NEW YORK (TheStreet) -- Although the European economy is slumping, TheStreet TV's Jack Mohr has found prime investment opportunities for his top five European stocks to own in 2015. 

Number 5, Mohr said Monday, was the Bank of Ireland. Coming in fourth Tuesday is Transocean (RIG) .

Icahn has pushed for the company to cut $800 million in costs, raise its dividend and consider creating a master limited partnership. An MLP would enhance the company's financial flexibility and allow for more productive and efficient operations. 

RIG Chart
Transocean RIG data by YCharts

Now that shares have sold off more than 50% in the past three months, the stock has a "dirt-cheap valuation," Mohr said. The company also trades at less than half of its tangible book value. In other words, if Transocean sold all of its assets and returned the proceeds to shareholders, investors would make a whopping 250% return on their investment, he explained.

Aside from a low valuation, there are several other key metrics that are attractive. Consider that Transocean has $3 billion in cash, ample free-cash flow and a backlog of $20 billion in revenue, Mohr said. 

So while falling crude prices continue to weigh on the energy sector and shares of Transocean, investors shouldn't let fear scare them away from this "spectacular" investment opportunity, Mohr concluded. 

--Written by Bret Kenwell 

Follow @BretKenwell

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

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