Steven Newman steps down as Transocean CEO

Transocean’s Board of Directors reported yesterday Steven Newman will officially step down as President and CEO effective on Monday 16 February.

“As Chief Executive, Steven has capably guided Transocean over the last five years, demonstrating outstanding leadership through what was unquestionably the most challenging period in its history,” remarked Mr. Ian Strachan, Chairman of the Board.

“In addition to leading Transocean through company- and industry- changing events following the Macondo well incident, Steven initiated essential changes that have and will continue to improve the company’s fleet, operations, cost structure and long-term competitiveness,” said Strachan. “As a result, Transocean is well positioned to weather the current industry downturn and emerge even stronger. On behalf of the Board of Directors, and all Transocean employees, I would like to thank Steven for his dedicated service to the company and wish him all the best in his future endeavors,” Strachan added.

Newman took over as Transocean CEO from Robert Long in March 2010.

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