Transocean Stock Tumbles as $1.6 Billion Backlog Win Fails to Offset Q1 Loss
Transocean shares fell 9.16% to $6.25 after reporting a first-quarter adjusted net loss of $28 million, despite adding $1.6 billion in new contracts and lifting backlog to $7.1 billion. The U.S. Department of Justice issued a second antitrust request over Transocean’s planned acquisition of Valaris, delaying the deal’s approval.