Transocean first-quarter net income up 115 percent

Revenue from acquired competitor GlobalSantaFe Corp. helped Transocean Inc.'s first-quarter net income more than double.

Houston-based Transocean, the world's largest offshore drilling contractor, reported net income of $1.2 billion, or $3.71 per share, on revenue of $3.1 billion, for the three months ended March 31, 2008. That compared with net income of $553 million, or $2.62 per share, on revenue of $1.3 billion, for the same quarter a year earlier.

Analysts polled by Thomson Financial were expecting Transocean (NYSE: RIG) to have net earnings per share of $3.33.

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The 2008 results were the first full quarterly results since Transocean acquired GlobalSantaFe in November.

First-quarter 2008 results included after-tax charges of $30 million, or 9 cents per share, related to tax items, merger-related costs and retirement of debt.