Transocean (RIG) seeks to cancel two dividend payments

• Transocean to propose cancellation of third and fourth installments of dividend; Co was previously paying a $0.15/quarter dividend 
• Div/yield 0.15/4.91

Transocean Ltd. is seeking to cancel the third and fourth installments of its dollar-denominated dividend this year, which the company had already approved in May.

Shares dropped 12% to $10.75 in after-hours trading. Through Tuesday's close, they had fallen 67% in the past 12 months.

The offshore driller said in February that it planned four installments of 15 cents each, which represented an 80% reduction from the previous payout rate, citing its "cyclical and capital-intensive industry."

Transocean said Tuesday that it will seek shareholder approval of the cancellation at an Oct. 29 meeting.