In a separate meeting, Schlumberger stockholders approved the proposal to spin off the capital stock of Sedco Forex, on a one-for-one basis, to Schlumberger stockholders. The spin-off will take place on December 30, and will be followed by the merger of Sedco Forex with Transocean Offshore on December 31, Schlumberger stockholders will receive approximately one-fifth of a share of Transocean Sedco Forex stock for each share of Sedco Forex stock they receive in the spin-off and will hold approximately 52 percent of the ordinary shares of Transocean Sedco Forex on a diluted basis following the merger.
The company specializes in technically demanding segments of the offshore drilling business, including industry-leading positions in deepwater and harsh environment drilling services. The company also provides international turnkey, coiled tubing and integrated drilling services to customers worldwide. Long Term. Previous Close 2. Volume 29,, Market Cap 1. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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In this way the parent company hoped to transform itself from a diversified pipeline company into an exploration and production company. The newly independent Sonat Offshore, as a result of the offering, had a clean balance sheet and money in the bank, and was well positioned to weather an ensuing decline in gas prices. Moreover, the company's emphasis on deepwater oil drilling also would prove to be a wise strategy. It was recognized that the most desirable energy plays that remained in the world resided under great depths of ocean.
Although the technology existed to tap these deposits, only until oil prices reached a certain level would it become economical for a company like Sonat Offshore to invest in a new generation of drill ships. The cost of such rigs was so high that only large companies were able to afford them. There were other reasons why consolidation among offshore drilling contractors became desirable in the mids.
It would likely bring pricing discipline to a highly fragmented industry, in which the top three companies served just 27 percent of the market. A small drop in the price of gas or oil could result in a major decrease in day rates. Clearly, companies could not expect to achieve long-term health by simply building more rigs to expand their business. Growth had to come by acquiring existing rigs, to gain some leverage with producers. With fewer but larger contractors in the industry, the addition of new rigs would hopefully become more of a rational and systematic process.
In addition, larger players could operate more efficiently around the world, with rigs strategically positioned to save on moving charges while building a more diversified customer base. Transocean ASA had been created in the mids when a Norwegian whaling company entered the semisubmersible business, then later consolidated with a number of other companies.
Because of its large North Sea operations, Transocean ASA was considered a prize catch, one that would automatically make the buyer into the unquestioned leader in deepwater drilling. The deal became effective in September , and Sonat Offshore changed its name to Transocean Offshore. Rising oil prices, in the meantime, benefited offshore drilling contractors.
The chairman of Transocean Offshore, J. Michael Talbot, concluded that the trend could continue for as long as 20 years and made a commitment to expand on the company's fleet. With long-term contracts with oil companies in hand, Transocean Offshore began the development of a new generation of massive drill ships, featuring the latest in technological advances, and designed to drill to 10, feet, as opposed to the 3,foot capacity of the drill ships built in the mids. The first ship, the Discoverer Enterprise, would be feet in length with a derrick that stood feet high.
It could sleep and carry , barrels of oil and gas. Because it featured two drilling systems in one derrick, the ship could reduce the time to drill a development well by up to 40 percent and could drill and lay pipeline without the need of a pipelay barge.
Moreover, the Enterprise would essentially serve as a floating research and development project for two additional high-tech ships. Paris-based Schlumberger had been involved in offshore drilling for many years. Forex teamed with Languedocienne to create a company called Neptune to engage in offshore drilling. Forex had gained complete control of Neptune by , when Schlumberger bought the remaining interest in Forex.
The Southeastern Drilling Company, Sedco, was an American firm, founded in by future Texas governor Bill Clements to drill in shallow marsh water. In the s it began to provide drilling services in deeper water. Schlumberger acquired the company in and a year later combined it with Forex to create Sedco Forex Drilling. Schlumberger shareholders would receive roughly one share in the new company, Transocean Sedco Forex, for every five Schlumberger shares held.
In the end, Schlumberger shareholders would control approximately 52 percent of the new company. Both Schlumberger and Transocean would receive five seats on the board, while Schlumberger's vice-chairman would serve as the chairman of the company and Transocean's Talbert would become president and CEO.
