Carl Icahn sent a letter to Transocean shareholders continuing to advocate for a $4.00 per share special dividend. In his letter, Ichan says, "Transocean has at last acknowledged the magnitude of the cost cutting opportunity at the company: in the initial phase, at least $300M of annualized savings. However, the more important issue at this point – how will the $300M in annualized savings impact shareholders? If additional capital is tied up in long dated low return capital projects, we do not believe shareholders will ever see the benefit. We continue to believe that even without the $300M annualized savings, a $4.00 dividend is entirely feasible, but obviously this $300M makes it even more so."