Todco

(THE)

posted a narrower third-quarter loss late Monday.

For its third quarter ended Sept. 30, the Houston-based oil-and-gas driller lost $2.5 million, or 4 cents a share. That compares with a year-ago loss of $35 million, or $2.88 a share. Revenue rose to $93 million from $59 million a year earlier.

The company, which is a unit of oil services giant

Transocean

(RIG) - Get Report

, attributed the latest quarter's gains to improved dayrates. The company last month completed a $270 million secondary offering for Transocean, which continues to hold a 47% economic and 82% voting stake in Todco.

Early Tuesday, Todco was flat at $16.85.