Transocean to Drill New Wildcat Well for Equinor in the Norwegian Sea

Transocean, Inc. RIG, a leading offshore drilling contractor globally, has secured a drilling assignment in the Norwegian Sea from Equinor ASA EQNR. Equinor has received a drilling permit from the Norwegian Offshore Directorate (“NOD”) to drill a wildcat well in the Norwegian Sea.The permit is for the wellbore 6506/12-PB-3 H, where EQNR will drill a wildcat well using the Transocean Encourage rig. The drilling activities are anticipated to begin in July 2025.  In 2023, Transocean landed a nine-well contract for the Transocean Encourage rig for drilling activities in the Norwegian Continental Shelf (“NCS”). The nine-well contract also has a provision for drilling six optional wells. The semi-submersible rig’s drilling schedule in the Norwegian Sea involves the Tyrihans, Verdande, Andvare, and Vigdis fields.The Transocean Encourage semi-submersible rig boasts a GVA 4000 NCS design and is well-suited for operations in harsh environments. Notably, the sixth-generation semi-submersible rig features automated drilling control, which is particularly useful for operating in the challenging environmental conditions of the Norwegian Sea.The wellbore 6506/12-PB-3 H lies within production license (PL) 094, operated by Equinor, holding a 40.95% stake, alongside its partners Vår Energi, Petoro and TotalEnergies EP Norge.Zacks Rank & Key PicksCurrently, both RIG and EQNR carry a Zacks Rank #3 (Hold).Some better-ranked stocks from the energy sector are Flotek Industries Inc. FTK and Oceaneering International OII. While Flotek Industries sports a Zacks Rank #1 (Strong Buy) at present, Oceaneering International carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Flotek Industries specializes in green chemistry, providing innovative solutions that reduce the environmental impact of the energy industry. Flotek develops specialty chemicals tailored for both domestic and international energy producers, as well as oilfield service companies. These chemicals not only help reduce the environmental impact of hydrocarbon production but also lower operational costs.Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.Zacks' Research Chief Picks Stock Most Likely to "At Least Double"Our experts have revealed their Top 5 recommendations with money-doubling potential – and Director of Research Sheraz Mian believes one is superior to the others. Of course, all our picks aren’t winners but this one could far surpass earlier recommendations like Hims & Hers Health, which shot up +209%.See Our Top Stock to Double (Plus 4 Runners Up) >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Transocean Ltd. (RIG): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report Flotek Industries, Inc. (FTK): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks