Company Update (NYSE:RIG): Transocean LTD Announces 15-Month Contract For Transocean Barents

Transocean LTD (NYSE:RIG) announced that the Transocean Barents, a harsh-environment, ultra-deepwater floater, has been awarded a 15-month contract with Suncor Energy at a dayrate of $260,000. The estimated contract backlog, excluding mobilization, is $119 million. The rig is expected to commence operations offshore Canada in the third quarter of 2017. (Original Source)

Shares of Transocean are up nearly 2% to $10.90 in pre-market trading. RIG has a 1-year high of $17.19 and a 1-year low of $7.67. The stock’s 50-day moving average is $9.82 and its 200-day moving average is $10.36.

On the ratings front, Transocean has been the subject of a number of recent research reports. In a report issued on September 28, Jefferies Co. analyst Eduardo Royes maintained a Hold rating on RIG, with a price target of $8.50, which reflects a potential downside of 20% from last closing price. Separately, on September 26, Nomura’s Matthew Johnston reiterated a Sell rating on the stock and has a price target of $7.00.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Eduardo Royes and Matthew Johnston have a total average return of -12.5% and 4.0% respectively. Royes has a success rate of 27% and is ranked #3709 out of 4197 analysts, while Johnston has a success rate of 69% and is ranked #1212.

Overall, 5 research analysts have rated the stock with a Sell rating, 8 research analysts have assigned a Hold rating and . When considering if perhaps the stock is under or overvalued, the average price target is $10.07 which is -5.5% under where the stock closed last Friday.

Transocean Ltd. engages in the provision of offshore contract drilling services for oil and gas wells. It specializes on global offshore drilling business with a particular focus on deepwater and harsh environment drilling services. 


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