RIG Is Drilling Higher: What's Going On With Transocean Stock?

Transocean, Ltd. RIG shares are drilling higher Tuesday. The company announced a $518 million ultra-deepwater drillship contract on Tuesday.

What To Know:

Transocean announced that an independent operator awarded the company a $518 million, 1,080-day contract for an ultra-deepwater drillship in the Gulf of Mexico offshore Mexico.

"This award is especially encouraging on numerous fronts," said CEO Jeremy Thigpen. "The fact that our customers are securing rigs well in advance of their programs and committing to long-term contracts clearly demonstrates the tightness of the market."

Transocean will release its second quarter financial results after the close of trading on July 31 and will hold a conference call to discuss the results at 9:00 a.m. ET on August 1. 

RIG shares have outsized short interest with more than 18.5% of available shares being sold short, according to Benzinga Pro.

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RIG Price Action: According to Benzinga Pro, RIG is trading 8.94% higher at $8.64 at the time of publication.

Image: raggio5 from Pixabay