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Transocean (RIG) Aims to Cut GHG Emissions by 40% Through 2030

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Transocean Ltd. (RIG - Free Report) recently declared that by 2030, it will cut its operational Scope 1 and Scope 2 greenhouse gas (GHG) emissions intensity by 40% from its 2019 levels.

The company has maintained its technological leadership throughout the years and this vital effort is no exception. Indeed, the firm adopted a number of proactive innovations to optimize the productivity of its rigs as well as increase safety, dependability, operational execution and efficiency.

Transocean will meet the lowered emission-intensity objective without jeopardizing its safety and operational integrity records. Its duty as an industry leader extends beyond producing exceptional results for its clients. Management believes that the company must continue to provide services in a way that has low adverse effects on the environment and in doing so, serves the interests of all its stakeholders including workers, customers, investors and also caters to the general welfare of the public.

Nowadays, most of the energy needed to power Transocean's global fleet of high-capability drilling rigs comes from diesel fuel conversion to electricity. As a result, the firm is committed to reducing emissions throughout its fleet via fuel savings and other measures, which may be accomplished by creating and deploying new procedures and technologies that allow it to maximize its power-control capabilities.

The company is likewise dedicated to using its resources and skills in favor of its clients' lower carbon-energy initiatives, which may include carbon capture and sequestration.

Company Profile

Switzerland-based Transocean is the world’s largest offshore drilling contractor and a leading provider of drilling management services. The company provides rigs on a contractual basis to explore and develop oil and gas. Transocean offers offshore drilling rigs, equipment, services and manpower (with particular emphasis on ultra-deepwater and harsh-environment drilling services) to exploration and production companies worldwide.

Zacks Rank & Key Picks

Transocean currently carries a Zacks Rank #3 (Hold).Some better-ranked players in the energy space are Continental Resources, Inc. (CLR - Free Report) , Whiting Petroleum Corporation (WLL - Free Report) and Magnolia Oil & Gas Corp (MGY - Free Report) , each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Continental Resources’ earnings beat the Zacks Consensus Estimate in three of the previous four quarters, missing the same on one occasion.

Whiting Petroleum’s earnings beat the Zacks Consensus Estimate in all the preceding four quarters.

Magnolia’s earnings beat the Zacks Consensus Estimate in all the last four quarters.

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