UK Regulators Clear Way for Merger in View of Parties' Proposed Undertaking

The Office of Fair Trading for the United Kingdom (OFT) announced that, subject to satisfactory undertakings from the parties, it has decided not to refer the proposed merger of GlobalSantaFe Corporation (NYSE: GSF) and Transocean Inc. (NYSE: RIG) to the U.K. Competition Commission for further investigation. Instead, the OFT considers that the undertakings offered by the parties to divest GlobalSantaFe floaters that would be working in the U.K. sector of the North Sea absent the merger will remedy the possible antitrust concerns identified in the course of its first stage review. The parties' offer of divestiture includes the GSF Arctic II and the GSF Arctic IV but does not include any jackup rigs. A third GlobalSantaFe floater presently working in the North Sea, the GSF Arctic III, is expected to leave the North Sea upon completion of its current contract, and on that basis was not included in the parties' offer.

In view of today's decision by the OFT, the parties still expect to close the transaction as scheduled on Nov. 27, 2007, subject to remaining closing conditions.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
SXL- Manager, Business Development
Expertise: Business Development
Location: Newtown Square, PA
Communication Consultant Job
Expertise: Graphics Design|PR / Corporate Communications
Location: Denver, CO
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours