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Transocean agrees to deal with Icahn

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November 11, 2013 06:58 AM EST | AP

NEW YORK (AP) — Oil driller Transocean has agreed to a deal with billionaire investor Carl Icahn after a months-long proxy fight.

The company said Monday that it has agreed to support a dividend of $3 per share and reduce the size of its board.

Icahn, a minority shareholder in Transocean Ltd., had pushed for a $4 per share dividend but Transocean's shareholders rejected it. Icahn had also wanted several board changes.

Transocean said it agreed to support the re-election of Icahn staffers Samuel Merksamer and election of Vincent Intrieri. The company also agreed to reduce its board to 11 directors from 14.

Transocean, based in Switzerland, owned the Deepwater Horizon drilling rig which exploded and sank in the Gulf of Mexico in 2010, triggering a massive offshore oil spill. The company agreed to a $1.4 billion settlement with the Justice Department for its role in the disaster.