The Swiss offshore drilling company has stacked an additional six rigs since their previous update.
"Currently, fundamentals continue to weaken for floating rigs, and it remains unclear where dayrates and utilization may bottom," said analysts at RBC in a note cited by Barron's.
Oil prices are also dropping this afternoon as concern over a global supply glut rises. Crude oil (WTI) is down 2.1% to $43.81 per barrel and Brent crude is down 2.08% to $45.24 per barrel.
The Baker Hughes (BHI) rig count was released this afternoon, showing that the U.S. weekly operating rig count rose by 15 units in the past week, reaching 462. Iraq's oil exports are looking to rise in July, CNBC reports.
Also, U.S. government data released this week revealed that U.S. crude stockpiles are at a historical high for this time of year at 5.9 million barrels.
Separately, 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.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D+.
Among the areas TheStreet Ratings feels are negative, one of the most important has been a generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: RIG