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


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Deon Daugherty
Senior Editor | Rigzone
 -  State of the Sector: Oil Price, Availa... (Jan 24)
 -  State of the Sector: Oilfield Services... (Jan 23)
 -  Op-Ed: Even Trump's Hands Can't Shape ... (Jan 20)
 -  Anadarko Sells Out of Upstream Eagle F... (Jan 13)
 -  BLOG: Should the US Cut Oil Production... (Jan 13)

Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Substation Engineer
Expertise: Engineering Manager
Location: Florida, FL
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
Community Relations Manager Job
Expertise: Legal|PR / Corporate Communications|Project Management
Location: Red Wing, MN
search for more jobs

Brent Crude Oil : $55.23/BBL 0.46%
Light Crude Oil : $52.75/BBL 0.62%
Natural Gas : $3.24/MMBtu 1.25%
Updated in last 24 hours