rig

[setliff]

7:20AM Transocean: Carl Icahn discloses 5.61% active stake in amended 13D filing out Friday after the close; Icahn believes firm should declare a dividend of at least $4.00 per share (RIG) 56.76 : "The Reporting Persons have had conversations with management of the Issuer and intend to have further discussions with management. The Reporting Persons strongly believe that the Issuer should return capital to shareholders and should declare a dividend of at least $4.00 per Share. The Reporting Persons note that under Swiss law and the Issuer's Articles of Association, a shareholder has the right to propose a dividend at a company's annual meeting, and if a majority of shareholders support the proposal, the dividend is declared, whether or not the company's board supports such proposal. If the Issuer's Board does not declare a dividend of at least $4 per Share, the Reporting Persons currently intend to propose a dividend of $4 per Share at the 2013 Annual Meeting and have every hope and belief that a majority of shareholders will support it. In addition to conversations relating to capital allocation and shareholder value, the Reporting Persons plan to have additional discussions with management to discuss the Issuer's business and strategies, as well as the possible addition of shareholder selected nominees to the Board of Directors of the Issuer." (INSID)

[dan_s]

RIG is a great company, despite the Macondo blowout.

All of the offshore drillers on our Watch List look good to me. See our profile on Ensco.

RIG used to pay a big dividend but they may think it prudent to hold onto cash until all the Macondo lawsuits are over.