Global Marine and Santa Fe International Corporation Complete Merger Of Equals

Tuesday, November 20, 2001
Houston-based GlobalSantaFe Corporation announced that Global Marine Inc. and Santa Fe International Corporation completed their merger of equals. The ordinary shares of GlobalSantaFe will begin trading on the New York Stock Exchange on November 21, 2001, under the symbol "GSF". Global Marine and Santa Fe International shareholders approved the merger during separate shareholder meetings held earlier today. Under the terms of the merger agreement each share of Global Marine common stock was converted into 0.665 of an ordinary share of GlobalSantaFe. Santa Fe International ordinary shares will trade as GlobalSantaFe ordinary shares. The combined company will have approximately 233 million shares outstanding.

"This merger of two great companies creates the world's premier drilling contractor," GlobalSantaFe chairman, Robert E. "Bob" Rose, said. "With a focus on providing a full spectrum of premium equipment and services, GlobalSantaFe has the size and reach to serve the world's largest oil and gas companies in every key offshore drilling region."

C. Stedman "Sted" Garber, GlobalSantaFe president and chief executive officer, said, "This combination speaks to the future. Meeting the challenges of our marketplace requires a company that can embrace the changing needs of our customers as well as maintain the financial strength necessary to operate effectively through volatile business cycles. What will not change, however,is our commitment to safety, the environment, ethics and customer service."


People & Company News

STX to Slash Jobs, Sell Yard

To stat above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

Navy

Michelle Obama Sponsors Attack Submarine

General Dynamics Electric Boat has delivered to the U.S. Navy an attack submarine that is sponsored by first lady Michelle Obama and will be named for her home state, reports AP.

Indian Warships Visit Port Victoria

In a demonstration of India’s commitment to its ties with Seychelles and maritime security in the Indian Ocean Region, Indian Naval Ships Kolkata, Trikand and

White House: Iranian Ships' Actions in Gulf Increase Risk of Miscalculation

Actions by Iranian vessels in several encounters with U.S. warships in the Gulf this week are cause for concern and increase risks of miscalculation, the White House said on Friday.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0847 sec (12 req/sec)