Billionaire investor Carl Icahn cut his stake in rig provider Transocean Ltd by more than two-thirds "for tax planning purposes."
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The move comes a week after the activist investor trimmed his stake in U.S. natural gas producer Chesapeake Energy Corp, indicating that he was reducing his exposure to oil-exposed companies.
Icahn, who accumulated a nearly 6 percent stake in Transocean in November 2013, reduced it to 1.5 percent, according to a regulatory filing on Wednesday. (http://bit.ly/2cWEzvf)
Icahn said his director designees would continue to serve on Transocean's board on the company's request.
Chesapeake said on Tuesday that two directors, including a representative of Icahn, resigned from its board.
Transocean's shares were down 0.99 percent at $9.92 in after-market trading on Wednesday.
(Reporting by Anet Josline Pinto in Bengaluru; Editing by Sriraj Kalluvila)