Transocean Ltd. (NYSE:RIG) is one of the 10 Best Stocks to Buy Under $10.
On June 11, S&P Global Ratings upgraded Transocean Ltd. (NYSE:RIG) from ‘CCC+’ to ‘B-‘ and removed the company from CreditWatch positive
The ratings agency pointed to improving leverage and liquidity after the company reduced its debt and secured new contracts. S&P Global Ratings also assigned Transocean Ltd. (NYSE:RIG) a positive outlook. Since February 2026, the company has added more than $1.6 billion to its backlog.
Transocean Ltd. (NYSE:RIG) has about $5.1 billion of debt principal remaining. At the end of 2024, the company had forecasted that it would reduce its debt to $6 billion by the end of 2026. This means the company is already more than $900 million ahead of schedule in its efforts to reduce debt and strengthen the balance sheet.