Transocean (RIG) Stock Soars on New Contract Announcements
One of the more volatile stocks in the market this year, Transocean (NYSE: RIG ) is actually up on a year-to-date basis. Indeed, being among the few stocks in the green thus far this year has already raised the profile of RIG stock among many investors. Today, Transocean is once again on the move higher, surging 18% at the time of writing. This move comes as the company announced two big contracts for deep water drilling. These contracts were announced yesterday, and the market appears to be pricing these contracts in, and then some, today. The company’s ultra-deepwater drillship, Deepwater Conqueror , will be working with a major oil operator on a drilling program in the U.S. Gulf of Mexico. This contract , which totals $321 million, bolsters Transocean’s backlog substantially. However, an even bigger contract , worth $915 million, was also signed yesterday. This contract will bring another one of the company’s ultra-deepwater drillships, the Petrobras 10000 , to an offshore Brazilian drill site.
Transocean (RIG) Stock Soars on New Contract Announcements
One of the more volatile stocks in the market this year, Transocean (NYSE: RIG ) is actually up on a year-to-date basis. Indeed, being among the few stocks in the green thus far this year has already raised the profile of RIG stock among many investors. Today, Transocean is once again on the move higher, surging 18% at the time of writing. This move comes as the company announced two big contracts for deep water drilling. These contracts were announced yesterday, and the market appears to be pricing these contracts in, and then some, today. The company’s ultra-deepwater drillship, Deepwater Conqueror , will be working with a major oil operator on a drilling program in the U.S. Gulf of Mexico. This contract , which totals $321 million, bolsters Transocean’s backlog substantially. However, an even bigger contract , worth $915 million, was also signed yesterday. This contract will bring another one of the company’s ultra-deepwater drillships, the Petrobras 10000 , to an offshore Brazilian drill site.