BTIG analyst Gregory Lewis initiated Transocean with a Buy rating and a price target of $18 as part of his broader research note on offshore drilling service industry, saying the company is his "top pick" in the space. The analyst notes that Transocean has a "dominant offshore footprint" and the "largest rolodex" in the business, benefiting from the momentum of the industry recovery. Lewis also expects Transocian to be a "major beneficiary as activity in Brazil and West Africa picks up," anticipating the company to capture more of the new business that its peers.