This is an analyst-stance update from BofA (price target change, rating unchanged). While it affects sentiment toward RIG, it is not a direct corporate catalyst for BAC beyond its role as an analyst.
Barclays and BofA Reassess Transocean (RIG) Following Petrobras Contract Extensions and Backlog Growth Sheryar Siddiq Wed, June 17, 2026 at 10:00 AM GMT+2 2 min read RIG BCS PBR Transocean Ltd. (NYSE: RIG ) ranks among the best oil and gas drilling stocks to buy now . Following recent contract renewals with Petrobras, Barclays reaffirmed its Equalweight rating and $6 price target for Transocean Ltd.
(NYSE:RIG). The company has six rigs contracted with Petrobras, four of which are blend/extend prospects. According to Barclays, the extensions suggest a need for deepwater rigs, despite Petrobras’ intention to reduce costs in the short term via blend/extend agreements.
Similarly, on May 19, BofA increased its price target for Transocean Ltd. (NYSE:RIG) to $4 from $3. 50 while maintaining an Underperform rating on the stock.
The firm, having upgraded its oilfield services models for Q1 results and 10-Q reports, noted that its average predictions for 2027 and 2028 EBITDA are 10% and 16% higher than the average, respectively. In Q1, the company achieved contract drilling revenue of $1. 08 billion, aided by a solid revenue efficiency of 97.
3%. During the quarter, the company built up $1. 6 billion in contract backlog.
Transocean Ltd. (NYSE:RIG) also said that it signed new or extended contracts for five rigs during the quarter, bringing its total backlog to $7. 1 billion.
Transocean Ltd. (NYSE:RIG) is an international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a strong focus on ultra-deepwater and harsh environment drilling services.
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