Transocean Acquires Ocean Rig for $2.7 Billion as Oil-Market Stability Bolsters Offshore Demand

Transocean (RIG) will acquire Ocean Rig UDW (ORIG) for $2.7 billion including debt, adding the latter’s drillships to its energy services sector portfolio after rising oil prices brings growing demand for offshore oil production activity. Steinhausen, Switzerland-based Transocean said its shareholders will own about 79% of the combined company while current Ocean Rig investors will hold about 21%. Annual cost […]