It doesn't seem like it was that long ago when Transocean (NYSE:RIG) was considered one of the best-run energy-related companies and the leader in the offshore drilling industry. While Transocean still has far and away the largest offshore fleet, the company's issues with downtime, operational efficiency, and legacy Macondo liabilities has eroded a lot of the goodwill the company had built with the Street. Transocean's valuation doesn't appear very demanding today, and an improving deepwater market should help, but management still has to rebuild its credibility if the stock is to get the sort of valuation it used to enjoy.
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http://www.investopedia.com/stock-analysis/080813/transocean-still-has-plenty-prove-valuation-isnt-demanding-rig-sdrl-esv-vtg.aspx
Investopedia: Transocean Still Has Plenty To Prove, But The Valuation Isn't Demanding
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