Transocean (NYSE: RIG) stock got a big jolt on the morning of Aug. 3 and tumbled 12% by 10 a.m. EDT. At a time when pockets of the oil and gas industry are making money off this year's rally in oil prices, Transocean's contract drilling revenue slumped 29.4% year over year and its adjusted net loss ballooned to $109 million from $1 million in Q2 2020. Although consensus estimates called for a loss, the sharp drop in Transocean's revenue caught the market off guard.
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