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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

China Merchant Boosts Efficiency of VLCCs with Jotun HP

China Merchant Energy Shipping Co., Ltd (CMES) will upgrade the antifouling solution on their VLCCs New Builds at Dalian Shipbuilding Industry Co., Ltd. (DSIC)

ESAB Boasts Over a Century of Technological Innovation

September 2014 marks the 110th anniversary of ESAB Welding & Cutting Products. A world leader in welding and cutting technology, with the broadest, most complete

SMM 2014 Witnesses Record Turnout

SMM was another full success. With more than 2,100 exhibitors from all around the world, including 150 first-timers, with 50,000 industry visitors and roughly 90,

Offshore

Vard Orders Rolls-Royce Equipment for Rem OCV/AH

Rolls-Royce has won a £19m contract with the Norwegian shipbuilding group Vard to deliver deck machinery, propulsion and engines to a new offshore construction

First Havyard WE Design Delivered to Fafnir Offshore

Havyard Ship Technology's build 120 'Polarsyssel', a Havyard 832 L WE design, was delivered to Fafnir Offshore yesterday. It will go straight on assignment for

Brazil's Óleo e Gas, OSX Renegotiate FPSO Contract

Óleo e Gas Participações SA, the Brazilian oil producer that is under bankruptcy protection, and former sister company OSX Brasil SA completed on Friday a plan

 
 
Maritime Contracts Naval Architecture Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1662 sec (6 req/sec)