Transocean, US company based in Vernier, Geneva, is the leader in the services of deep waters platforms to the oil industry. The litigations related to BP and the explosions of the Macondo well in 2010 have been settled long ago. Like all oil service companies, Transocean has suffered from declining orders from clients, putting its revenues under pressure since 2015. The Company has taken radical measures to cut costs and fixed assets by significantly reducing the number of platforms. This enabled the company to become profitable again in the first quarter 2016, with a net profit of USD 254mio on USD 1.38bn of revenues. Free cash flow was positive, which enabled the company to continue its bond buyback program.
The 6.5% Transocean 2020 bond is therefore interesting. Trading at 79.9%, it pays a yield of 12.8% for a relatively short duration. The B2 rating from Moody's reflects more the sentiment at that rating agency than the fundamentals of the company which are improving.

Warning: volatile security that is not suitable for risk-averse investors.

This is not a recommendation but just our opinion. Please consult with your financial advisor before investing!