Though Transocean's dividend is also, in my opinion, riskier than Seadrill's, I still believe it to be safe for two reasons. First, the company's management, who have the best insights in the financial situation of the company, only recently raised the dividend. Though I disagree with this decision, given management's recent statements about market weakness getting worse and the downturn being longer than initially anticipated, I don't believe they would have made this decision had they feared future cash flows could not cover the payout.