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 0.5 shares of Transocean Sedco Forex for each share of R&B Falcon, Following the exchange, the company's ordinary shares outstanding will total approximately 317 million. The shares will continue to be listed on the New York Stock Exchange under the trading symbol, "RIG."
The company also announced that Victor E. Grijalva would continue to serve as the chairman of the board of directors of Transocean Sedco Forex, while the members of the company's executive team will continue to consist of the same members.