The number of U.S. rigs fell by 31 to a total of 467 this week, according to date from Baker Hughes (BHI). This is the seventh straight weekly rig count drop.
The total rig count was 1,140 during this time last year.
Crude oil (WTI) is down by 0.91% to $31.43 per barrel this afternoon and Brent crude is up by 0.17% to $34.52 per barrel.
"Volatility on the oil market is extremely high just now. This is due for the most part to the high speculative activity on the part of market participants," Commerzbank said in a note cited by CNBC.com.
Transocean is a provider of offshore contract drilling services for oil and gas wells and is headquartered in Switzerland.
Separately, TheStreet Ratings Team has a "sell" rating with a score of D+ on the stock.
This is driven by a few notable weaknesses, which 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 covered by the team.
The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself and weak operating cash flow.
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.
You can view the full analysis from the report here: RIGRIG data by YCharts