Additional Information
Market: NYSE
Sector: Oil & Gas Equipment & Services
Latest Price: 16.98  (4.17% Ascending)
52-week High: 30.48
52-week Low: 11.60
Market Cap: 6,174.72M
1 year chart
1 day chart
Transocean is an international provider of offshore contract drilling services for oil and gas wells.

Transocean CFO steps down, shares fall 2%

6th Jan 2012, 9:52 am by Brad Lemaire
Transocean CFO steps down, shares fall 2%

Transocean Ltd (NYSE:RIG), the world’s largest offshore drilling contractor, reported late Thursday that chief financial officer Ricardo Rosa is stepping down and will retire from the company in April.

Shares of the company declined 86 cents, or 2 percent, reaching $38.90 Friday morning.  

The company did not say why Rosa, 55, is leaving his post which is effective this Monday. He had previously served as senior vice president of the company’s Europe and Africa division and as well as its Asia Pacific unit, and held a variety of international positions in finance over two decades.

Rosa took over as CFO in May 2009 when Gregory Cauthen retired. Until a permanent successor is found, Cauthen, 54, will return to step in as CFO on an interim basis, the company said. Moreover, Transocean has hired an executive search firm to find Rosa’s replacement.

Transocean owned the Deepwater Horizon drilling rig that exploded and sank in the Gulf of Mexico in April 2010, killing 11 workers and causing the United States’ worst offshore oil spill. Transocean, well operator BP PLC (NYSE:BP)(LON:BP) and other companies have filed lawsuits blaming each other for the incident.

It has a fleet of 135 mobile offshore drilling units, excluding two ultra deepwater drillships and four high specification jackups under construction.

The company, headquartered in Vernier, Switzerland, runs a contract drilling fleet of 50 ultra deepwater and harsh environment drillships, 25 midwater floaters and one swamp barge.

No investment advice

Proactive Investors North America Inc, trades as "Proactiveinvestors USA & Canada".

You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

You understand that we may be providing advertising and/or marketing services to companies mentioned on the site. A full list of companies that are paying for services from us, or our affiliated companies in the UK and Australia can be viewed here