11 Most Promising Penny Stocks According to Analysts

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9. Transocean Ltd. (NYSE:RIG)

Share Price as of April 15: $2.22

Number of Hedge Fund Holders: 38

Average Upside Potential as of April 15: 85.81%

Transocean Ltd. (NYSE:RIG) provides offshore contract drilling services for oil and gas wells. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. It also operates a fleet of mobile offshore drilling units, which consists of ultra-deepwater floaters and harsh environment floaters.

The company heavily relies on its fleet of high-specification drillships, specifically the seventh-generation plus and eighth-generation rigs. In 2024, these advanced assets secured premium contracts. Day rates exceeded $500,000 for the seventh-gen plus rigs and crossed $600,000 for the eighth-generation 20k assets. Transocean’s existing fleet is almost fully booked through 2026.

The company is now focused on securing new contracts for mid to late 2026 and beyond, targeting these high-specification drillships again. In 2024, Transocean Ltd. (NYSE:RIG) achieved a major industry milestone by installing the first two 20k subsea completions on its eighth-generation drillships. It’s also implementing advanced automation systems like IntelliWell, which enable safer and more efficient drilling operations. This includes handling over 1.5 million feet of drill pipe with zero personnel in hazardous zones.

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