Wednesday, May 19, 2010
Having its oil platform blow up and release millions of gallons of oil into the Gulf of Mexico was not enough to dissuade Transocean Ltd, owner of the Deepwater Horizon, from meeting with shareholders to inform them that a $1 billion payout in dividends was in order. The payments will be made in quarterly segments, beginning in July.
The closed-door meeting was held in Switzerland, to which Transocean moved its headquarters two years ago from Houston in order to avoid paying higher corporate taxes.
The value of the oil drilling company’s stock has fallen off about a quarter since the accident on April 20.
-Noel Brinkerhoff
Rig Owner Holds Closed-Door Meeting in Switzerland (by Frank Jordans, Associated Press)
What Spill? Rig Owner Approves $1 Billion Dividend to Shareholders (by John Byrne, Raw Story)
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