The Macondo Settlement is closed and they were fined no where near what they expected.
Due to Macondo they didn't build rigs without contracts so their glut is with their existing fleet.
They've retired half of their fleet, from 120 rigs down to 65 in the fleet at the moment, and still not finished. This has brought their average age up to 10-15 yrs of rig age.
Now here's where the big points come into play.
Transocean has been built on Mergers and buyouts. Ex: Aker, Global Santa Fe, R&B Falcon, Sedco, Forex.....
The new CEO is from NOV "NOV $44.16" which is a company built on aggressive takeovers and mergers of other companies.
Right now, I don't see any big mergers between the giants, but more so a slaughterhouse amongst all the smaller players who own 3-5 newer rigs and don't have the capitol to maintain them. Maersk "MAERSKB" is another rumored favorite for doing takeovers. Ocean Rig "ORIG $4.71" on the other hand seems prime to be bought out. Only time will tell.
The merger forms Transocean Sedco Forex, an offshore drilling company. The transaction, is expected to close by Dec. 31, 1999. Jul 12, 1999, 4:26pm CDT Updated Jul 12, 1999, 4:26pm CDT. Merger of Transocean and Sedco Forex in 1999. The proposed Transocean Offshore and Sedco Forex merger was announced in July 1999. It called for an exchange of stock valued at approximately $3.2 billion. Schlumberger shareholders would receive roughly one share in the new company, Transocean Sedco Forex, for every five Schlumberger shares held. "The merger of Transocean Offshore and Sedco Forex Offshore is advantageous due to the rising capital costs for new rig construction, the increasing size and needs of our customers, the expanding The new company was renamedTransocean Sedco Forex. (The name was simplified to Transocean in 2003.) Sedco Forex had been formed from a merger of two drilling companies, the Southeastern Drilling Company (Sedco), founded in 1947 by Bill Clements and acquired by Schlumberger in 1985 for $1 billion, and French drilling company Forages et Transocean Offshore Inc. announced today that its shareholders on December 10 approved proposals relating to the merger of Transocean Offshore and Sedco Forex, the offshore contract drilling
Animation of deepwater drilling. Song GENETICS-13503; Artist MASSEY DAVE/NORTH STEPHAN; Licensed to YouTube by A short film of life offshore in Angola 2007 Transocean Discoverer Enterprise - Hand Safety 2010 - Duration: 8:50. ... Smit London with Sedco 702 in stormy weather.mp4 - Duration: 14:57. Jan van Asperen Recommended for you. #OSHA #oshatraining #oshaguidelines Safety in the workplace is important for all employees. OSHA, the Occupational Safety and Health Administration, is a fed... For tutoring please call 856.777.0840 I am a registered nurse who helps nursing students pass their NCLEX. I have been a nurse since 1997. I have worked in a...