Rig company Transocean said that, after reporting an increase in revenues for the fourth quarter, recovery for offshore drillers was evident on the horizon. Transocean reported revenues for the fourth quarter at $974 million, a gain of 7.5 percent from the third quarter. “In the face of a very challenging market, we again produced impressive operational and financial results in the fourth quarter,” President and CEO Jeremy Thigpen said in a statement . During the peak of the market downturn last year, Transocean had already seen two rig contracts canceled. Since 2015, it had about a dozen contracts pulled prematurely as energy companies spend less on exploration and production during the market downturn and the company warned that “very few” new contracts were expected in 2016. Transocean’s earnings are important for a market keeping a close eye on exploration and production trends. Low oil prices […]