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. The transaction, which should close by December 31, 1999, is anticipated to be modestly dilutive to Transocean Offshore's current earnings expectations for 2000 and accretive thereafter. Under the proposed agreement, Schlumberger stockholders will own 52 percent of the fully diluted stock in the resulting company, Transocean Sedco Forex. The agreement has been approved by the Boards of Directors of Transocean Offshore and Schlumberger, and is subject to the approval of the stockholders of both companies as well as regulatory approvals and other customary closing conditions. Following the closing of the transaction, the shares of Transocean Sedco Forex will be traded on the New York Stock Exchange under the symbol RIG. The merger of Transocean Offshore and Sedco Forex Offshore will bring together two of the most modern and versatile fleets in the offshore drilling industry and create a truly global offshore drilling company
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)
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.
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., already the world's biggest offshore oil-drilling contractor, agreed to buy R&B Falcon Corp. in a $5.3 billion stock deal that will make it the dominant deepwater driller. Under the agreement, approved by the boards of both companies, R&B Falcon stockholders will receive 0.5 shares of newly issued Transocean Sedco shares for each R&B Falcon share. Transocean will also assume approximately $3 billion in R&B Falcon debt
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
An innovative rig repowering collaborative between Wartsila NSD and Houston Ship Repair, Inc. was recently completed in the U.S. Gulf, involving the installation of new gensets on Semisubmersible Drilling Rig Transocean Amirante of Transocean Sedco Forex. The upgraded Semi, now installed with more than 8.0 generation capacity, was conceptualized in late 1998. The work required extreme flexibility in scheduling, and included the possibility of a quay side or offshore installation
It appears that the long awaited, much antipated and greatly debated offshore boom part II is prepared to launch again, as offshore drilling stocks surged on Thursday as U.S. crude oil prices hit a fresh nine-year high of $32.15 a barrel, fueling a second day of strong gains on Wall Street for the oilfield services sector. Drilling stocks across the board were flying high, some posting high single and low double digit gains for the day.
Standard & Poor's raised its ratings for Transocean Offshore Inc., renamed Transocean Sedco Forex Inc. (See chart page 2, related story page 8) At the same time, Standard & Poor's assigned to the company an 'A-1' short-term corporate credit rating, an 'A-1' rating for its $500 million commercial paper program, and a single-'A' rating for its $400 million term loan maturing December 2004. The company's ratings are removed from CreditWatch with positive implications
Houghton Offshore has enabled the Transocean Sedco Forex to set a new world record for the deepest well drilled to date. The drillship Discoverer Spirit used a subsea blowout preventor (BOP), operating on a 2 percent mixture of Houghton Stack Magic 200 BOP fluid, as it drilled at 9,727 ft. below sea level in the U.S. Gulf of Mexico, surpassing the previous record of 9,687 ft. set earlier this year. "The previous world record had been set on that same drillship using Houghton's BOP fluid in
Keppel FELS Limited has secured a repeat order from a subsidiary of Transocean Ltd. (Transocean) to build 5 KFELS Super B Class jackup rigs for US$1.1 billion. The rigs are scheduled to be delivered progressively from 1Q 2016 to 3Q 2017. In addition
Transocean inform that the total value of new contracts since the September 18, 2013 Fleet Update Summary is approximately US$2.0-billion. The company has been awarded a five-year drilling contract for a newbuild dynamically positioned ultra-deepwater drillship by Chevron U.S.A. Inc
Mr. Sjobring will join the company upon completion of the notice period with his current employer and will be based in Geneva, Switzerland. In the interim, Mr. Allen Katz will continue to serve as the company's Interim Senior Vice President and General Counsel.
Transocean Ltd. say that Executive Vice President, Chief of Staff. Ihab Toma, has resigned with effect from 31, December 2013. Transocean adds that with Mr. Toma's departure, the position of Chief of Staff will be eliminated and responsibilities redistributed.
Transocean Ltd. commented on a report issued by proxy advisory service Institutional Shareholder Services (ISS) regarding the company's Annual General Meeting, which will be held on May 17, 2013. The company issued the following statement in response to the ISS recommendation:
Rolls-Royce's milestone 100th contract is to deliver drillship propulsion systems to a Transocean rig. In recent months Rolls-Royce has won orders to supply propulsion systems for seven new drillships totaling close to £100 million, including options
Transocean Ltd. announced that J. Michael Talbert has advised the Board of Directors that, if reelected at the company's upcoming Annual General Meeting (AGM) on May 17, he will retire from the board no later than the company's 2014 AGM. To facilitate an orderly transition of leadership
New contracts, significant changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since April 18, 2013 are included. Highlights are as follows: Deepwater Millennium - Awarded a two-year contract for work offshore Australia at a dayrate of
Kongsberg was awarded an offshore integrated monitoring and control system contract with Daewoo Shipbuilding & Marine Engineering (DSME). The contract covers deliveries to four Transocean owned newbuild drillships, with an option for Kongsberg to deliver products and services for six more
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
Transocean Ltd. announces Second Quarter 2013 earnings release date and conference call information . The company will report earnings for the three months ended June 30, 2013 on Wednesday, August 7, 2013, following the close of trading on the NYSE.
Transocean's update summary includes new contracts, significant changes to existing contracts and changes in estimated planned out-of-service time of 15 or more days since July 17, 2013. The total value of new contracts since the July 17, 2013 fleet status report is approximately $2.5 billion
Keppel FELS has delivered to Transocean their third consecutive KFELS Super B Class jackup rig on time, on budget and with zero lost-time incidents. The rig was named Transocean Ao Thai on August 31, 2013 at Keppel FELS and has been chartered to Chevron for work in offshore Thailand
Transocean Ltd. has been awarded a five-year contract by Chevron U.S.A. Inc. for a newbuild dynamically positioned ultra-deepwater drillship. Shipyard delivery is scheduled for the second quarter of 2016. After customer acceptance, the contract is expected to commence in the fourth quarter of
International provider of offshore contract drilling services for oil and gas wells, Transocean Ltd. has issued the report which 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 September 18