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.
Home; Sedco Forex Offshore to merge with Transocean. Schlumberger Ltd., Paris, has agreed to spin off its offshore contract drilling unit, Sedco Forex Offshore, in order to unite it with ... Reviews from Transocean Sedco Forex employees about Transocean Sedco Forex culture, salaries, benefits, work-life balance, management, job security, and more. 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 ... Transocean Sedco Forex was now a company worth approximately $14 billion and was the third largest oilfield services company, eclipsed only by Halliburton and Schlumberger. With 165 offshore rigs, inland barges, and supporting assets, the combined company easily outpaced its closest rival, Pride International, with just 59 offshore rigs, of ... Transocean Sedco Forex Inc. is the world's largest offshore drilling company and the fourth largest oilfield service company overall. Officially a Cayman Islands corporation, it operates out of Houston, Texas, with more than 16,000 employees located around the globe. Transocean's drilling rigs and work crews are contracted by petroleum ...
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