10 Best Stocks For Day Trading

6. Transocean Ltd. (NYSE:RIG)

5-year Beta (monthly): 2.80

Average Volume: 20,558,325

Number of Hedge Fund Holders: 42

Transocean Ltd. (NYSE:RIG) is a Swiss company that is a leading offshore drilling contractor, which focuses primarily on deepwater and ultra-deepwater oil and gas exploration. It operates in multiple countries, including locations such as the United States, Canada, Brazil, and Norway.

The company is renowned for its fleet of advanced drilling rigs, which cater to major players in the global energy sector. Over its history, it has expanded through mergers and acquisitions to position itself as one of the largest offshore drilling firms.

On September 4, The Fly reported that Transocean (NYSE:RIG) secured a contract from Reliance Industries Limited to deploy the Dhirubhai Deepwater KG1 rig for drilling six wells off India’s coast. The project, set to start in Q2 2026, is expected to last around 300 days and generate approximately $123 million in backlog, excluding additional fees. The agreement also allows for options that could extend the rig’s operations in India until late 2029.

The contract could significantly benefit the company as it expands the company’s footprint along with the revenue injection. Moreover, the long-term nature of the project, with options for extensions, ensures steady income over the next several years, which is quite significant in a volatile market.

In addition to the Reliance contract, Transocean (NYSE:RIG) also recently secured a one-year contract with BP p.l.c. for the Deepwater Atlas rig, which will operate in the U.S. Gulf of Mexico with an option for one additional year. The project is expected to start in 2028 and will add $232 million to the company’s backlog.

In Q2, 42 hedge funds held stakes in Transocean (NYSE:RIG), with positions worth $490.239 million. As of the second quarter, Slate Path Capital is the most significant shareholder in the company and has a stake worth $165.86 million.