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Carl Icahn cuts stake in Transocean

Icahn cuts Transocean stake to 1.5% from 5.9%

Billionaire investor Carl Icahn cut his stake in Transocean to 1.5 percent from 5.88 percent, according to a Wednesday filing.

Icahn said he believes that CEO Jeremy Thigpen and his "team have done an outstanding job given the challenging environment" and that he continues to "have confidence in them going forward."

The chairman of Icahn Enterprises reduced his position "in order to recognize a capital loss for tax planning purposes." He gave the same reason when he cut his stake in Chesapeake Energy earlier this month.

The stock edged slightly lower in extended trading.