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Transocean LTD (RIG) News: Newman vs Icahn, A Possible Rejection, and an Important Update

Editor’s Note: Related tickers: Transocean LTD (NYSE:RIG)

Transocean LTD (NYSE:RIG)Transocean’s Toughest Moments (WSJ)
Transocean LTD (NYSE:RIG) +1.42% CEO Steve Newman has had his people skills put to the test over the past month as he traveled the world trying to convince shareholders to reject efforts by activist investor Carl Icahn to replace 3 board members at the company’s annual meeting in Switzerland today. If Mr. Icahn is successful, the direction of the company could change significantly as his chosen directors would guide the company away from investing in drilling rigs toward a larger dividend. But the tension surrounding those investor meetings in Boston, London and Toronto and the back-and-forth battle with Mr. Icahn are nothing compared to what Mr. Newman felt three years ago each time he pulled up to a home of one of the nine Transocean LTD (NYSE:RIG) workers who died in the explosion on the company’s Deepwater Horizon drilling rig.

Transocean Shareholders Said to Reject Icahn’s $4 Dividend Plan (BusinessWeek)
Transocean LTD (NYSE:RIG) shareholders voted in favor of the company’s $2.24-a-share annual dividend, rejecting a $4 proposal brought by billionaire investor Carl Icahn, a person familiar with the vote count said. More than 75 percent of all voted shares were in favor of the company’s dividend, said the person who asked not to be identified because the voting results aren’t public yet.Transocean LTD (NYSE:RIG) is holding an annual shareholder meeting today in Switzerland.

Transocean Ltd. Provides Fleet Update Summary (WebWire)
Transocean LTD (NYSE:RIG) today issued a monthly fleet update summary which includes new contracts, significant changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since April 18, 2013. The value of new contracts or extensions since the April 18, 2013 fleet status report is approximately $662 million. Highlights are as follows: -Deepwater Millennium – Awarded a two-year contract for work offshore Australia at a dayrate of $605,000 ($442 million estimated contract backlog). The rig’s prior dayrate was $545,000.

In the Battle Between Transocean and Icahn, How Will Investors Win? (Yahoo)
As Transocean LTD (NYSE:RIG) heads into what promises to be a contentious shareholder meeting on Friday, media outlets are focusing attention on who will win a battle. In one corner, they place Carl Icahn, the shareholder activist with a knack for gathering notice and dollars – at least for himself. In the other corner is Transocean LTD (NYSE:RIG)’s bumbling old guard. The fight: Icahn, who has a 5.6% stake in the company, wants it to shell out a $4/share dividend and replace three of its board members. Transocean LTD (NYSE:RIG) counters with a $2.24/share dividend and supports the board as it now stands.

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