Transocean Pockets $232M Drillship Contract For Deepwater Atlas: Details
Written by Emily J. Thompson, Senior Investment Analyst
Source: Benzinga
Transocean's Contract and Financial Performance: Transocean Ltd shares rose after announcing a 365-day contract with BP for the Deepwater Atlas, expected to add $232 million to its backlog. The company also reported a non-cash charge of $630-$645 million due to asset impairment from recent sales totaling $342 million.
Stock Market Reaction: Following the news, RIG shares increased by 4.59% to $4.10 in premarket trading, while the company's backlog as of July 2024 stands at $8.64 billion.
Analyst Views on XES
Wall Street analysts forecast XES stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for XES is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
