Transocean Sedco Forex Merger Establishes World's Largest Offshore Driller

Friday, January 07, 2000
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.'' Expanding on the operational strengths and benefits of the company, J. Michael Talbert, appointed President and Chief Executive Officer of Transocean Sedco Forex, commented, "Transocean Sedco Forex is now the model offshore drilling contractor, offering each of our stakeholders substantial benefits. Customers will benefit from the most modern, versatile and geographically diverse fleet, totaling 74 mobile offshore drilling units, which includes the industry's largest fleet of deepwater drilling rigs and unmatched expertise in technically challenging drilling environments. Investors will realize superior trading liquidity, with a current market capitalization approaching $7 billion.'' In addition to Mr. Grijalva and Mr. Talbert, other appointments to the Transocean Sedco Forex executive management team include: o Jean P. Cahuzac, Executive Vice President and President of Europe, Middle East and Africa operating regions o W. Dennis Heagney, Executive Vice President and President of Asia and the Americas operating regions o Jon C. Cole, Executive Vice President, Marketing o Robert L. Long, Executive Vice President and Chief Financial Officer o Donald R. Ray, Senior Vice President, Technical Services o Eric B. Brown, Vice President, General Counsel and Corporate Secretary o Barbara S. Koucouthakis, Vice President, Information Systems and Communications Technology o David Mullen, Vice President, Human Resources
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Alaska Welcomes USCG Admiral Papp Arctic Assignment

Alaska Senate Majority informs that it welcomes news that Admiral Robert J. Papp Jr., the 24th Commandant of the U.S. Coast Guard since May 25, 2010, has been appointed by the U.

Seadrill Bondholders: Majority Accept Conversion Offer

Seadrill Limited says that holders of approximately US$547 million of Seadrill's convertible bonds due 2017 (representing approx. 84.1% of the total outstanding

Bouchard Hire Brian Hall as Southern Port Captain

Tugboat and barge owners Bouchard Transportation says that retired active duty U.S. Coast Guard Commanding Officer Brian Hall has joined the company as Southern Port Captain / Vetting Manager.

Offshore

Statoil Awarded Licence Offshore Colombia

Statoil has been awarded interest in the COL4 licence offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round. Statoil will hold 33,33% in the licence.

Statoil, Repsol, ExxonMobil Win Colombian Offshore License

Statoil announced today that it has been awarded interest in the COL4 license offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round, along with Respol and ExxonMobil.

Oil Companies Bidding for Blocks in Colombia

Oil companies were bidding on Wednesday for 95 oil areas Colombia is offering for exploration and production in an effort to raise output from around 1 million

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3770 sec (3 req/sec)