Transocean Stock Surges on Insider Buying and New Contracts
Transocean shares rallied 5-6% last week following a $12.2 million insider purchase by board member Frederik W. Mohn, who acquired 4 million shares during the company's equity offering. The offshore driller secured $243 million in new ultra-deepwater rig contracts, boosting its backlog to $7.2 billion and signaling robust demand for deepwater drilling.
The company strengthened its balance sheet with a $381 million capital raise in September and $500 million in new notes issuance, targeting over $700 million in debt reduction by 2025. A strategic divestment of five idle rigs—resulting in a $1.9 billion non-cash write-down—sharpens focus on modern drillships.
Analysts project 25-30% upside with average price targets of $4.20-$4.30, as shares trade NEAR $3.40 ahead of Q3 earnings on October 29. The stock has climbed steadily from September lows of $3.14, with four consecutive daily gains through October 22.
