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Transocean (RIG) Stock Down in After-Hours Trading, Icahn Reduces Stake

NEW YORK (TheStreet) -- Shares of Transocean (RIG) were edging lower in after-hours trading on Wednesday after billionaire investor Carl Icahn cut his stake in the offshore driller to 1.5% from 5.88%, CNBC reports.

Icahn said the company's CEO Jeremy Thigpen and his team have done "an outstanding job given the challenging environment."

He continues to have "confidence" in Transocean going forward, but reduced his stake in order to recognize a capital loss for tax planning purposes, CNBC noted, citing a regulatory filing.

Transocean stock closed up 6.48% to...