Transocean Barents in a fjord in Norway: Fiver, der Hellseher
Transocean deal a sign of rising confidence
Betting on better times ahead, the rig supplier is building a stronger fleet
Transocean's proposed takeover of Ocean Rig underscores the offshore industry's belief that drilling in ultra-deepwater and harsh environments is set to increase over the next five years, and that rig rates will increase accordingly. The cash-and-stock deal is worth around $2.7bn including debt and gives Swiss-based market leader Transocean a 79% controlling stake in Athens-based Ocean Rig. The transaction, due to be completed in the first quarter of 2019, is subject to the approval of both firms' shareholders. The acquisition gives Transocean an extra nine ultra-deepwater drillships, two harsh environment semi-submersibles, and another two ultra-deepwater drillships now under construction.
Also in this section
9 January 2026
OPEC+ remains on track as output falls, with only Gabon failing to hit its output targets in December, although Kazakhstan’s compliance was involuntary
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
