Offshore rig company Transocean said it plans to cancel issuance of stock dividends and record $2.1 billion in impairments because of the weak market. The company, which has headquarters in Switzerland, announced plans to hold an emergency general meeting of shareholders in October to consider the cancellation of the third and fourth installments of its dividend. The company noted “the deterioration of the offshore drilling market and concerns regarding the timing of the market’s recovery” where behind that proposal and the expected impairment of more around $2.1 billion. The steady decline in crude oil prices, off more than 50 percent from last year, has forced most major oil and gas companies to cut back on spending in exploration and production, leading in turn […]