What's Going On With Transocean (RIG) Stock Tuesday?

Author: Adam Eckert | October 31, 2023 10:15am

Transocean Ltd (NYSE:RIG) shares are trading higher Tuesday after initiatlly falling in the wake of the company's worse-than-expected financial results. Here's a look at the key metrics from the quarter. 

• Q3 Revenue: $713 million versus estimates of $722.57 million
• Q3 EPS: 36 cent loss versus estimates for a 23 cent loss

Revenue efficiency was 95.4% in the quarter versus 97.2% in the prior quarter. As of October, the company has a contract backlog of $9.4 billion.

"For the sixth consecutive quarter Transocean increased its backlog, ending the third quarter at $9.4 billion dollars. Not only is the size of our backlog industry-leading, but it also contains many of the industry's highest dayrate fixtures," said Jeremy Thigpen, CEO of Transocean. 

"Based on our ongoing conversations with customers, we firmly believe that we remain in the early stages of a multi-year upcycle."

A conference call to discuss these results kicked off at 9 a.m. ET. 

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RIG Price Action: Transocean shares were up 3.17% at $6.84 at the time of writing, according to Benzinga Pro.

Photo: Kristina Kasputienė from Pixabay.

Posted In: RIG