Transocean (RIG) stock rises as oil adds risk premium — what traders are watching next
Transocean shares rose 1.4% to $4.35 Wednesday, tracking gains in offshore drillers after oil prices climbed on Iran supply concerns. Brent crude gained 1.2%, while U.S. inventories increased by 3.4 million barrels last week. Transocean recently secured a 302-day drillship contract with bp in Brazil, adding $120 million to its backlog. Investors await further rig contract announcements and earnings updates.