Its fleet included 46 semisubmersibles and seven deepwater drill ships, with others under construction. It was widely expected that the deal would create added pressure on other contractors to merge, as much needed consolidation in the industry continued to gain momentum. The company's fortunes suffered a downturn in and although it had made strides in redressing its situation, its debt load remained high and management decided that the time was ripe to merge with Transocean Sedco Forex.
With offshore rigs, inland barges, and supporting assets, the combined company easily outpaced its closest rival, Pride International, with just 59 offshore rigs, of which 45 were shallow-water jackups. Moreover, Transocean provided almost half of the world's ultra-deep drilling ships. On 2 March , a Scottish man was killed in an accident aboard the Transocean Leader drilling rig operated for BP , located about kilometers 86 miles west of Shetland , Scotland.
On 17 June , one worker was killed, four others were hospitalised and 21 were evacuated after an explosion on a Transocean gas drilling rig in Galveston Bay, Texas. On 24 August , the UK Health and Safety Executive issued a notice to Transocean saying that, it had failed to maintain its "remote blowout preventor control panel … in an efficient state, efficient working order and in good repair. On 12 April , the Bourbon Dolphin supply boat sank off the coast of Scotland while servicing the Transocean Rather drilling rig, killing eight people.
The Norwegian Ministry of Justice established a Commission of Inquiry to investigate the incident, and the commission's report found a series of "unfortunate circumstances" led to the accident "with many of them linked to Bourbon Offshore and Transocean. In , two Transocean workers were reportedly killed on the company's vessels.
On 20 April , a fire was reported on a Transocean-owned semisubmersible drilling rig , Deepwater Horizon. The US Coast Guard launched a rescue operation after the explosion which killed 11 workers and critically injured seven of the member crew. As the Deepwater Horizon sank, the riser pipe that connected the well-head to the rig was severed.
As a result, oil began to spill into the Gulf of Mexico. Estimates of the leak were about 80, barrels per day — for 87 days. Louisiana Governor Bobby Jindal declared a state of emergency on 29 April, as the oil slick grew and headed toward the most important and most sensitive wetlands in North America, threatening to destroy wildlife and the livelihood of thousands of fishermen.
During Congressional testimony, Transocean and BP blamed each other for the disaster. The American people could not have been impressed with that display, and I certainly wasn't. In a regulatory filing, Transocean said, "Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record as measured by our total recordable incident rate and total potential severity rate. The offshore drilling facility "Sedco ", operated by Transocean under contract from Chevron , began to leak in November while working on the "Frade" oil field.
The Brazilian government sued Transocean and attempted to force the company to cease operations in Brazil, but a settlement was reached without a finding of fault or liability. The rig subsequently drifted ashore at Dalmore and became stuck fast on rocks at Continuing poor weather meant that a damage inspection by salvors has been practically impossible, as personnel require to be airlifted on to the rig, in spite of it being close to the shore. The activists promised to continuing their protests as the rig undergoes final outfitting while it is anchored in the Port Angeles harbor in Washington State and then later in Puget Sound.
From Wikipedia, the free encyclopedia. This article is about the offshore drilling contractor. For the German cruise line, see Transocean Tours. Offshore drilling contractor. Operating income. Net income. Main article: Deepwater Horizon drilling rig explosion. Switzerland portal Texas portal Companies portal Energy portal. Securities and Exchange Commission.
International Directory of Company Histories. Detroit: St. James Press. Archived from the original on 28 May Retrieved 23 May Archived from the original on 25 December September Professional Mariner. Retrieved 21 May Contractors Unlimited. Transocean Inc.
Agree to Combine" Press release. PR Newswire. Think Progress. New York Daily News. Petro Global News. Retrieved 18 February Globe Newswire. Retrieved 18 November Houston Chronicle. The Wall Street Journal. Archived from the original on 10 November Retrieved 30 May The New York Times. Archived from the original on 13 April BBC News. Archived from the original on 20 February Retrieved 28 May American City Business Journals. Archived from the original on 26 October Ministry of Justice and Public Security Justis- og politidepartementet.
Archived from the original on 5 March Offshore shipping Online. Archived from the original on 27 February Archived from the original on 3 June Archived from the original on 8 November Retrieved 21 April The Daily Telegraph. Archived from the original on 2 March Retrieved 31 July Archived from the original on 9 January
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