Citi maintains a ‘Buy’ rating on Transocean Inc (NYSE: RIG), adds to Top Picks Live list with a $98 price target, citing several positive trends in the offshore drilling including capacity constraints which are driving increases in day rates.

Citi analyst says, “Our revised energy price forecast calls for a barrel of WTI crude oil to average $47 in 2009, $55 in 2010, $60 in 2011, and $65 in 2012. Under this price progression, which is consistent with the forward curve in oil futures, the deepwater drilling play is underpinned by solid economic returns on investment. We expect deepwater drilling to remain the highest growth market in oil services…”

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