Transocean Offshore Inc. has completed its merger with Sedco Forex, which was spun-off from Schlumberger Limited. The resulting company, Transocean Sedco Forex Inc., is now the world's largest offshore drilling contractor and third-largest oilfield services company in terms of equity market capitalization, based on closing market prices on Dec. 30. In the merger, approximately 109.6 million ordinary shares of Transocean Offshore are being issued to stockholders of Schlumberger. The number of new shares issued is equivalent to 0.1936 shares of Transocean Sedco Forex for each outstanding Schlumberger share. Following the merger, Schlumberger stockholders hold about 52% of the approximately 210.1 million outstanding shares of Transocean Sedco Forex. Schlumberger has no ownership interest in Transocean Sedco Forex. Shares of the company begin trading on the New York Stock Exchange under the trading symbol "RIG.'' Victor E. Grijalva, appointed Chairman of the Board of Transocean Sedco Forex, stated, "The offshore drilling industry now has a unique and powerful leader, capable of offering comprehensive drilling services throughout the world. Transocean Sedco Forex possesses critical mass in all seven major operating regions of the world, allowing it to create additional offshore drilling efficiencies that should benefit our global customer base.''
Transocean Sedco Forex Inc announced that net income for the three months ended March 31, 2000 was $32.5 million on revenues of $300.8 million. The results include a cash settlement of $25.1 million, relating to the previously reported agreement with BP Amoco to cancel the remaining 14 months of firm contract time on the semisubmersible Transocean Amirante. Net income for the corresponding three months in 1999 was $11.3 million on revenues of $189.2 million
Schlumberger Limited and Transocean Offshore Inc. have signed a definitive merger agreement under which the offshore contract drilling business of Schlumberger (Sedco Forex Offshore) will be spun off and promptly combined with Transocean Offshore in a merger of equals. The resulting company, Transocean Sedco Forex, will be the world's largest offshore drilling company and is projected to become the fourth largest oilfield service company in terms of market capitalization
Houghton Offshore has entered into a five-year contract with Transocean Sedco Forex for the supply of the following fluids for Transocean Sedco Forex's global fleet of mobile offshore drilling units: water/glycol based blowout preventer (BOP) fluids, as well as motion compensator, riser tensioner, and other water-based fluids. The new contract follows Transocean's recent world record for the deepest well drilled to date using Houghton's Stack Magic 200 blowout preventor fluid (BOP)
Transocean Sedco Forex Inc., recently announced the close of its merger with R&B Falcon Corporation, creating an offshore drilling contractor with unprecedented fleet and enhanced geographic diversity, technical expertise, financial strength and equity market liquidity. Pursuant to the merger agreement, Transcocean Sedco Forex will issue 106 million ordinary shares to R&B Falcon shareholders at the exchange ratio of 0
At its extraordinary general meeting held Dec. 12, 2000 in Houston, Texas, holders of ordinary shares of Transocean Sedco Forex Inc. approved all proposals presented at the meeting, including those relating to the company's pending merger transaction with R&B Falcon Corporation. Shareholders approved an increase in authorized ordinary share capital, the issuance of ordinary shares in the merger, anincrease in the maximum size of the company's board of directors to 13 persons and an increase
Singapore's Promet Private Ltd. (PPL) Shipyard completed construction of a $250 million semi-submersible oil drilling rig for offshore drilling contractor Transocean Sedco Forex. The rig, Cajun Express, was designed by Sedco Forex. The rig will be delivered to TSF in March and used by Marathon Oil for drilling in the Gulf of Mexico.
