Transocean (NYSE: RIG) stock crashed this morning, trading 14% lower as of 11:30 a.m. ET. Until the market close yesterday, shares of the Switzerland-based offshore drilling services provider were up a staggering 101% in just four months. Transocean's latest quarterly numbers amid declining crude oil prices, however, appear to be encouraging some investors in the oil stock to take some profits off the table today.

Transocean reported its fourth-quarter numbers last evening. Its total contract drilling revenues declined 2.4% year over year and dropped nearly 12% sequentially, as five of the company's rigs remained idle in the quarter.

With operating, maintenance, and general expenses also on the rise, Transocean reported an adjusted net loss of $0.49 per share, a sharp drop from a loss of $0.19 per share that it reported in Q4 2021. The company missed analysts' estimates on both the top and bottom lines, which explains why the stock is sinking today.

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Source Fool.com