Bought some RIG at 57.40 1/30/13 on advice of my advisor. He says there is a dividend coming in the future because things are starting to settle down with Mecando settlements. But it has dropped so much so fast..having second thoughts. With everything still unsettled I cannot see one coming for quite a while. Your opinion folks. Thank you.
Your advisor was likely referring to Carl Icahn. See here: http://www.cnbc.com/id/100409274/UPDATE_1Icahn_pushes_Transocean_for_dividend_of_at_least_4shr
Icahn is targeting a special dividend of USD4 per share. Then, I assume he would ask for RIG to reinstate its practice of giving a quarterly divvy of USD0.80 per share. Anyway, not an unreasonable suggestion from your advisor. Both Cooperman and Icahn are here and visibility is improving after the fine was accepted.
I don't think Icahn can imtimidate RIG like he does to other companies. His stake is smaller then usual and with Europe being what it is now...they will take their sweet time on a dividend if they even bring it back.. At $4 a share...hope they do. Realistically.....no.