Company Update (NYSE:RIG): Transocean LTD Shareholders Elect Jeremy D. Thigpen as Director and Approve All Other Proposals at Extraordinary General Meeting

Transocean LTD (NYSE:RIG) announced that at today’s Extraordinary General Meeting shareholders elected Jeremy D. Thigpen, the company’s President and Chief Executive Officer, as a member of the Board of Directors for a term extending until completion of the company’s 2016 Annual General Meeting.

Shareholders also approved all other proposals of the Board of Directors as follows:

  • The cancellation of the third and fourth installments of the dividend approved on May 15, 2015 at the company’s annual general meeting;
  • A reduction of the par value of each share of the company to CHF 0.10 from currently CHF 15; and
  • The cancellation of all shares repurchased to date under the company’s share repurchase program approved in 2009.

The Board of Directors thanks shareholders for participating in this process and for their support of its proposals. (Original Source)

Shares of Transocean closed today at $15.27, down $0.08 or 0.52%. RIG has a 1-year high of $30.66 and a 1-year low of $11.26. The stock’s 50-day moving average is $14.82 and its 200-day moving average is $15.70.

On the ratings front, Transocean has been the subject of a number of recent research reports. In a report issued on October 14, Global Hunter analyst Mark Brown downgraded RIG to Sell, with a price target of $12, which implies a downside of 20.8% from current levels. Separately, on October 8, KeyBanc’s Robin Shoemaker initiated coverage with a Hold rating on the stock .

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Brown and Robin Shoemaker have a total average return of -8.6% and -19.0% respectively. Brown has a success rate of 50.0% and is ranked #3490 out of 3808 analysts, while Shoemaker has a success rate of 44.4% and is ranked #3708.

The street is mostly Bearish on RIG stock. Out of 7 analysts who cover the stock, 4 suggest a Sell rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $9.00, which represents a potential downside of 40.6% from where the stock is currently trading.

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.

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