The “magic” of $50 oil is now in the sights of deep-sea drillers as they try to lure customer spending from shale wells on land.

And after more than three years of pain, that prospect has some investors excited. Transocean Ltd. rose the most in more than eight months after the world’s biggest provider of offshore rigs predicted explorers could soon shift their spending from land to sea as crude futures inch closer to the key level. Shares of other deep-water service providers like Diamond Offshore Drilling Inc. and Noble Corp Plc also surged on the heels of Transocean’s rally.

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