NEW YORK (AP) — Offshore rig owner Transocean lowered its full-year capital expenditures forecast on Thursday, because of a change in the timing of payments on rigs being built.

During a conference call, Chief Financial Officer Esa Ikäheimonen said that more than half of it — about $1.3 billion — will be used for the construction of new rigs. About $400 million will be used for major upgrades and refurbishment of existing rigs.

Late Wednesday Transocean Ltd., which agreed to pay more than $1 billion in penalties related to its role in the Deepwater Horizon oil spill in the Gulf of Mexico, reported first-quarter adjusted earnings from continuing operations of $337 million, or 93 cents per share, on revenue of $2.2 billion. Analysts surveyed by FactSet expected $1 per share on revenue of $2.36 billion.

Transocean, based in Switzerland, owned the Deepwater Horizon drilling rig, which exploded and sank over BP's Macondo well in April 2010. The accident killed 11 workers and spawned the nation's worst offshore oil spill.

Shares of Transocean fell 44 cents to $54.82 in afternoon trading.