Transocean Announces Changes and Promotions
Transocean Sedco Forex Inc. announced that Jon C. Cole has been name executive vice president, Shallow and Inland Water Operations, overseeing the company's industry-leading presence in the shallow and inland waters of the U.S. drilling market. Cole joined the company in 1977 in Corporate Planning and has since held a number of management roles in the company's Operations and Marketing departments, including Division Manager in Egypt ad Scotland and Senior vice President of European Operations. Prior to his new assignment, Cole held the position of Executive Vice President, Marketing. He is a graduate of the University of Virginia in Charlottesville, Va., where he received a bachelor's degree in chemistry and MBA.
Transocean Expects Steady Improvement Through 2001
Transocean Sedco Forex is a leading international provider of deepwater and harsh environment contract drilling services for oil and gas wells. The company’s active fleet consists of 12 high-specification semisubmersibles, 29 second- and third-generation semisubmersibles, two Discoverer Enterprise-class drillships, four other drillships, 17 jackup rigs and three tenders. The company has under construction one Discoverer Enterprise-class drillship and three Sedco Express- class semisubmersibles. In addition, the fleet includes one mobile offshore production unit, six swamp barges and two land drilling rigs. In January 2001, the company completed the acquisition of R&B Falcon Corp., which operates a fleet of 139 marine-based drilling rigs. On Feb.
Transocean Sedco Forex Merger Establishes World's Largest Offshore Driller
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.
