Transocean closes $2.7bn Ocean Rig merger
Deal adds 13 rigs to Swiss-based driller's fleet, including 11 ultra-deepwater drillships
Rig owner Transocean has closed its $2.7 billion merger with fellow offshore driller Ocean Rig.
Transocean confirmed on Wednesday it had completed the acquisition of Ocean Rig which adds to its fleet 11 ultra-deepwater drillships, two of which are still under construction, and two harsh environment semi-submersibles.
Transocean launched the $2.7 billion acquisition in September this year in a cash-plus-shares deal which resulted in Transocean stockholders owning 79% of the new entity and Ocean Rig stockholders the balance.
Following the close of the deal, Transocean’s headquarters remain in Steinhausen, Switzerland, with the company electing not to maintain a presence in Athens, Greece, where Ocean Rig was based.
