NEW YORK (TheStreet) -- Shares of Transocean (RIG) - Get Report are up sharply by 7.42% to $15.06 in late afternoon trading Wednesday, as U.S. crude prices reverse losses from earlier in the day to trade in the green, following the Federal Reserve's policy announcement, Reuters reports.

The Fed suggested that it would begin raising interest rates in the near term, and removed the critical word, "patient" from the official text, Reuters noted.

WTI crude is now up 2.6% to $44.58 a barrel as of 3:12 p.m. ET, while Brent crude is also up 4.67% to $45.01 a barrel.

Switzerland-based Transocean is an international provider of offshore contract drilling services for oil and gas wells, operating under the contract drilling services and drilling management services segments.

Insight from TheStreet's Research Team:

Jim Cramer commented on Transocean in a recent post on RealMoney.com. Here is what Cramer had to say about the stock:

The castoff that makes room for SL Green? Nabors. This company, at one time, was the premier land driller in this country. Nabors has some of the best technology and has historically been a favorite of the natural gas industry. It also had 48 offshore oil rigs around the globe. Now, consider these two businesses. Oil companies have been able to cut down the time it takes to drill a well and have driven the drillers to take much lower price on the current jobs, some of the fees being cut by one-third because of the collapse in drilling. The rig count in this country, as maintained by Baker Hughes, has declined for 14 straight weeks and has now fallen an astonishing 46% then the peak just last October.

Worse: offshore rates are collapsing, as you know, from the declines in Transocean (RIG), Seadrill (SDRL), Diamond Offshore (DO) and Ensco (ESV). This one may be among the least desirable in the entire godforsaken industry.

-Jim Cramer, 'Cramer: How Passive Is the S&P? (Part 1)' originally published 3/16/2015 on RealMoney.com.

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Separately, TheStreet Ratings team rates TRANSOCEAN LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

"We rate TRANSOCEAN LTD (RIG) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share." You can view the full analysis from the report here: RIG Ratings Report