Transocean's ( RIG) board authorized the company to repurchase up to $2 billion of stock in the open market or in private transactions.

The Houston-based offshore drilling contractor plans to fund the program from current and future cash balances and doesn't expect to use debt for any stock buybacks. The repurchase program doesn't have an expiration date.

Transocean has about 330 million shares outstanding.

Shares of Transocean were gaining $1.85, or 3.3%, to $57.40 Monday.

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