Although he has termed the move as one required for tax planning, fact is the oil industry has been in the doldrums since a while now but with OPEC trying to reign in prices, the prospects of oil production reaching their 2008 levels is a very real possibility.

Carl Icahn, the billionaire investor, has portrayed the reduction of his stake in Transocean Ltd, a rig provider, by more than two-thirds, as a requirement for “for tax planning purposes.”

Significantly, this moves comes in the wake of him trimming his stake in Chesapeake Energy Corp, a U.S. natural gas producer. With both moves, Icahn has reduced his exposure to the oil industry.

As per a regulatory filing, Icash, had accumulated a nearly 6% stake in Transocean in November 2013. After the current move, his stake in the company is just 1.5%.

Icahn has stated that his designed directors will continue to serve on Transocean’s board on the company’s request.

On Tuesday, Chesapeake has reported two directors, including one who represented Icahn, resigned from its board.

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