Stock Update (NYSE:RIG): Transocean LTD Announces Departure of Esa Ikaheimonen; Appoints Mark Mey As CFO


Transocean LTD (NYSE:RIG) announced that, as mutually agreed with the company, Esa Ikaheimonen is stepping down as Executive Vice President and Chief Financial Officer effective immediately. Mr. Ikaheimonen has also resigned his company-appointed position as the Chairman of the Board of Directors of Transocean Partners LLC, a subsidiary of Transocean. Additionally, the company announced that Mr. Mark Mey has been appointed as Executive Vice President and Chief Financial Officer effective May 28, 2015.

“Esa brought a fresh and unique perspective to Transocean when he joined the company almost three years ago and he has contributed materially to the company’s capital structure, fleet rationalization and cost management initiatives,” said Jeremy Thigpen, Transocean’s President and Chief Executive Officer. “On behalf of all of Transocean, I thank Esa for his service and wish him great success in his future endeavors.”

Thigpen continued: “I have known Mark for a number of years, and I am very pleased to have the opportunity to finally work with him. Mark brings extensive industry and leadership experience to the CFO role, and he will be a great addition to the Transocean team.”

Mr. Mey most recently served as Executive Vice President and Chief Financial Officer of Atwood Oceanics (“Atwood”). Including his almost five years at Atwood, he has over 28 years of experience in the energy and financial services industries in both the United States and South Africa.  Prior to Atwood, Mr. Mey was Senior Vice President and Chief Financial Officer and a Director of Scorpion Offshore Ltd. He also held positions of increasing responsibility during his 12 years with offshore driller Noble Corporation, including Vice President and Treasurer. Mr. Mey earned an Advanced Diploma in Accounting and a Bachelor of Commerce degree from the University of Port Elizabeth, South Africa. He is a Chartered Accountant and attended the Harvard Business School Executive Advanced Management Program. (Original Source)

Shares of Transocean LTD closed today at $19.30, down $0.01 or 0.05%. RIG has a 1-year high of $46.12 and a 1-year low of $13.28. The stock’s 50-day moving average is $18.36 and its 200-day moving average is $18.06.

On the ratings front, Transocean has been the subject of a number of recent research reports. In a report issued on May 19, Credit Suisse analyst Gregory Lewis maintained a Sell rating on RIG, with a price target of $12, which represents a potential downside of 38% from where the stock is currently trading. Separately, on May 13, Canaccord Genuity’s Alex Brooks reiterated a Sell rating on the stock and has a price target of $10.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gregory Lewis and Alex Brooks have a total average return of -11.6% and -5.7% respectively. Lewis has a success rate of 35.5% and is ranked #3505 out of 3607 analysts, while Brooks has a success rate of 33.3% and is ranked #3009.

The street is mostly Bearish on RIG stock. Out of 8 analysts who cover the stock, 6 suggest a Sell rating , one suggest a Buy and one recommend to Hold the stock.

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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