Swiss drilling contractor Transocean has posted a half year loss in revenues, due to a number of “unfavorable items” bringing down the accounts.

Revenues for up to June 2017 amounted to £1.1billion down compared to the £1.6billion made in the same period last year.

The company made a loss of £1.2billion compared to a pre-tax profit of £343million last year

Second quarter 2017 results included net unfavorable items of £1.3 billion write down including a loss on the divestiture of the jackup fleet, impairment of the midwater floater asset group, the early retirement of debt as well as litigation matters and restructuring charges.

Revenues for up to June 2017 amounted to £1.1billion down compared to the £1.6billion made in the same period last year.

The company made a loss of £1.2billion compared to a pre-tax profit of £343million last year

Second quarter 2017 results included net unfavorable items of £1.3 billion write down including a loss on the divestiture of the jackup fleet, impairment of the midwater floater asset group, the early retirement of debt as well as litigation matters and restructuring charges.