Transocean (RIG) Updates on Cost-Reduction Initiative; Sees $300M in Savings
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Icahn Issues Open Letter to Transocean (RIG) Shareholders
May 2, 2013 4:04 PM EDTCarl Icahn issues open letter to Transocean (NYSE: RIG) shareholders:
Dear Fellow Transocean Shareholders:
Transocean has at last acknowledged the magnitude of the cost cutting opportunity at the Company: in the initial phase, at least $300 million of annualized savings. However, the more important issue at this point how will the $300 million in annualized savings impact shareholders? If additional capital is tied up in long dated low return capital projects, we do not believe shareholders will ever see the benefit. We continue to believe that even without the $300 million annualized savings, a $4.00... More
