Lorne Steinberg Transocean Inc. RIG-N DON'T BUY Oct 05, 2015

A very choppy chart. Trade it. It's on the upswing now, so be ready to unload it.

It's the highest paid way to play oil.

Given the high spot price of oil now, you need to go to a high-beta oil name to capture a return.

High debt, which they are paying down from free cashflow. Rig counts are up, a big milestone. Super-duper, high beta name to own when oil's not falling 5% in a day. Be strategic when to add. 12-ish% free cashflow yield, but see his Top Picks for a more compelling name.

They report later today, but he's not interest in that, but rather the conference call about how tight the market is for deep-drilling rigs. He thinks it's a matter of when, not if, their rigs will be reactivated.

The day rates on these offshore drilling rigs has been climbing well, so idle rigs will return to service. Is up sharply this month.

11 of their cold-stacked rigs have been mothballed for a while but will return to operation soon.

Doesn't like SLB either, and RIG isn't as good as SLB.