Transocean Ltd . RIG (NYSE)

Summary

Company blows consensus out of the water, putting up a fight amid a severe and long downcycle.

Much of the upside can be credited to early termination fees received, but that should not overshadow the company's strong cost management abilities.

In the early hours of Thursday, Transocean (NYSE:RIG) reported 4Q16 results that exceeded top- and bottom-line expectations by a good bit. Revenues of $974 million beat by $164 million while adjusted EPS of $0.63 came in well above consensus $0.08.