5 Billion Due to Oil Spill

According to information on the Swiss information website, Transocean recently announced its 2011 operating results and reported a net loss of US$5.7 billion.

According to the report, the oil spill in the Gulf of Mexico caused a loss of 5.2 billion U.S. dollars in goodwill. The company also needs to accrue $1 billion in subsequent lawsuits, compensation and pensions. Both expenses are included in the fourth quarter of 2011. Headquartered in Zug, Switzerland, Transocean Drilling Company is the largest offshore drilling contractor in the world.

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