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Monday, April 15, 2024

RIG Big on Any Oil Move

We’ve talked about these guys before but their competitor RDC just gave an amazing report and Transocean specializes in deep rigs and is looking pretty oversold.

Rig rates are up 30%, utilization is close to 100% so do the math, they already own them, it’s just a commodity that gets sold and utilization is approaching 100%. It is physically impossible to build more rigs in any reasonable amount of time and, as we learned from this year’s storm season, they do break and wear out so the companies that have them may have a pretty valuable commodity!

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