Stock Track | Transocean Soars 5.78% Pre-Market on Stellar Q3 Results, Robust Outlook

Stock Track10-31

Shares of Transocean (NYSE: RIG) surged 5.78% in pre-market trading on Wednesday, following the company's impressive third-quarter earnings report and upbeat outlook. The offshore drilling contractor's strong operational performance and solid backlog have fueled investor optimism.

For the quarter ended September 30, 2024, Transocean reported revenue of $948 million, beating analysts' consensus estimate of $943.83 million. More significantly, the company reported adjusted earnings per share of $0.00, defying expectations of a $0.04 loss per share. This remarkable performance was driven by robust demand for Transocean's high-specification rigs and efficient operations.

Transocean's CEO, Jeremy Thigpen, highlighted the company's unique capabilities and superior operational performance as key factors driving customer demand. The company's backlog stood at an impressive $9.3 billion as of October 2024, providing clear visibility into future demand. Thigpen noted, "With more than 97% of Transocean's active fleet contracted in 2025, our customers clearly recognize that our rigs, crews, and superior operational performance add value to their programs."

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