Transocean (RIG) Soars 13.7% Ahead of Q3 Earnings

We recently published Why These 10 Stocks are Soaring by Double Digits. Transocean Ltd. (NYSE:RIG) is one of the best performers on Thursday.

Transocean Ltd. extended its winning streak to a 5th straight day on Thursday, climbing 13.74 percent to close at $3.89 apiece as investors loaded positions ahead of the results of its earnings performance next week.

According to the company, it is scheduled to release its financial and operating highlights for the third quarter period after market close on Wednesday, October 29. A conference will be held to elaborate on the results.

Earlier, Transocean Ltd. (NYSE:RIG) announced plans to cut its debt portfolio by $700 million this year in a bid to reduce its liabilities and strengthen its balance sheet. As of last quarter, it said it was on track with the implementation of such an initiative.

In line with the plan, the company last week spent $100 million to buy back two types of notes—one with a 7 percent interest rate due 2028, and one with a 7.35-percent yield maturing in 2041.

Transocean Ltd. (NYSE:RIG) said it received a strong response from investors, with the total offer exceeding the programmed funds.

Of the said notes, Transocean Ltd. (NYSE:RIG) was only able to accept in full the $88.99 million offer from 2041 noteholders, while only 13 percent of the $120.63 million offer from the 2028 noteholders was subscribed.

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Disclosure: None. This article is originally published at Insider Monkey.