When Seadrill (NYSE:SDRL) spun off Seadrill Partners (NYSE:SDLP) in September 2012, many saw it as the right move at the right time. It gave the offshore driller more flexibility in financing arrangements, while allowing it to raise the dividend for shareholders. Now Transocean (NYSE:RIG) is trying the same thing, spurred in part by activist investor Carl Icahn -- but does it have the tools needed to make the move a success?

In the following video, Motley Fool energy analysts Taylor Muckerman and Joel South discuss this headline from the energy sector.

Joel South has no position in any stocks mentioned. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool recommends Seadrill. The Motley Fool owns shares of Seadrill and Transocean. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.