than ever from a drilling company, Transocean is raising the standard for what delivery to the customer means. It enjoyed an immediate boost in price, caused in large part by money managers adding the stock to their funds that mirrored the S P 500. Mack, Toni, "Learning from Experience Forbes, December 2, 1996,.
A 300-foot jackup in the Gulf of Mexico that once commanded 50,000 a day now rented for less than 10,000. Further Reading: Antosh, Nelson, "Sonat, Norwegian Firm Strike Deal Houston Chronicle, May 3, 1996,. Statistics: Public Company, incorporated: 1953 as The Offshore Company, employees: 15,600. When oil prices reached 32 a barrel in 1981, a drilling boom ensued, with oilfield service companies purchasing a great deal of equipment and saddling themselves with considerable debt. In April 1999 Transocean Offshore was approached by Schlumberger Ltd., which proposed spinning off its offshore drilling operations, Sedco Forex Limited, as part of a merger of equals.
1999: Transocean Offshore merges with Sedco Forex Drilling to become Transocean Sedco Forex Inc. The proposals relating to the increase in authorized share capital, issuance of shares in the merger and the change of the company's name. Moreover, the Enterprise would essentially serve as a floating research and development project for two additional high-tech ships. Wetuski, Jodi, "Two Down. It was recognized that the most desirable energy plays that remained in the world resided under great depths of ocean. Transocean, sedco, forex will have the worlds largest offshore rig fleet with 75 units.
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