National Oilwell CFO to Become CEO of Transocean

National Oilwell Varco Inc. Chief Financial Officer Jeremy D. Thigpen is resigning to become chief executive of offshore driller Transocean Ltd.

The CEO post is effective Wednesday. Transocean CEO Steven Newman stepped down in February and was replaced on an interim basis by Chairman Ian Strachan. At the time, the company also said it would ask shareholders to approve an 80% cut in its quarterly dividend to 15 cents from 75 cents a share, citing its "cyclical and capital-intensive industry." Its annual meeting is set for May 15 in Switzerland, where it is based.

Transocean was hurt by a large expansion of its drilling rigs before oil prices collapsed. It has been under pressure from activist investor Carl Icahn to restructure operations. On April 1, Transocean said it planned to dispose of two more rigs and expected related noncash charges of $90 million to $110 million after tax. The company now operates 65 mobile offshore drilling units.

National Oilwell, an oil and gas equipment and services company, will conduct a search for a new CFO. Chief Accounting Officer Scott Duff will serve as financial chief until the search is completed.

In February, National Oilwell reported stronger-than-expected fourth-quarter earnings on double-digit growth in its wellbore technologies and production segments, but warned of weakness this year tied to the decline in oil prices.

Write to Josh Beckerman at [e-mail]

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