Offshore drilling contractor Transocean (NYSE:RIG) is trading lower once again today after the company announced the pricing of a 26 million share public offering late yesterday, at $40.50 per share.
Transocean said net proceeds of the sale will total just over $1 billion, and will be used to partially refinance its acquisition of Aker Drilling.
The offering is expected to close on December 5, and underwriters have the option to purchase up to an additional 3.9 million shares.
Transocean traded as much as 9% lower in yesterday's session on news of the offering.
Now that the offering has priced, shares are trading up over 3.7%.
Rival drilling contractor Noble Corp. (NYSE:NE) is trading up over 2.5% today. Diamond Offshore Drilling (NYSE:DO) is trading up 2.6%.
The Oil Services HOLDRS (AMEX:OIH), in which Transocean is the fifth-largest holding, is trading up over 5.5% Wednesday.
Schlumberger (NYSE:SLB) is the top holding in the fund, trading up about 5.2%, while #2 holding Baker Hughes (NYSE:BHI) trades up over 5.3%.
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