Transocean Inks $193M Ultra-Deepwater Drillship Contract

Offshore driller Transocean Ltd. RIG has achieved another significant milestone by signing a one-year contract for its ultra-deepwater drillship, Deepwater Conqueror. The new operator remains undisclosed, but it is currently engaged with US energy giant Chevron in the Gulf of Mexico. The contract, which is scheduled to begin by October 2025, is valued at about $193 million and is also expected to grow the company’s backlog substantially. As of July 2024, Transocean had a backlog of $8.64 billion.RIG’s Advanced Deepwater ConquerorBuilt in 2016, The Deepwater Conqueror is a remarkable asset in Transocean's fleet. This drillship can work in the water depths of 12000 feet (approximately 3658 meters) and can drill up to a maximum depth of 40000 feet (12192 meters). This rig can accommodate up to 240 people and is scheduled to work for Chevron till April 2025, aligning perfectly with the schedule of the new contract.One More Addition to RIG’s Previous ContractsThis transaction adds one more feather to a series of successful contracts RIG has signed recently, including the one with BP in the Gulf of Mexico and another multi-million dollar contract for drilling work off the coast of India.For investors, a new drilling job or the growth in backlog is of utmost importance as it directly influences Transocean's sales, earnings and cash flows. As the offshore driller secures new contracts, its financial outlook is bolstered, creating a positive trajectory for the company and its stakeholders.RIG’s Zacks Rank and Key PicksSwitzerland-based Transocean is one of the world’s largest offshore drilling contractors and a leading provider of drilling management services. Currently, RIG has a Zacks Rank #4 (Sell).Investors interested in the energy sector might look at some better-ranked stocks like Archrock, Inc. (AROC), Nine Energy Service, Inc. (NINE) and Valaris Limited (VAL) While Archrock currently sports a Zacks Rank #1 (Strong Buy), Nine Energy and Valaris each carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Headquartered in the United States, Archrock, Inc. is a provider of natural gas contract compression services and supplier of aftermarket services of compression equipment. The Zacks Consensus Estimate for AROC's 2024 earnings indicates 59.42% year-over-year growth.Nine Energy Service, Inc. provides onshore completion and production services for unconventional oil and gas resource development. NINE’s expected EPS (earnings per share) growth rate for the current quarter is 23.08%, which compares favorably with the industry's growth rate of 6.36%.London-based Valaris Limited provides offshore drilling services across all water depths and geographies. The Zacks Consensus Estimate for VAL's 2024 earnings indicates 290.18% year-over-year growth.Infrastructure Stock Boom to Sweep AmericaA massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.The only question is “Will you get into the right stocks early when their growth potential is greatest?”Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How To Profit From Trillions On Spending For Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Transocean Ltd. (RIG): Free Stock Analysis Report MPLX LP (MPLX): Free Stock Analysis Report Archrock, Inc. (AROC): Free Stock Analysis Report Nine Energy Service, Inc. (NINE): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks