RIG Stock Edges Higher Overnight: Transocean Announces $300M Contract For Ultra-Deepwater Drillship

Transocean announced on Thursday that it had signed a two-year binding Letter of Award for the Dhirubhai Deepwater KG2 with ONGC in India.

• The campaign is expected to start in the first quarter of 2027 and amount to about $300 million in contract value.
• The contract includes two years of priced options that, if fully exercised, would result in the drillship working in India into early 2031, the company said. 
• On Thursday, Bank of America analyst Saurabh Pant raised the price target on Transocean to $4.75 from $4 and maintained an ‘Underperform’ rating on the shares. 

Shares of Transocean Ltd. (RIG) were up nearly 0.2% in the overnight session late Thursday even as the company is on track to clock a second consecutive week of gains. 

Meanwhile, the company announced a new contract for ultra-deepwater drilling in India, worth about $300 million. 

Transocean Lands India Drilling Contract

Transocean said that it had signed a two-year binding Letter of Award for the Dhirubhai Deepwater KG2 with ONGC in India. 

The campaign is expected to start in the first quarter of 2027 and amount to about $300 million in contract value, inclusive of additional services and mobilization fees. 

The contract includes two years of priced options that, if fully exercised, would result in the drillship working in India into early 2031, the company said. 

RIG Shares: BofA Hikes Target, But Keeps Bearish Rating

On Thursday, Bank of America analyst Saurabh Pant raised the price target on Transocean to $4.75 from $4 and maintained an ‘Underperform’ rating on the shares, implying a downside of about 21% from its last close. 

The firm said it updated its models in the oilfield services space following the latest quarterly reports.

The company posted its second-quarter results on Aug. 5, reporting earnings per share of $0.03 on contract drilling revenues of $966 million.

Meanwhile, Koyfin data shows a 12-month average price target of $6.59 for RIG shares, implying upside of more than 9%. 

Of the 13 analysts covering the stock, six have a ‘Buy’ or higher rating on the company’s shares, while five have a ‘Hold’ rating and two have a ‘Strong Sell’ rating. 

RIG Stock: Retail Stance

On Stocktwits, retail sentiment around RIG stock was ‘bearish’ at the time of writing, while message volumes have surged about 67% in the last 24 hours. 

One user said, “$RIG classic fading recently eh but slowly up.”

Another user said, “$RIG Could be a cup n' handle and blast off in the near future. That kind of move would be more sustainable in all likelyhood if it were to be next week or the week after.”

RIG stock is up nearly 42% so far in 2026. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.<