Shares of Transocean Ltd. could rise more than 35 percent in the next year or two if oil prices top $60 a barrel, Barron's said in an article on Sunday.

The Switzerland-based deepwater drilling company has been hit over the last decade by the financial crisis, the Deepwater Horizon disaster and lower oil prices, Barron's noted.

But the recent increase in the price of crude could mean the worst is over for Transocean, Barron's said. The stock could hit $19 or even $30, according to analysts and fund managers; it currently trades around $14.

As of Friday, Brent crude oil LCOc1 traded at $55.99 a barrel and U.S. West Texas Intermediate CLc1 sold for $53.99 a barrel.

"Transocean could turn out to be a sunken treasure for investors," Barron's said.

Despite some encouraging signs, share prices of Transocean and its offshore peers suggest that investors believe they are “dead,” says Bernstein’s Colin Davies, who thinks otherwise.

"Transocean trades at $14, about a third of its estimated 2016 book value of $41, while other drillers trade at half of their book value. The drilling industry as a whole trades at a price/earnings ratio of 23, versus its long-term average of 18. Transocean’s trailing P/E is five, versus its long-term median of 19 times," Barron's said.