Transocean Ltd. plans to raise as much as $350 million in the initial public offering of a company owning three of its drillships as the world’s largest offshore rig contractor seeks to strengthen its balance sheet.
U.S. stocks retreated, with the Standard & Poor’s 500 Index falling the most in three weeks, as industrial and consumer-discretionary shares plunged after escalating violence in Iraq sent oil to an eight-month high while economic data missed estimates.
Diamond Offshore Drilling Inc. , the worst-performing oil services stock in the past six months, jumped the most in more than five years after reporting earnings that beat analysts’ estimates and buying back shares.
Diamond Offshore Drilling Inc., the largest U.S. deep-water oil driller, signed contracts worth as much as $1.8 billion with Anadarko Petroleum Corp . for two new drillships and settled a dispute over a third rig stemming from a Gulf of Mexico drilling moratorium last year.
U.S. stocks fell for the week, giving benchmark indexes their biggest loss since January, as mounting tensions in Ukraine and signs of a slowdown in China overshadowed reports showing an improving American economy.
Diamond Offshore Drilling Inc. , the largest U.S. deep-water oil driller, agreed to pay Hyundai Heavy Industries Co. about $590 million to build a drillship as crude producers explore farther offshore.
Noble Corp. led a decline among offshore deep-water drilling contractors after saying the industry may be experiencing a “pause in the cycle” after years of growth fueled by oil and natural gas discoveries.