Transocean Reaches $1.1 Billion Dividend Accord With Icahn
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Transocean Ltd. will boost its dividend and cut costs as part of an agreement with Carl Icahn, months after the world’s largest offshore rig contractor won a shareholder battle with the billionaire investor.
Transocean shareholders, who rejected Icahn’s proposed $4-a-share dividend in May, will have the chance to vote on a $3 payout next year, up from the current $2.24 level, according to a statement from the Vernier, Switzerland-based company today. If approved, the dividend payment would total $1.08 billion, based on the 360.6 million Transocean shares now outstanding, according to data compiled by Bloomberg.