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Transocean-Ocean Merger: Date Set for Shareholder Vote

Written by Paulo Nogueira
Published on 09/10/2018 at 16:02
Petroleo Ocean rig Transocean negócios
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The Offshore Driller Ocean Rig Set A Date For Its Shareholders To Vote On A Merger Proposal With Transocean

Ocean Rig said on Tuesday that its shareholders would vote on the previously announced plan to merge with Transocean at a special meeting scheduled for Thursday, November 29, 2018. The meeting will be held at 9:00 a.m. local time at Ocean Rig’s offices located on the main building’s 3rd floor, Harbour Drive,
Grand Cayman, Cayman Islands.

“The formal notice of the Special Meeting and the joint proxy statement and prospectus of Transocean and the Company are to be sent to shareholders as soon as possible after October 16, 2018”, Ocean Rig said on Tuesday.

As previously published, Transocean and Ocean Rig entered into a definitive merger agreement in September, under which Transocean would acquire Ocean Rig in a cash-and-stock transaction valued at approximately US$ 2.7 billion, including Ocean Rig’s net debt. Ocean Rig’s fleet consists of nine high-specification ultra-deepwater drillships and two harsh-environment semisubmersibles, Eirik Raude and Leiv Eiriksson.

Additionally, its fleet includes two high-specification ultra-deepwater drillships currently under construction at Samsung Heavy Industries, with favorable financing conditions for shipyards. These two new builds are expected to be delivered in the third quarter of 2019 and the third quarter of 2020, respectively.

“The proposed acquisition of Ocean Rig provides us with a unique opportunity to continue enhancing our fleet of ultra-deepwater and aggressive floaters without compromising our liquidity or overall balance sheet flexibility”, said Transocean President and CEO Jeremy Thigpen in September.

Subject to a favorable vote from shareholders, Transocean’s fleet will consist of 57 floating rigs post-acquisition.

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Paulo Nogueira

Graduated in Electrical Engineering from one of the country's technical education institutions, the Instituto Federal Fluminense - IFF (formerly CEFET), he worked for several years in the offshore oil and gas, energy, and construction sectors. Today, with over 8,000 publications in online magazines and blogs on the energy sector, the focus is to provide real-time information on the Brazilian job market, macro and microeconomics, and entrepreneurship. For questions, suggestions, and corrections, please contact us at informe@clickpetroleoegas.com.br. Please note that we do not accept resumes at this contact.

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