RIG — Transocean Ltd (Switzerland) Common Stock
Session close: $5.82. Regular-session share volume: 35,863,200. Change from previous close: -1.19%.
Key developments
Transocean received Brazilian antitrust approval for its planned Valaris acquisition, advancing the transaction and its plans for an expanded drilling fleet and cost savings. The report establishes progress toward the deal, rather than completion.
Transocean Advances $5.8B Valaris Deal With Brazil Antitrust Nod
Heading into the session, Transocean also had newly announced U.S. Gulf contracts for Deepwater Proteus and Deepwater Conqueror, expanding firm backlog following earlier awards involving Equinor and Shell. Reporting attributed the previous session’s rally to the new contracts; a premarket article also highlighted Jim Lebenthal’s recommendation of Transocean.
Twilio, Transocean and a Health Care Stock on CNBC’s ‘Final Trades’ · Why Is Transocean (RIG) Stock Rocketing Higher Today · What's Going On With Transocean Stock Today?
Despite the backlog expansion, earlier coverage reported analyst expectations for lower year-over-year earnings and revenue in the next quarterly report. That provides a counterweight to the favorable contract and acquisition developments.
What's Going On With Transocean Stock Today?
News sources
Company news Why Is Transocean (RIG) Stock Rocketing Higher Today · Company news Transocean (RIG) is Positioned to Benefit from Offshore Demand and Valaris Merger