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Transocean Stock Traded Lower On Monday: What Happened?

Shares of Transocean LTD (NYSE: RIG) traded lower on Monday following an OPEC+ decision to extend deep oil output cuts until 2025. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, aims to address concerns over tepid demand growth, high interest rates and rising U.S. production.

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Why Transocean Stock Is Sinking Tuesday

Transocean reported first-quarter revenue of $763 million, which missed the consensus estimate of $787.043 million, according to Benzinga Pro. The company reported an adjusted earnings loss of 3 cents per share, which beat estimates for a loss of 14 cents per share.

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