Transocean gets merger approval

Offshore drilling contractor Transocean has gained an approval for its previously announced merger with the subsidiary Transocean Partners.

During a special meeting held on Tuesday, December 6 the common unitholders of Transocean Partners approved the merger among Transocean Ltd., Transocean Partners and certain subsidiaries of Transocean Ltd. announced back in August this year.

Transocean said on Tuesday the company expects to issue approximately 23.8 million shares associated with the transaction. Closing is expected on or around December 9, 2016.

Following completion of the merger, Transocean Partners will be 100% owned by Transocean and therefore Transocean will have indirectly acquired the 51% ownership interests in two drillships, the Discoverer Inspiration and the Discoverer Clear Leader, and the semi-sub drilling rig Development Driller III that are currently owned by Transocean Partners.

One of the world’s largest offshore drillers expects the merger will make the company simpler to manage, administration and governance-wise. Announcing the plan in August, Jeremy Thigpen, CEO, said the move would provide the company with tangible cost cuts and improved liquidity.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Posted on December 7, 2016 with tags .

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply