Published March 18, 2015 4:37pm EDT | Updated May 21, 2015 1:25pm EDT

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

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.