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RIG YTD mountain RIG in 2023 -CNBC's Michael Bloom contributed to this report. The stock has surged more than 52% in 2023. Transocean shares were up 2.7% Wednesday premarket.

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'While the EV multiple upside is likely less than some peers, we think the modest upside plus material FCF should still drive Transocean's equity value materially higher,' Gruber added. Citi anticipates Transocean's EBITDA to almost double from 2023 to 2025.

Dayrates refer to the daily costs drilling project operators pay to drilling contractors to rent an oil rig.

You can choose to use ThankYou Points to cover all or a portion of your charge. Proceed to checkout Select Citi ThankYou Points as your payment method. 'That said, we think the company will still benefit from a rising dayrate environment through upside to realized dayrates and reactivations,' said Gruber. Enroll your card Link your ThankYou Points enrolled Citi card to your account. 'Although our outlook for harsh environment rig demand is less favorable than ultra-deepwater rig demand given the lower activity levels in the North Sea and Norway, we do not view RIG's HE rig exposure as a material negative given that these rigs are able to perform UDW drilling work and can be mobilized to meet incremental demand.' To be sure, the analyst said that Transocean has a greater number of long-term contracts compared to its competitors, meaning it will benefit the least from contract rollover in the 20 fiscal years. 'Transocean is also favorably positioned geographically with the greatest exposure to the Golden Triangle region (Brazil,, West Africa) amongst peers,' Gruber continued. 'We think Transocean is favorably positioned among offshore drilling peers given its sizable available fleet of idle rigs returning to work in the coming years and positioning in the Golden Triangle region,' said analyst Scott Gruber. markets were closed Tuesday due to the Fourth of July holiday. It also raised its price target to $9.50 from $6.50, which implies shares rallying 36.3% from where they closed on Monday. U.S. The bank upgraded the offshore driller to buy from neutral in a Wednesday note. It's time to buy shares of Transocean, according to Citi. Personal Loans for 670 Credit Score or Lower

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