massive short interest in RIG - they now have a 7 year back log off shore drilling locked up
$RIG
AI SUMMARY — RIG (Transocean) has massive short interest and a 7-year backlog of offshore drilling contracts, particularly a $1B+ agreement with Equinor for Norwegian operations, positioning it to benefit from global demand for oil independence driven by geopolitical tensions. While near-term earnings face pressure, long-term revenue visibility and analyst forecasts suggest significant out-year improvement as contracts materialize starting in 2027.
| TICKER | RIG |
USER | u/munhoichu |
| RATING |
BULLISH |
ENTRY |
$4.87
|
| POSITION |
1976 sh
SYN
|
BOOK VAL |
$9623.12 |
| CURRENT |
$5.06 |
P&L % |
+3.90%
|
| CURR VAL |
$9997.97 |
P&L $ |
+374.85
|
Iran war has caused demand worldwide for oil independence so its drill baby drill for the rest of the world as they fight to get the drill rigs contracted to have their own oil supplies IMHO
The biggest driver is Transocean’s announcement that it secured an over $1 billion agreement with Equinor for three harsh-environment semisubmersible rigs on the Norwegian shelf, adding about seven rig-years of backlog and improving long-term revenue visibility starting in 2027.
While some near-term earnings estimates were cut, several out-year forecasts were raised, suggesting analysts see some longer-term improvement even as near-term profitability remains uneven.