Transocean Names Interim CEO, Speculation About Board Chairman

Transocean Names Interim CEO, Speculation About Board Chairman
Transocean is moving its board chairman into an interim CEO role; former chief at National Oilwell Varco, Pete Miller, is expected to take over as chairman at May investors meeting.

Offshore contract drilling giant, Switzerland-based Transocean Ltd., has inked a deal with Ian C. Strachan to serve as the company interim CEO. According to the deal reflected in filings with U.S. Securities and Exchange Commission, he would receive a gross monthly base salary of $235,000.

Research firm Evercore ISI, said Strachan is expected to retire as board chairman before the 2015 annual general meeting May 15, when Pete Miller, former National Oilwell Varco chairman, president and CEO is expected to take over the chair.

Miller stepped down as CEO and president of NOV in February, when former COO Clay Williams took over the helm.

Evercore said a permanent search for a new CEO at Transocean is expected shortly. Steven Newman has served as CEO from March 2010 until Feb. 16.

As of February 2015, Transocean owned or had partial ownership interests in and operated 71 mobile offshore drilling units that consist of 44 high-specification floaters; 17 mid-water floaters; and 10 high-specification jackups.

By late-morning on Thursday, shares of Transocean were trading at $18.22 each, down 3.54 percent from when trading opened for the day.

An award-winning journalist, Deon has reported on energy, business and politics for almost 20 years. Email Deon at deon.daugherty@rigzone.com

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