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Transocean Deepwater Champion

Transocean to absorb Ocean Rig

ZUG, September 5, 2018 – Transocean has agreed to buy competitor Ocean Rig for USD 2.7 billion, the Swiss offshore drilling giant announced on Tuesday.

 

The deal comes months after Transocean acquired Songa Offshore in a deal valued at USD 3.4 billion.

“The proposed acquisition of Ocean Rig provides us with a unique opportunity to continue enhancing our fleet of ultra-deepwater and harsh environment floaters, without compromising our liquidity or overall balance sheet flexibility,” said Jeremy Thigpen, Transocean’s president and CEO. “The combination of constructive and stable oil prices over the last several quarters, streamlined offshore project costs, and undeniable reserve replacement challenges has driven a material increase in offshore contracting activity.”

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