Feb 20 Shares of offshore drilling
contractor Transocean fell 5 percent on Monday after
the company said it will not propose an annual dividend this
Switzerland-based Transocean said its dividend decision was
based on "multiple factors", including the need to maintain a
strong balance sheet and an investment grade rating on its debt.
Transocean has encountered problems getting its deepwater
rigs up to new tighter standards put in place by regulators
after the BP Plc oil spill disaster.
Transocean owned the rig involved in the 2010 Gulf of Mexico
oil spill, while BP owned a majority of the Macondo well whose
blowout led to the largest offshore oil spill in U.S. history.
Shares of Switzerland-listed Transocean fell 5 percent to
43.57 Swiss francs.
In November, Transocean shares fell to a 7-year low after
the company sold shares to shore up its balance sheet.