Transocean Has Nothing Good To Say About Icahn Nominees


Transocean explodes with a gusher of crude quotes in a press release responding to ISS’ assessment of Carl Icahn’s nominees.

Carl Icahn is looking for some representation on the board of directors of Transocean Ltd. (NYSE: RIG), and ISS agrees with a couple of his choices.  Transocean strenuously objects to ISS’ nonobjections:

“Transocean strongly disagrees with ISS’s decision to reject only one of Icahn’s three nominees, particularly due to their lack of relevant experience and their affiliations with Mr. Icahn. Transocean does not believe that Icahn or his nominees have offered a plan or strategy for the company other than the extraction of an unsustainable dividend that the company believes would be detrimental to shareholder value, and which ISS sensibly rejected.”

In addition, Transocean “firmly believes that Mr. Ichan’s nominees would contribute no value.”  They seem to feel strongly about this.

By way of comparison, Transocean’s board and management “are committed to executing the company’s strategy to maximize long-term shareholder value” by doing a bunch of stuff they probably haven’t been doing, otherwise Icahn would probably be leaving them alone.

The meeting will be held on May 17, 2013.  Should be fun until then.

Thumper providing advice. An exercise in futility.


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