Sedco Forex

Transocean Sedco Forex Merger Establishes World's Largest Offshore Driller

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. Reports First Quarter 2000 Results

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 And Transocean Offshore Combine Forces

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 Awarded Five-Year Contract

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 Closes R&B Falcon Merger

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

Shareholders Approve Transocean Merger

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 Yard Completes $250M Transocean Rig

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 Delivers Drilling Barge To Sedco Forex

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 Ups Transocean Offshore

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’s COO Retires, Management Changes

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