Transocean CEO: Internal Deepwater Horizon Investigation Out In ‘Month Or Two’ gCaptain Total Views: 63 February 24, 2011 HOUSTON (Dow Jones)–Transocean Ltd. (RIG) Chief Executive Steven Newman said the contract driller’s internal investigation into April’s Deepwater Horizon disaster should be complete and released within the next two months. Transocean was leasing the Deepwater Horizon to BP PLC (BP, BP.LN) when the rig exploded in the Gulf of Mexico and sank, killing 11 and unleashing the worst offshore oil spill in U.S. history. “Our internal investigation into the events of that tragedy is nearing completion,” Newman told investors during a conference call to discuss Transocean’s fourth-quarter earnings. “In light of continuing delays and obtaining information on the third-party testing of the Horizon’s (blowout preventer), we expect to release findings in the next month or two.” Transocean reported a loss of $799 million, or $2.51 a share, compared with a year-earlier profit of $723 million, or $2.24 a share. The most recent quarter included net charges of $1.02 billion, or $3.19 a share, mostly related to a current and projected decline in dayrates and utilization of its aging jackup rigs group. Year-ago results included a net gain of $10 million, or 3 cents, as a gain from the sale of an interest in a joint venture and legal settlement income were partially offset by tax-related charges. Revenue slid 21% to $2.16 billion. Analysts polled by Thomson Reuters expected an adjusted profit of 89 cents on revenue of $2.3 billion. The Zug, Switzerland, company saw fourth-quarter revenue decline for each segment of its fleet from the previous year as utilization rates slid to 58% from 69% a year ago. “We have segmented our fleet between those rigs that we characterize as long-term core assets and those rigs that are not,” Newman said. “But simply because a rig falls into that category of being not long-term or not core doesn’t mean we’re necessarily going to rush to t