Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Activist investor Carl Icahn, shown in a 2007 file photo. (CHIP EAST/REUTERS)
Activist investor Carl Icahn, shown in a 2007 file photo. (CHIP EAST/REUTERS)

Icahn acquires small stake in Transocean Add to ...

Transocean Ltd. has disclosed that billionaire activist investor Carl Icahn has acquired a 1.56-per-cent stake in the offshore rig contractor and is looking to increase that holding.

Mr. Icahn is seeking regulatory approval to acquire shares worth more than $682.1-million (U.S.), according to a statement on Transocean’s website.

More Related to this Story

If he gets approval, Mr. Icahn would become one of Transocean’s largest shareholders with just over 5 per cent of the company, based on its closing stock price of $54.09 on Jan. 11.

Transocean’s biggest shareholder is Capital World Investors, a division of The Capital Group Companies Inc., which owned 5.12 per cent as of Oct. 15, according to Thomson Reuters data.

Mr. Icahn’s move comes less than two weeks after Transocean agreed to pay $1.4-billion to settle U.S. government charges over BP PLC’s massive Gulf of Mexico oil spill in 2012. Transocean employed nine of the 11 workers killed in the accident.

Follow us on Twitter: @GlobeInvestor

Security Price Change
RIG-N Transocean Inc. 40.34 -0.93
-2.253 %
Add to watchlist
Live Discussion of RIG on StockTwits
More Discussion on RIG-N

More Related to this Story


In the know

Most popular video »


More from The Globe and Mail

Most Popular Stories