Icahn Pushes Transocean for $4.00 per Share Dividend

Carl Icahn, the world’s 26th richest billionaire according to the latest Forbes billionaires list, has,  for the Transocean’s 2013 Annual General Meeting of Shareholders, submitted proposal for a dividend of $4.00 per share. 

Also, the Funds controlled by Icahn provided a notice of nomination of 3 director candidates for election to Transocean’s Board of Directors at its 2013 AGM and a proposal to repeal the company’s staggered board.

“The Transocean Board of Directors will evaluate the proposals in due course,” said the Swiss-based drilling contractor in a press release.

The 77-year-old investor whose net worth is estimated at $20 billion, in January increased its stake in Transocean and now holds a 3.26% share in the company. He is also awaiting regulatory approvals which would allow him to increase his stake in Transocean to about 5%.

Transocean’s  Board of Directors, last Sunday, recommended that the company’s shareholders approve a dividend of $2.24 per share.

The drilling contractor is preparing to start paying dividends again, after a one year break.  According to Financial Times, the company stopped paying a dividend as credit rating agencies warned that its debt could lose its investment-grade status.

The 2013 Annual General Meeting of Shareholders will be held at 5 p.m., CET, on May 17, 2013, in Zug, Switzerland.

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Offshore Energy Today Staff, March 7, 2013