Transocean Ltd. (RIG) Up 9.5% Ahead of Q2 Earnings
We recently published 10 Stocks with Surprising Gains. Transocean Ltd. (NYSE:RIG) is one of Tuesday’s top performers.
Transocean Ltd. rallied for a fourth straight day on Tuesday, adding 9.47 percent to close at $2.89 apiece as investors repositioned portfolios ahead of the release of its earnings performance for the second quarter of the year.
Transocean Ltd. (NYSE:RIG) is scheduled to announce the results of its financial and operating highlights on August 4. A conference call will be held at 9 AM Eastern Time.
In other news, Transocean Ltd. (NYSE:RIG) announced last week that it is working on a total contract backlog worth $7.2 billion across four offshore drilling rigs.
On Tuesday, it announced the successful exchange with certain shareholders its 4-percent senior guaranteed exchangeable bonds into stocks. The notes were set to mature this year.
An aerial view of an oil rig with drillers in hard hats working on the platform.
Under the terms, the shareholders exchanged an aggregate principal amount of $157 million exchangeable bonds for 59 million shares with a par value of $0.10 apiece.
The transaction effectively lowered Transocean Ltd.’s (NYSE:RIG) outstanding bonds to $77 million.
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