RIG Stock Recent News

In the closing of the recent trading day, Transocean (RIG) stood at $5.49, denoting a +1.29% change from the preceding trading day.

Transocean (RIG) concluded the recent trading session at $5.29, signifying a -1.86% move from its prior day's close.

Transocean (RIG) concluded the recent trading session at $5.59, signifying a -1.93% move from its prior day's close.

Transocean (RIG) closed the most recent trading day at $6.25, moving -1.57% from the previous trading session.

Transocean is benefiting from a record contract backlog, supporting a strong growth outlook. An expectation for climbing earnings and ongoing balance sheet deleveraging are key fundamental tailwinds for the stock. We expect shares to rally higher alongside a rebound in the broader energy sector through 2024.

Transocean Ltd. continues to renew several existing contracts and to sign some new ones at a higher dayrate. Transocean's dayrate reached $391 thousand (+14% y/y) in 3Q 2023. The company is focused on the highest-specification fleet. The current oil price dynamics are impacting investor perception of Transocean stock and influencing its recent decline.

Transocean (RIG) inks a robust $251-million deal with OMV Petrom S.A., reinforcing its dominance in the challenging Romanian Black Sea environment.

Transocean (RIG) reported earnings 30 days ago. What's next for the stock?

Transocean's stock price has dropped due to factors such as debt exchange and earnings results. The company's liquidity and financial position improved after issuing new shares in exchange for bonds, reducing debt and interest payments. Despite some negative indicators, Transocean's earnings results were better than predicted, and the company's clients are willing to pay a premium for its services.

Transocean (RIG) expects adjusted contract drilling revenues of $760 million in the fourth quarter of 2023, based on a fleet-wide revenue efficiency of 96.5%.