Rig company Transocean said its first quarter 2014 profits were more than 40 percent above what it posted for the last quarter of 2013.

The company said Wednesday its quarterly revenues were $2.34 billion, compared with $2.25 billion reported in the final quarter of last year. Net income for first quarter 2014 was $456 million, compared with $321 million for fourth quarter 2013.

Transocean is the largest offshore drilling contractor in the world. The company said Monday it planned to create a subsidiary, Caledonia Offshore Drilling Co.,that will take eight rigs to conduct operations in the British waters of the North Sea.

The subsidiary's rigs will have day rates ranging from $300,000 to around $400,000. The North Sea entity will be established in the second half of the year.

The rigs are capable of working in waters in a range of 1,000 to 1,800 feet deep. Drilling can target reserves as much as 25,000 feet below the sea floor.