Transocean is a bloated pig, with a management team that has consistenly destroyed shareholder value. We can only hope Icahn can turn things around. The history has been to overpay for aquisitions, which is one of the worst mistakes you can make in a cyclical industry. Then they turn around and divest rigs at fire-sale prices. Also, their cost structure is one of the highest in the industry. In layman's terms, they are experts at #$%$ money away. Wal-Mart could run this company in a more efficent manner.