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Fly News Breaks for February 19, 2020
RIG
Feb 19, 2020 | 07:43 EDT
Argus analyst David Coleman downgraded Transocean to Sell from Hold after its wider than expected Q4 earnings loss. The analyst says he remains concerned about the challenging conditions in the offshore drilling market in spite of the company's relatively new fleet, also lowering his expected FY20 EPS loss view to (77c) from (56c) after the miss of the last quarter, the impact of coronavirus on global GDP, and low oil prices. Coleman adds that he does not expect a return to profitability for Transocean until 2023 at the earliest.
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