Activist investor Carl Icahn, known for his heavy influence on the companies he buys stock in, has purchased 1.56 percent of Transocean Ltd.'s shares and is seeking permission to own more than 3 percent.

Transocean, the world's largest offshore oil driller, announced Icahn's purchase this week but was tight-lipped about the details. The company said only that it "looks forward" to talking with him.

Icahn was similarly circumspect in his decision, declining to comment despite repeated calls and emails to his office, according to Bloomberg News.

But analysts say Icahn may push for Transocean to start a tax-advantaged master limited partnership similar to what Norway-based Seadrill Ltd. accomplished in October when it created Seadrill Partners LLC.

"I would guess he's going after an MLP because there aren't a whole lot of other levers to pull," said Joe Hill, an analyst at Houston-based Tudor, Pickering, Holt & Co.

Master limited partnerships can distribute cash to holders of sharelike partnership units held by a public corporation. They pay no U.S. corporate income tax and are managed by a partner that siphons off a portion of the income and holds units.

Icahn's latest move prompted some worry among creditors, and Transocean's bonds had slightly reduced yields yesterday. Rig contractor Transocean is still recovering from its role in the 2010 Gulf oil spill that halved its market value at the time. The company recently reached a settlement with the Justice Department to pay $1.4 billion in damages over the next five years (Greenwire, Jan. 3).

However, Transocean is expected to increase revenue in 2012 for the first time since 2008 (Bloomberg/Fuel Fix, Jan. 16). -- BS