2-cents

Transocean: Drilling For Profits

Gaurav,
Be patient! I am a long term holder of offshore drillers. Take Ensco for example, it was on Merrill Lynch's Conviction Sell and was lagging RIG for almost a year, but fundamentals prevailed. It is one of the cheapest with strongest balance sheet amongst drillers. RIG is now dirt cheap considering very solid backlog at $34 billion. The latest June operations report showed considerable jumped in two contract rates.
Be patient. Not many companies have such tail wind.