Transocean plans job cuts to focus on offshore business

By David Wethe
Bloomberg News

Transocean Ltd. expects to achieve $300 million in annualized cost savings after a restructuring initiative that included divesting 38 offshore rigs in the fourth quarter and eliminating shore-based jobs.

The company doesn’t expect the savings to materialize until 2014, according to a statement today. Transocean declined to specify how many jobs would be eliminated.