Angelica Ballesteros
2 min read
In This Article:
Transocean Ltd. (NYSE:RIG) is one of the Massive Sell-Offs: These 10 Stocks Shockingly Nosedived.
Transocean Ltd. fell by 12.3 percent week-on-week, from $3.32 on June 13 to $2.91 last Friday, following an executive’s recent disposition of its shares, while digesting market uncertainties amid the ongoing conflict between Israel and Iran.
On June 13, Transocean Ltd. (NYSE:RIG) announced that its chief commercial officer, Roderick Mackenzie, sold 40,000 RIG shares at a price of $3.26 apiece for a total value of $130,488. Following the transaction, last week’s shortened trading saw Transocean Ltd. (NYSE:RIG) register four straight days of decline.
Investors typically view insider selling in a negative light, especially if the company failed to divulge the reason for the sale.
In recent news, Transocean Ltd. (NYSE:RIG) announced a new $100 million contract with an existing client, Equino ASA. The new deal forms part of the original three-well program on the Norwegian Continental Shelf (NCS), which was procured in 2024.
Under the agreement, Transocean Ltd. (NYSE:RIG) will drill two more wells for Equinor ASA at the Spitsbergen rig in Norway as part of the latter’s drilling extension option.
An aerial view of an oil rig with drillers in hard hats working on the platform.
The program is expected to kick off in the first quarter of 2026 in direct continuation of the rig’s current program.
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Disclosure: None. This article is originally published at Insider Monkey.
