Transocean CEO steps down
Transocean (NYSE:RIG) has announced the departure of CEO Steven Newman, who will be replaced by company chairman Ian Strachan in the interim.Suffering along with other oil services companies, Transocean has experienced a cut back on investment following a halving in oil prices since June.The company recorded a $2.2B loss in Q3, including a $2.8B write off against goodwill and other assets on its balance sheet.