Transocean Awarded Contracts and 2 Hot Stocks Making Waves
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Transocean (NYSE:RIG), a leading international provider of offshore contract drilling services for oil and gas wells, is awarded 10-year contracts for four new-build dynamically positioned, ultra-deepwater drillships by Royal Dutch Shell (NYSE:RDS.A). The contracts add 40 years of rig work to Transocean’s revenue backlog, approximately valued $ 7.6 billion. The rigs will be built at the Daewoo Shipbuilding and Marine Engineering Co., Ltd. facility at Okpo, South Korea.
BP (NYSE:BP) continues its spree of asset disposals and sells a chemicals subsidiary manufacturing PTA to India’s Reliance Global Holdings for $ 230 million. Says James Yim, head of BP’s aromatics business in Asia: “This is an efficient plant with a good market position in the region. Recron Malaysia, part of the Reliance Group, is already our largest customer in Malaysia and Reliance Industries is a significant feedstock supplier at Kuantan, so Reliance is a natural owner of this plant,” as reported in Upstream.
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