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Transocean CFO steps down, shares fall 2%

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.

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September 10 2012
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