RIG: Strong 1Q Overshadowed by Deepwater Horizon

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RIG: Strong 1Q Overshadowed by Deepwater Horizon

PHIL WEISS, Argus Research Group (05/13/2010)

RIG: Strong 1Q performance overshadowed by Deepwater Horizon/li>
We are lowering our 2010 EPS estimate to $7.80 from $8.50 and our 2011 forecast to $9.60 from $9.75. We have lowered our 2010 outlook primarily to reflect the increased costs associated with the Gulf oil spill.

Because the cause of the accident involving the Deepwater Horizon and the extent of the damage it may ultimately cause are still unknown, we believe a cautious stance towards the shares of Transocean Ltd. is warranted; we are reiterating our HOLD rating. Prior to this incident, we had a BUY rating on RIG, as we believed its shares were undervalued. While we think the damages associated with the incident will be meaningfully less than the reduction we have already seen to the company's market cap, we are also aware that the incident increases the uncertainty associated with RIG shares.

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