NEW YORK (TheStreet) -- Shares of Transocean (RIG - Get Report) are plunging by 7.78% to $9.72 on Friday morning, as oil prices fall below $30 per barrel.

Crude oil (WTI) is nosediving by 5.38% to $29.52 per barrel this morning and Brent crude is sinking by 4.7% to $29.43 per barrel, according to the index.

The price of the commodity pulled major stock markets around the world lower on concerns of a global slowdown, as the growing oil oversupply continues and investors seek a safe haven in assets such as gold, Reuters reports.

Additionally, oil prices are falling on anticipations that Iran will boost oil exports after sanctions are removed, which could occur in the next few days, Reuters noted.

"Oil is deeply oversold. The stock market is deeply oversold. The inability for the market to rally from deeply oversold conditions clearly tells you how weak the market is," Adam Sarhan, chief executive of Sarhan Capital told Reuters.

Transocean is a Switzerland-based provider of offshore contract drilling services for oil and gas wells.

Separately, TheStreet Ratings Team has a "sell" rating and score of D+ on Transocean. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: RIG

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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