Transocean Closes Deal to Buy Smaller Competitor

December 6, 2018


Switzerland offshore driller Transocean adds 13 specialized ultra-deepwater drill ships as part of its acquisition of Cyprus-based Ocean Rig UDW.

Transocean, which maintains an operations headquarters in Houston, said it closed the $3 billion deal on Wednesday.

In buying its smaller international rival, Transocean continues a series of acquisitions which included the purchase of Norway’s Songa Offshore earlier this year, giving the company twice as many drill ships and offshore rigs as it’s closest competitors.

Ocean Rig shareholders will own 21% of the combined companies, while Transocean stockholders will own 79%