News Flash – Two Largest US Drilling Contractors Merge

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In surprising news today Transocean and GlobalSantaFe have announced a merger. TheStreet.com tells us…

Transocean and GlobalSantaFe agreed to merge, creating an oil driller with an enterprise value of $53 billion.

The Houston-based combined company will be known as Transocean and will be led by Transocean’s current chief, Robert Long. GlobalSantaFe chief Jon Marshall will become president and operating chief.

“GlobalSantaFe’s outstanding rig fleet complements Transocean’s, and the combined company will have a global fleet of 146 rigs,” said Long. “This transaction will enhance our high-end floater fleet, including five newbuild ultra-deepwater units, while growing our position in the worldwide jackup market…”

Read the official Press Release HERE.

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