Why the Market's High Hopes for Transocean's Q4 Earnings Were Shattered
When the drill bit of an offshore oil rig hits the ocean floor, it keeps drilling down through it. That's an apt metaphor for offshore rig operator Transocean (NYSE: RIG). Every time the company seems to have hit rock bottom, it just keeps heading downward. Over the last 10 years, shares have lost 95% of their value.
After a December share price pop and some good news about new contracts in early January, investors were hopeful that maybe Transocean was (finally) turning things around. But then came the company's fourth-quarter 2019 earnings report on Feb. 17, bringing a disappointing revenue miss. Here's what investors need to know.
Once a top performer in the oil industry, Transocean has underperformed in recent years. Image source: Getty Images.
Source Fool.com
