Transocean upbeat about offshore recovery, despite quarterly loss

Drilling contractor Transocean Ltd on Wednesday expressed optimism about a recovery in offshore drilling activity this year, despite reporting its third quarterly loss in a row. Companies that provide services and equipment for oil and gas exploration and production, among the worst hit by the 2014 oil price downturn, have grown optimistic about the future as oil prices recently have bounced back. In recent quarters, companies that focus on providing services to onshore shale producers have posted the biggest gains, while those exposed to offshore drilling have continued to face headwinds as those higher-cost projects require sustained oil-price gains to turn a profit.