TDI-Halter, a Halter Marine Group, Inc. company, Gulfport, Miss., delivered Prisa 103, the last of the trio of newly-built drilling barges to Sedco Forex, the drilling division of Schlumberger Limited. Measuring 180 x 75 x 15 ft. (54.8 x 22.8 x 4.5 m), Prisa 101, 102 and 103 are part of an overall conceptual design approach - an approach in which Sedco Forex has permanently integrated the Well intervention structure, equipment and systems to facilitate conventional light drilling and well
Moody's Investors Service upgraded the senior unsecured debt ratings of Transocean Offshore, Inc. to A3 from Baa1 to reflect the significant benefits that the company will likely derive from its pending merger with Sedco Forex Holdings Limited (Sedco). The rating action ends a review of Transocean's ratings initiated on July 12 in response to the company's announcement that it had signed a definitive agreement under which Sedco, the offshore contract drilling business of Schlumberger Limited
Transocean Sedco Forex Inc., announced that W. Dennis Heagney, executive vice president and chief operating officer, will retire from the company in June 2002, after 33 years of service. Heagney began his career in 1969 with The Offshore Company, a predecessor of Transocean Sedco Forex and has worked in a variety of operating and marketing roles in both the United States and International locations. The board of directors has appointed Robert L. Long as president of Transocean Sedco Forex Inc
Diversified Singapore-based containership owners Samudra Group reports registered revenue of USD 96.9 million for the second quarter ended 30 June 2014, a 7.6% decline from USD 104.8 million in the previous corresponding quarter, which they say is in line with the Group’s rationalisation of
Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts and changes in estimated planned out-of-service time of 15 or more days since July 16, 2014. The total value of new contracts since the July 16
Transocean Ltd. issued a monthly Fleet Update Summary which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since October 15, 2014. The total value of new contracts since the October 15
Russia's rouble and shares hit new lows on Friday as oil prices collapsed after OPEC decided to leave its output unchanged despite heavy oversupply. At 1000 GMT, the rouble was around 2.2 percent below the previous close at 49.72 roubles per dollar, and 1
Honored for Leadership: Houston Pilot receives prestigious award at Maritime Luncheon. Captain Paul Brown of the Houston Pilots received the Paul Cuffee Leadership Award from Texas Southern University on July 1st, 2011 during its Summer Maritime Academy Session II Closing Ceremony Luncheon
Final preparations for the planned well intervention on Elgin’s leaking G4 well are nearing completion The 'West Phoenix' drilling rig has positioned itself about 30 metres away from the Elgin complex ready to support the operation to quell the gas leak, which should start very soon.
Demolition Prices for elderly ships have fallen by a quarter in 2012 to date, and owners are encouraged to dispose of recycling candidates sooner rather than later, says Mark Williams of Braemar Seascope. Addressing the 7th Annual Ship Recycling Conference in London on 19th June
Transocean's current status & contract information for the company's entire fleet of offshore drilling rigs. The value of new contracts or extensions since the December 17, 2012 fleet update summary is approximately $235 million. Estimated 2012 out of service time decreased by a net 15
The company's update includes new contracts, significant changes to contracts, & changes to estimated times out of service. Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors
The total value of new contracts since Transocean's June 13, 2013 fleet update summary is approximately $180 million. Estimated 2013 out-of-service time increased by a net 76 days primarily due to work to be performed on the Sedco 704. Forecasted out-of-service time for 2014 is also
Yangzijiang Shipbuilding Holdings Ltd. China’s second-biggest private shipyard, posted a 7.6 percent decline in second-quarter profit because of higher tax and foreign exchange loss on contracts done in euros, reports Bloomberg. Citing a company statement to the Singapore Stock Exchange
Transocean's latest comprehensive Fleet Status Report provides the current status and contract information for the company's entire fleet of offshore drilling rigs. The total value of new contracts since the December 18, 2013 Fleet Update Summary is approximately $48 million. In additon:
Hurricane Energy plc announced that the Lancaster horizontal appraisal well was spudded at 10:30 hours BST on 26 April 2014. The Company is using the Transocean Sedco 712 semi-submersible drilling rig for the operation which is intended to drill and test the Lancaster basement oil
Transocean Ltd. says that it intends to pursue the creation of an entity comprising 8 of its UK North Sea midwater drilling rigs. The new entity, Caledonia Offshore Drilling Company (Caledonia) is expected to be established during the second half of 2014.
Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, significant changes to existing contracts and changes in estimated planned out-of-service time of 15 or more days since April 17, 2014. The total value of new contracts since the April 17