Transocean Acquires Ocean Rig

Transocean Acquires Ocean Rig
Transocean reports that it has completed its acquisition of Ocean Rig UDW Inc.

Transocean Ltd. reported Wednesday that it has completed its acquisition of Ocean Rig UDW Inc. The announcement follows Transocean shareholders’ approval of the deal on Nov. 29.

When it announced the acquisition Sept. 4 of this year, Transocean stated that the approximately $2.7 billion cash and stock transaction would enhance its fleet of ultra-deepwater and harsh environment floaters. Moreover, Transocean CEO Jeremy Thigpen predicted that adding Ocean Rig’s fleet would put his company in a “better position … to capitalize on what, we believe, is an imminent recovery in the ultra-deepwater market.”

The Ocean Rig fleet includes:

  • Nine high-specification ultra-deepwater drillships
  • Two harsh environment semisubmersibles
  • Two high-specification ultra-deepwater drillships currently under construction

According to a written statement from Transocean Wednesday announcing the closure of the merger, Transocean’s fleet includes:

  • 52 mobile offshore drilling units
    • 32 ultra-deepwater floaters
    • 14 harsh environment floaters
    • Two deepwater floaters
    • Four midwater floaters
  • Four ultra-deepwater drillships under construction
  • A 33-percent interest in one harsh environment semisubmersible

“This combination with Ocean Rig further strengthens our relationships with strategic customers, while expanding our presence in the key markets of Brazil, West Africa and Norway,” Thigpen stated in September.

Under the previously announced terms of the deal, Transocean shareholders own approximately 79 percent of the combined company and Ocean Rig’s shareholders the remaining 21 percent.

“Through this combination, Transocean further enhances our industry-leading fleet of high specification floaters, thus improving our competitive position,” Thigpen stated on Nov. 29 following the shareholder vote. “We are excited to begin actively marketing these assets into the growing list of opportunities we continue to see emerging across our global customer base.”


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