What happened Shares of offshore-drilling company Transocean (NYSE: RIG) jumped an incredible 175.9% in November, according to data provided by S&P Global Market Intelligence, after reporting earnings and a new contract. The run didn't stop in December, as shares rose another 15.7% in the first week of trading. So what There were a few notable news items during the month. Earnings were reported early in November, and third-quarter 2020 revenue was $773 million on 96.6% revenue efficiency. Adjusted net loss was $69 million, or $0.11 per share. Those aren't great results, but the market for offshore-drilling rigs clearly hasn't collapsed yet. Image source: Getty Images. On the contract side, Transocean announced extensions for Deepwater Corcovado and Deepwater Mykonos, which total $297 million in backlog. The contracts are for 680 days and 815 days, respectively. Now what This may not sound like earth-shattering news that would cause a stock to nearly triple, but Transocean is coming off lows below $1 per share, so it was firmly in penny-stock territory. As shares rose above $1, investors who are restricted from buying penny stocks were allowed to buy shares, creating further upward momentum for the stock. I don't think Transocean is out of the woods yet, given currently low oil prices, but last month, investors were excited to dive back into the offshore-drilling market. 10 stocks we like better than TransoceanWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Transocean wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Travis Hoium has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source