Transocean Ltd. (RIG) Up 9.5% Ahead of Q2 Earnings

We recently published 10 Stocks with Surprising Gains. Transocean Ltd. (NYSE:RIG) is one of Tuesday’s top performers.

Transocean Ltd. rallied for a fourth straight day on Tuesday, adding 9.47 percent to close at $2.89 apiece as investors repositioned portfolios ahead of the release of its earnings performance for the second quarter of the year.

Transocean Ltd. (NYSE:RIG) is scheduled to announce the results of its financial and operating highlights on August 4. A conference call will be held at 9 AM Eastern Time.

In other news, Transocean Ltd. (NYSE:RIG) announced last week that it is working on a total contract backlog worth $7.2 billion across four offshore drilling rigs.

On Tuesday, it announced the successful exchange with certain shareholders its 4-percent senior guaranteed exchangeable bonds into stocks. The notes were set to mature this year.

Under the terms, the shareholders exchanged an aggregate principal amount of $157 million exchangeable bonds for 59 million shares with a par value of $0.10 apiece.

The transaction effectively lowered Transocean Ltd.’s (NYSE:RIG) outstanding bonds to $77 million.

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