Transocean (RIG) runs around in circles for three days in a row – this is why
Recently I published a list 10 strains take shocking nose. Transocean Ltd. (NYSE: RIG) is one of the worst stocks on Thursday.
Transocean fell 3.74% on Wednesday, closing at $3.09 each as investors unloaded a portfolio loaded by no new developments to encourage purchases.
Wednesday’s stock price suggests it has already been priced in previous news that it has secured an additional $100 million contract with existing client Equinor ASA.
Under the agreement, Transocean Ltd. (NYSE:RIG) will drill two wells of the Equinor ASA at Spitsbergen Rig, Norway, as part of the latter drilling expansion options.
The program is scheduled to begin in the first quarter of 2026, directly continuing the current program on the Rig.
Additional work followed the original three-well program on the Norwegian Continental Shelf (NCS) procured in 2024.
Aerial view of an oil rig with a driller in a hard hat working on the platform.
Transocean Ltd. (NYSE: RIG) Spitsbergen Rig was built in 2010 as a six-generation dual-delic winterized semi-submarble rig.
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Read next: Best AI stocks to buy now and According to the billionaire, 30 best stocks to buy now.
Disclosure: None. This article was originally published Insider Monkey.