Transocean is struggling to find work for most of its offshore drilling rigs.
Transocean (RIG -0.86%) is one of the few offshore drilling stocks still standing after a decade of struggles. But the recovery hasn't led to strong profits, and improved efficiency and a cutback in spending could be headwinds for the industry. In the video below, Travis Hoium highlights why Transocean's results are troubling.
*Stock prices used were end-of-day prices of May 1, 2023. The video was published on May 2, 2023.
Travis Hoium has no position in any of the stocks mentioned. The Motley Fool recommends Transocean and recommends the following options: long January 2025 $1 calls on Transocean. The Motley Fool has a disclosure policy. Travis Hoium is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
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