Transocean (RIG) Hits Fresh High on Successful Drilling

We recently published 10 Big Names Leaving Wall Street Behind; 7 Are Hitting Record Highs. Transocean Ltd. (NYSE:RIG) was one of the worst performers on Wednesday.

Transocean climbed to a new 52-week high of $4.72 on Wednesday, up 9.76 percent, as investors cheered the successful first phase of drilling exploration on ConocoPhilips’ Otway Basin project offshore Victoria, Australia.

At market close, the stock trimmed gains to end the day just up by 7.67 percent at $4.63 apiece.

In an updated report, ConocoPhilips confirmed the completion of the first phase which saw significant gas approximately 160 meters above the primary target. The program has utilized Transocean Ltd.’s (NYSE:RIG) Equinox semi-submersible drilling rig.

ConocoPhilips said that it would now move to the next phase of the program, albeit the second phase will no longer be operated by Transocean Ltd. (NYSE:RIG).

In other news earlier this month, the listed drilling services company announced that it recently bagged a $168 million contract for two of its rigs.

Transocean Ltd. (NYSE:RIG) said that its Deepwater Mykonos secured the first contract in Brazil, covering a 302-day campaign which is expected to start in the third quarter of 2026 and contribute approximately $120 million in backlog.

In Norway, three one-well options have been exercised for the Transocean Enabler, covering 105 days of work which is an extension of the rig’s current drilling operations. The Norway project alone is projected to rake in $48 million in backlog.

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