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Transocean (RIG) Stock Falls on Declining Oil Prices, Rig Stack Increase

NEW YORK (TheStreet) -- Shares of Transocean (RIG) are tumbling 5.36% to $11.47 this afternoon on lower oil prices and a company fleet update showing that it is stacking more rigs.

The Swiss offshore drilling company has stacked an additional six rigs since their previous update.

"Currently, fundamentals continue to weaken for floating rigs, and it remains unclear where dayrates and utilization may bottom," said analysts at RBC in a note cited by Barron's.

Oil prices are also dropping this afternoon as concern over a...