Shares of struggling offshore oil and gas-drilling services provider Transocean (NYSE: RIG) crashed hard and fast on August 21, down almost 28% at 3:44 p.m. EDT. Today's huge drop comes a couple of days following word that Valaris (NYSE: VAL), one of its biggest competitors, had finally entered into a long-expected bankruptcy proceeding.
Today, investors who've hung in with Transocean have started to fully realize how weak its prospects are, following comments from a Bernstein analyst who indicated the company's best path to maintaining its market share could be via bankruptcy.
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