Transocean (RIG) Reports Exercise of Options for Rig Drilling
Transocean Ltd. RIG, an international provider of offshore contract drilling services for oil and gas wells, announced that six one-well options have been exercised for the Transocean Encourage semi-submersible drilling rig in Norway.
The newly exercised six-well option calls for the work to begin immediately after the current firm term, which now extends through February 2026. According to Transocean, the anticipated 370 days of work will add around $172 million to the backlog.
The Cat D offshore drilling unit, which was constructed in 2016, is a severe environment, fully winterized, sixth-generation semisubmersible rig with automated drilling control that was especially made for operations on the Norwegian continental shelf.
The Transocean Encourage, per media reports, was most recently positioned in the Asgard field region and is currently located in the Norwegian Sea.
Zacks Rank & Key Picks
Transocean currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Evolution Petroleum Corporation EPM, NGL Energy Partners LP NGL and RGC Resources Inc. RGCO. While Evolution Petroleum sports a Zacks Rank #1 (Strong Buy), both NGL Energy Partners and RGC Resources carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 60 days.
NGL Energy Partners, headquartered in Tulsa, OK, is a limited partnership operating a vertically-integrated propane business with three operating segments which are retail propane, wholesale supply and marketing, and midstream. NGL has witnessed an upward earnings estimate revision for 2024 in the past 30 days.
RGC Resources is a holding company that offers energy and associated products and services through its operational subsidiaries which are Roanoke Gas Company and RGC Midstream, LLC. RGCO has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas.
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