Transocean Shares Rise After New Two-Well Contract in Equatorial Guinea
Dow Jones
12 hours ago
Transocean shares rose after the company said its Deepwater Conqueror was awarded a two-well contract for work in Equatorial Guinea with an undisclosed operator.
The stock was 7% higher, at $5.81, in midday trade, it is up 75% in the past 12 months.
The contract drilling-services company said the estimated 170-day campaign is expected to begin in 2027 in direct continuation of the rig's current contract in the U.S Gulf, and contribute $80 million in backlog, excluding additional services and compensation for mobilization and demobilization.
Transocean owns or has partial ownership interests in and operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters.
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