Switzerland based Transocean has arguably the most up-side potential among offshore drillers based on its available equipment, Particularly in any mid-water recovery. The company however has done a poor job staggering contracts and presently has multiple DP (dynamically positioned) rigs stacked, which bear a higher cost compared to conventionally moored units. I disagreed with the move by Transocean management to drop rigs down into a MLP structure as I think this robs future revenue potential away from shareholders and I'm glad to see Transocean hitting the brakes on this scheme. I have a hard time believing that the MLP drop down schemes being executed by both Transocean and Seadrill are beneficial to both the parent and the subsidiary. On a positive note, Transocean has a respectable worldwide presence, an Activist shareholder, and is one of the few drillers to maintain a new build schedule into 2017, therefore setting the company up for the eventual up cycle. Read more