Transocean (RIG) Stock Surges 17%: RIG Awards A $252 Million Firm Contract

Transocean is a leading global provider of contract drilling services for oil and gas wells, which specializes in technically demanding sectors of the global offshore drilling business, and has the most high-tech floating offshore drilling fleet in the world. Its stock price grew every day, except for Thursday. At the beginning of the week, the worth was $ 3.15. The price surged to $ 3.36 on Tuesday and remained stable throughout the day. The next day, it grows again by $ 0.07. However, on August 26, the cost declined by $ 3.30. On the last day of the week, the price jumped to $ 3.69.
Transocean (RIG) announced that the BOE Exploration & Production LLC ( «BOE») signed an agreement with a RIG 252 million contract for the construction of its new ultra-deepwater drillship Deepwater Atlas. Furthermore, the contract provides for a significant increase in performance based on agreed operating metrics. “This is an important milestone for Transocean, BOE, and Shenandoah partners, because together we are entering a new line of ultra-deepwater drilling,” said President and Chief Executive Officer, Jeremy Thigpen.

Robert McDowney

Author

Get Hot Stocks Daily    Yes, Notify Me! No thanks