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Transocean -7% as Credit Suisse downgrades shares

Transocean (RIG -6.9%) gives back a chunk of yesterday's big gain after Credit Suisse downgrades shares to Underperform from Neutral with a $12 price target, expecting RIG to stockpile rigs through 2016. The firm estimates 54% of RIG's 2014 revenue is "at risk" over the next two years mainly due to floater contract roll-offs, noting that RIG has 10 idle floaters and 11 more rolling off within H1. Read more