Transocean Names Jeremy Thigpen as CEO to Replace Newman

Transocean Ltd., owner of the largest fleet of offshore drilling rigs, named Jeremy Thigpen as its newest chief executive officer after Steven Newman stepped down in February.

Ian Strachan, chairman of the Vernier, Switzerland-based company, stepped in as interim chief until Transocean could find a permanent replacement.

The drilling contractor, which was the worst performer in the Standard & Poor’s 500 Index last year, is experiencing the double blow of a drop in demand for its vessels as customers slash costs globally because of an oil-market crash and a supply glut as new, more sophisticated rigs are built.

Thigpen, 40, was most recently chief financial officer at National Oilwell Varco Inc., the largest U.S. maker of oilfield equipment.

Transocean tumbled 5.5 percent to $17.03 in New York. The appointment was announced after the close of regular trading. Transocean, which has two buys, 16 holds, and 21 sell ratings from analysts, has fallen 7.1 percent this year.

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