Shares of Transocean (NYSE:RIG) continue to be under pressure, and a recent story in the Wall Street Journal that the company has accounted for almost 75 percent of all accidents on oil rigs since 2008 doesn't help their cause.
Now I would want to know the percentage of oil rigs Transocean is involved in before jumping to any conclusions, as they may be involved in so many, possibly far more than their competitors, that the 75 percent figure could simply represent the percentage of business done by the company, so the figure would make sense in that regard.
In other words, they may have a huge amount of market share which makes the numbers not unusual. I don't know that for a fact at this time, but it could skew the numbers to make them look irresponsible and careless, when it's possibly only based on having a larger share of the market.
Either way though, Transocean has been brought to the forefront of the oil industry, and it's not a place they want to be, or a place they necessarily understand how to operate in, as they obviously have no plan in place to deal with situations like this, and that's hurting their company in the public relations realm, which is hitting their bottom line as far as share price and loss of market value.
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