New York-listed Transocean continues to benefit from an upturn in the offshore rig market, posting first quarter earnings some $50 million above market consensus.

Chief executive Jeremy Thigpen said that contracts secured during the quarter, predominantly for its harsh environment fleet, “complement the wave of ultra-deepwater fixtures we announced over the last several quarters, providing further evidence of a broad, sustained upcycle.”

Switzerland-headquartered Transocean’s quarterly earnings before interest, taxes, depreciation, and amortization (EDITDA) was $213 million, according to an analyst note from Barclays.

This was well above the market consensus of $156 million, with both revenues and costs better than the company had forecast.

Adjusted revenue increased 7% quarter of quarter to $667 million while expenses stood lower at $409 million.

Last month, Transocean landed contracts from Equinor in Norway for four harsh-water semi-submersibles at between $350,000 and $380,000 per day, rates that Barclays described as “impressive.”