Transocean Biggest Winner From 28% Jump in Oil Rig Rates: Energy
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Transocean Ltd., the deep-water rig owner that’s trailed competitors in the stock market since its equipment burned and sank in the 2010 Gulf of Mexico oil spill, is set to benefit the most this year from a surge in demand.
Rental rates for ultra-deep-water rigs, the world’s most complex and expensive drilling vessels, should climb 28 percent to a record $714,000 a day by the third quarter from about $560,000 currently, according to estimates by Ole Slorer, an analyst at Morgan Stanley who dubs the move a “super spike.”