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 October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Scanjet Secures 30-ship Tank Management Order

Scanjet Group has followed up its Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning,

Offshore

MOL Merges Group Companies; Upgrades Bridge Simulator

MOL adds DPS and enhances safe operation by integrating expertise through merger Mitsui O.S.K. Lines, Ltd. (MOL) announced the merger of MOL Marine Consulting, Ltd.

Swire Pacific Acquires 3rd L Class PSV

Shipowner and operator, Swire Pacific Offshore Operations (Pte) Ltd (SPO) celebrated the naming and delivery of its third L Class PSV vessel, Pacific Legend in Kyoto,

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.2228 sec (4 req/sec)