Transocean Ltd (RIG) Soars on New $100M Contract

We recently published a list of Investors Are Gobbling Up Shares of These 10 Firms. In this article, we are going to take a look at where Transocean Ltd. (NYSE:RIG) stands against other top-performing companies on Tuesday.

Transocean Ltd. grew its share prices by 7.32 percent on Tuesday to close at $3.08 apiece as investors cheered worth $100 million of backlogs after its client, Equinor ASA, exercised the option to extend its drilling operations at the Spitsbergen rig in Norway.

In a statement, Transocean Ltd. (NYSE:RIG) said Equinor exercised a two-well option for the Transocean Spitsbergen in Norway. The program is expected to kick off in the first quarter of the year in direct continuation of the rig’s current program.

The additional work followed their original there-well program on the Norwegian Continental Shelf (NCS), which was procured in 2024.

The Transocean Spitsbergen 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.

An aerial view of an oil rig with drillers in hard hats working on the platform.

In the first quarter of the year, Transocean Ltd. (NYSE:RIG) swung to a net loss of $79 million from a net income of $98 million in the same period a year earlier, despite contract drilling revenues improving by 18.7 percent to $906 million from $763 million year-on-year.

Overall, RIG ranks 4th on our list of top-performing companies on Tuesday. 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.