
Monday, October 28, 2024 9:47:35 AM
Jim Cramer Says ‘Transocean Ltd. (RIG) Went Bankrupt But The Stock Rebounded Dramatically From Those Lows’
Sun, October 27, 2024 at 1:48 AM MDT 6 min read
https://finance.yahoo.com/news/jim-cramer-says-transocean-ltd-074818275.html
Transocean Ltd. (NYSE:RIG) was recently discussed by Jim Cramer during his episode of Mad Money. Here’s what he had to say about the company:
“We hardly ever talk about the smaller offshore operators like Transocean, symbol RIG, I always love that… Transocean has lost money for the past 7 years. Its stock has plunged from $30 a decade ago to just below $4… in 2020 when oil prices collapsed at the beginning of the pandemic. Every major offshore driller except for Transocean went bankrupt but the stock rebounded dramatically from those lows before peaking at eight bucks and changed in the summer of last year. Since then it's pulled back along with energy prices.”
Cramer highlighted the company’s two impressive eighth-generation drillships that are operational in the Gulf of Mexico. He called them “technological marvels”. Cramer went on to say:
“Second, Transocean’s in the news. Last night, Bloomberg reported that the company's exploring a merger with smaller rival, Seadrill. I don't really have much of an opinion on the potential deal but it signifies more confidence in the offshore space than I've seen in over a decade. By the way, of course, the industry needs consolidation. Honestly, this group has been so bad for so long that it's tough to recommend them here but if you strongly believe that the price of oil’s headed higher next year or the year after then Transocean is a winner. Personally, though, I don't want to bet on that.”
Transocean (NYSE:RIG) offers offshore contract drilling services for oil and gas wells globally, operating a fleet of mobile offshore drilling units, including ultra-deepwater and harsh environment floaters. The company provides rigs, equipment, and crews to integrated and independent energy companies, as well as government-owned energy companies.
On October 23, Bloomberg reported that Transocean (NYSE:RIG) has been engaged in discussions regarding a potential merger with rival offshore drilling contractor Seadrill Ltd. As oil explorers increasingly turn to offshore resources, these talks come at a time when the industry is experiencing renewed activity. Although conversations are ongoing about the possible structure of this merger, no final decision has been reached, and both companies may choose to continue operating independently.
"Then there was a woman, a lion of a woman."
Recent RIG News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/13/2025 10:43:09 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/12/2025 10:30:13 PM
- Transocean Ltd. Provides Quarterly Fleet Status Report • GlobeNewswire Inc. • 02/12/2025 10:21:37 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/10/2025 09:39:58 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/10/2025 09:38:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/10/2025 09:36:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/10/2025 09:33:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/10/2025 09:30:34 PM
- Investors in Transocean Ltd. Should Contact The Gross Law Firm Before February 24, 2025 to Discuss Your Rights - RIG • PR Newswire (US) • 02/10/2025 10:45:00 AM
- The Gross Law Firm Notifies Transocean Ltd. Investors of a Class Action Lawsuit and Upcoming Deadline • PR Newswire (US) • 02/06/2025 10:45:00 AM
- Final Deadline for the Transocean Ltd. Securities Lawsuit - Contact the DJS Law Group to Discuss Your Rights - RIG • PR Newswire (US) • 02/04/2025 12:14:00 PM
- The Gross Law Firm Announces the Filing of a Securities Class Action on Behalf of Transocean Ltd.(RIG) Shareholders • PR Newswire (US) • 02/03/2025 10:45:00 AM
- Transocean Ltd. Securities Fraud Class Action Lawsuit Pending: Contact The Gross Law Firm Before February 24, 2025 to Discuss Your Rights - RIG • PR Newswire (US) • 01/30/2025 10:45:00 AM
- Transocean Ltd. Announces Fourth Quarter, Full Year 2024 Earnings Release Date • GlobeNewswire Inc. • 01/28/2025 10:55:48 PM
- The Gross Law Firm Reminds Transocean Ltd. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of February 24, 2025 - RIG • PR Newswire (US) • 01/27/2025 10:45:00 AM
- Investors in Transocean Ltd. Should Contact The Gross Law Firm Before February 24, 2025 to Discuss Your Rights - RIG • PR Newswire (US) • 01/23/2025 10:45:00 AM
- The Gross Law Firm Announces the Filing of a Securities Class Action on Behalf of Transocean Ltd.(RIG) Shareholders • PR Newswire (US) • 01/20/2025 10:45:00 AM
- Transocean Ltd. Sued for Securities Law Violations - Contact The Gross Law Firm Before February 24, 2025 to Discuss Your Rights - RIG • PR Newswire (US) • 01/16/2025 10:45:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/14/2025 10:29:09 PM
- Contact The Gross Law Firm by February 24, 2025 Deadline to Join Class Action Against Transocean Ltd.(RIG) • PR Newswire (US) • 01/13/2025 10:45:00 AM
- Lost Money on Transocean Ltd.(RIG)? Join Class Action Suit Seeking Recovery - Contact The Gross Law Firm • PR Newswire (US) • 01/09/2025 10:45:00 AM
- Shareholders that lost money on Transocean Ltd.(RIG) should contact The Gross Law Firm about pending Class Action - RIG • PR Newswire (US) • 01/06/2025 10:45:00 AM
- Investors in Transocean Ltd. Should Contact The Gross Law Firm Before February 24, 2025 to Discuss Your Rights - RIG • PR Newswire (US) • 01/02/2025 06:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/17/2024 09:42:38 PM
- Transocean Ltd. Announces $111 Million Ultra-Deepwater Drillship Contract • GlobeNewswire Inc. • 12/17/2024 09:37:22 PM
COEPTIS Announces the Launch of COEP Venture Group to Invest in AI, RPA, and AI Agent Startups • COEP • Feb 13, 2025 9:10 AM
Unitronix Corp. to Report Over 300% Gains in Cryptocurrency Assets • UTRX • Feb 13, 2025 7:15 AM
Hivello Token ($HVLO) now Live • MATE • Feb 11, 2025 9:27 AM
Animoca Brands leads Hivello funding round ahead of Token Listing • MATEF • Feb 10, 2025 10:20 AM
51 Labs Expands Sports Nutrition Line with Five New Innovative Products, Company in final phase of name and ticker symbol change • CAFI • Feb 10, 2025 9:00 AM
UAV Corp. Expanding in the Global UAV Market, Projected to Exceed $58 Billion by 2027, with Increasing Government and Commercial Sector Adoption • UMAV • Feb 6, 2025 8:30 AM