Transocean ( NYSE: RIG ) reported that revenues improved by 42.7% in the first quarter of FY 2014 compared to the first quarter of FY2013. The company has demonstrated a pattern of positive earnings per share growth over the past two years. During the first quarter of FY 2014, Transocean increased its bottom line by earnings of $1.25 compared to $0.88 in the previous year. I don't expect an improvement in earnings in the coming quarter because of the end of the tax-free period in the North Sea and the additional operating costs implemented in new regulations regarding drilling, which I will discuss in detail later in this article.