Shares of offshore-drilling company Transocean (NYSE: RIG) jumped an incredible 175.9% in November, according to data provided by S&P Global market Intelligence , after reporting earnings and a new contract. The run didn't stop in December, as shares rose another 15.7% in the first week of trading.
There were a few notable news items during the month. Earnings were reported early in November, and third-quarter 2020 revenue was $773 million on 96.6% revenue efficiency. Adjusted net loss was $69 million, or $0.11 per share. Those aren't great results, but the market for offshore-drilling rigs clearly hasn't collapsed yet.
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Why Transocean's Shares Popped 175.9% in November