Transocean's Scraps 4 Rigs, Expects Multimillion-dollar Q1 Charge

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Transocean Ltd. said late Wednesday it will scrap four rigs, previously slated for sale. That will result in an estimated non-cash charge of $300 million to $325 million, net of taxes, on the rig operator's first quarter results, the company said. Shares of Transocean were up a fraction in after-hours trading Wednesday, after ending the regular session 8.8% higher.

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