10 Firms Stand Strong Amid Market Decline

5. Transocean Ltd. (RIG)

Switzerland-based drilling firm Transocean Ltd. (RIG) reported a 3.68-percent increase in its share prices on Monday to finish the day at $3.66 apiece.

Investors discounted news of a recently filed class action lawsuit against the firm alleging that Transocean made materially false and misleading statements about its business, operations, and prospects.

The lawsuit added that Transocean’s Discoverer Inspiration, an ultra-deepwater dual-activity drillship, and Development Driller III, its ultra-deepwater semi-submersible were considered non-strategic assets.

It also added that Transocean’s recorded asset valuations were overstated, and as a result, Transocean would take nearly twice the vessels’ sale price in impairment if sold.

Just recently, the company announced it has secured a multi-million deepwater drillship contract.

The estimated 270-day program is expected to commence in direct continuation of the rig’s firm term with Reliance and contribute approximately $111 million in backlog, excluding additional services.