Transocean Ltd. (RIG)

[Mother Lode]

"Why Transocean (RIG) Stock Is Trading Higher Today

BENZINGA

8:54 AM ET 07/05/2023

Transocean Ltd (NYSE:RIG) shares are trading higher Wednesday following positive analyst coverage from Citigroup. The company also announced that $172 million in options have been exercised.
What Happened: Citigroup analyst Scott Gruber upgraded Transocean from a Neutral rating to a Buy rating and raised the price target from $6.50 to $9.50.
The upgrade comes after the stock rallied more than 50% year-to-date and more than 12% over the past week.
Last week, Transocean announced that it received a $184 million award for harsh environment semisubmersible. The new award is expected to commence in the first quarter of 2025.
On Wednesday, Transocean also announced that six one-well options have been exercised for the harsh environment submersible, which is estimated to contribute approximately $172 million in backlog. The work is expected to commence as a direct continuation of the current term and now extends through February 2026.
Transocean is an international provider of offshore contract drilling services for oil and gas wells."