Carl Icahn Reduces Transocean Stake ~ market folly

Thursday, September 29, 2016

Carl Icahn Reduces Transocean Stake

Activist investor Carl Icahn has filed an amended 13D with the SEC regarding shares of Transocean (RIG).  Per the filing, Icahn now owns 1.5% of RIG with over 5.47 million shares.

This is way down from the previous 21.47 million shares he owned at the end of the second quarter.  The 13D notes that he was selling on September 23rd and 28th at prices of $9.92 and $9.26.

Icahn has been quite busy drastically reducing his energy exposure.  We highlighted how he also dumped over half of his Chesapeake Energy position recently as well.

Per Google Finance, Transocean is "an international provider of offshore contract drilling services for oil and gas wells. The Company's primary business is to contract its drilling rigs, related equipment and work crews primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment. The Company specializes in technically demanding regions of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services. Its mobile offshore drilling fleet consists of floaters and high-specification jackups used in support of offshore drilling activities and offshore support services across the world. The Company owns or has partial ownership interests in and operates over 60 mobile offshore drilling , including approximately 30 ultra‑deepwater floaters, over seven harsh environment floaters, over five deepwater floaters, over 10 midwater floaters and approximately 10 high-specification jackups."

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