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
Hurricane Energy, the UK-based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that, further to the rig contract amendments entered into with Transocean, the Company exercised its option over the Transocean Spitsbergen drilling rig on 25
Transocean Ltd. announced the closing of the acquisition of Transocean Partners. Each outstanding public common unit of Transocean Partners was converted into the right to receive 1.20 shares of Transocean Ltd., which issued approximately 23.8 million shares related to the transaction.
Cameron, a Schlumberger company, today announced the signing of two 10-year pressure control equipment management service contracts on behalf of Transocean valued at greater than $350 million. The first contract calls for Schlumberger to manage Transocean’s Cameron risers in the Gulf of
Offshore rig firm Transocean was cleared of accusations of tax evasion in a civilian case brought by the Norwegian state, a Norwegian appeals court said in a verdict on Monday. By reversing the verdict made by a lower court, Transocean avoided claims of about 400 million Norwegian crowns
Transocean, one of the world's largest offshore drilling companies, said on Monday that Shell had opted to terminate its contract for the harsh environment semisubmersible Polar Pioneer before the expiration in July, 2017. "Transocean will be compensated for the early termination through a
Transocean Ltd. Reports Fourth Quarter And Full Year 2015 Results:- Revenues were $1.85 billion, up from $1.61 billion in the third quarter of 2015; Operating and maintenance expenses were $794 million, down from $880 million in the prior period; Adjusted net income was $615 million, $1
Transocean Ltd on Thursday won the dismissal of an appeal by shareholders accusing the owner of the doomed Deepwater Horizon drilling rig of deceiving them about its safety practices prior to the 2010 Gulf of Mexico oil spill. The 2nd U.S
Transocean, the world's leading offshore drilling contractor with 61 rigs in its fleet, has issued a Fleet Status Report that provides the current status of and contract information for the company's entire fleet of offshore drilling rigs.
Transocean Ltd. announced that its wholly-owned subsidiary Transocean Inc., has priced its previously-announced offering of senior unsecured notes. Transocean will issue $1.25 billion in aggregate principal amount of senior unsecured notes due 2023 pursuant to Rule 144A/Regulation S
Transocean Ltd. and Transocean Partners LLC (NYSE: RIGP) today announced that Transocean has agreed to acquire all of the outstanding common units of Transocean Partners not already owned by Transocean in a share-for-unit merger transaction. In the merger
Severe weather has caused semi-submersible drilling rig Transocean Winner to break free from tow and run aground off the western isles of Scotland, the U.K. Maritime & Coastguard Agency (MCA) said. There are no personnel on board the rig and there is no risk to life, MCA said
No further pollution has been detected in the area of the grounded oil rig Transocean Winner as the U.K. Maritime and Coastguard Agency (MCA) continues to monitor the scene. The MCA counter pollution surveillance aircraft yesterday flew over the location and surrounding area to make
A team of eight salvors is now making its way on board the drilling rig Transocean Winner which is currently grounded off the Isle of Lewis. They’ll now be carrying out a full assessment of the rig and intend to work to make it habitable so that they can remain on it overnight
Final preparations for moving the Transocean Winner rig onto the Hawk vessel are continuing and good progress has been made on the operation in Broad Bay. The anchors have now been disconnected and the rig is being held on four tugs about half a mile from the Hawk.
Transocean Ltd. (NYSE: RIG) announced today that the Transocean Barents, a harsh-environment, ultra-deepwater floater, has been awarded a 15-month contract with Suncor Energy at a dayrate of $260,000. The estimated contract backlog, excluding mobilization, is $119 million