Transocean chairman voted out, $2.24/shr dividend backed

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Transocean Ltd said shareholders voted out Chairman Michael Talbert at the annual meeting on Friday and backed a nominee of activist investor Carl Icahn to replace him on the board of the world's largest offshore drilling contractor.

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The company told the meeting in Zug, Switzerland, that shareholders also voted in favor of the board-proposed dividend of $2.24 per share, while rejecting a $4-per-share payout proposed by Icahn.

 

Icahn, after disclosing a 5.6 percent stake in Transocean in January, set out on a campaign to shake up the board and extract a higher dividend. Transocean had called his proposed dividend "unsustainable" and offered $2.24 per share in response.

Transocean said earlier this week that Talbert would step down later this year.

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