Company Update (NYSE:RIG): Transocean LTD Announces Departure of General Counsel
Transocean LTD (NYSE:RIG) announced that Lars Sjöbring, Senior Vice President and General Counsel, has informed Transocean that he will be leaving the company. Mr. Sjöbring has agreed to aid in the search for a replacement, but will resign no later than December 31, 2015.
“Lars has done an outstanding job guiding Transocean through the extensive litigation following the Macondo Well incident, and was instrumental in securing the related settlements with BP and the Plaintiff’s Steering Committee announced earlier this year,” said Jeremy Thigpen, Transocean’s President and Chief Executive Officer. “On behalf of Transocean, I thank Lars for his service, and wish him great success in his future endeavors.” (Original Source)
Shares of Transocean closed today at $13.38, down $0.06 or 0.45%. RIG has a 1-year high of $38.87 and a 1-year low of $11.26. The stock’s 50-day moving average is $13.50 and its 200-day moving average is $16.10.
On the ratings front, Transocean has been the subject of a number of recent research reports. In a report issued on August 24, Canaccord Genuity analyst Alex Brooks reiterated a Sell rating on RIG, with a price target of $10, which implies a downside of 26.0% from current levels. Separately, on August 20, Susquehanna’s Charles Minervino maintained a Sell rating on the stock and has a price target of $11.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Alex Brooks and Charles Minervino have a total average return of 23.5% and -11.2% respectively. Brooks has a success rate of 83.3% and is ranked #625 out of 3748 analysts, while Minervino has a success rate of 34.7% and is ranked #3614.
The street is mostly Bearish on RIG stock. Out of 8 analysts who cover the stock, 6 suggest a Sell rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $10.00, which implies a downside of 26.0% from current levels.
Transocean Ltd is an international provider of offshore contract drilling services for oil and gas wells. The Company has two operating segments; contract drilling services and drilling management services.