Transocean (RIG) Bounces After Yesterday's Sell-Off

After dropping in a big way yesterday, Transocean Ltd. (NYSE: RIG) is up 5% this morning as BP (NYSE: BP) is bouncing back after saying they know of no reason for yesterday's sell-off in the shares.

Shares of Transocean fell 8% yesterday, from $46.33 to $42.58, on growing fears of liability related to the Gulf oil spill. BP was down 16% yesterday on rumors of a bankruptcy related to its liability.

Transocean owned the Deepwater Horizon rig and could have liability related to the spill. In addition, with the moratorium on Gulf of Mexico deepwater drilling, the company's day rates will likely take a hit.

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