Transocean (RIG) Falters For 3rd Straight Day – Here's Why
We recently published a list of 10 Stocks Take A Shocking Nosedive. Transocean Ltd. (NYSE:RIG) is one of the worst-performing stocks on Thursday.
Transocean dropped by 3.74 percent on Wednesday to close at $3.09 apiece as investors unloaded portfolios over the lack of fresh developments to boost buying.
Wednesday's share price marked its third straight day of decline, suggesting that investors have already priced in earlier news that it secured another $100 million contract with existing client, Equinor ASA.
Under the agreement, Transocean Ltd. (NYSE:RIG) will drill two more wells for Equinor ASA at the Spitsbergen rig in Norway as part of the latter's drilling extension option.
The program is expected to kick off in the first quarter of 2026 in direct continuation of the rig's current program.
The additional work followed their original three-well program on the Norwegian Continental Shelf (NCS), which was procured in 2024.
An aerial view of an oil rig with drillers in hard hats working on the platform.
Transocean Ltd.'s (NYSE:RIG) Spitsbergen rig was built in 2010 as a sixth-generation dual-derrick winterized semi-submersible rig, which is capable of drilling high-pressure and high-temperature formations.
While we acknowledge the potential of RIG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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