Rig company Transocean in a letter to shareholders said it was working to maintain its sector position in what’s expected to be a challenging market in 2016. The company said results from 2015 were better than it expected, but moving through the weakened oil market landscape presents significant challenges for the year ahead. “Oil prices have fallen to levels not seen in more than a decade, driven primarily by global concerns around supply and demand imbalances,” a letter signed by Board Chairman Pete Miller and CEO Jeremy Thigpen read. “As a result, our customers continue to significantly curtail both their exploration and development activities, resulting in a limited number of near-term offshore drilling prospects.” The […]