Marine driller Ocean Rig has set a date for its shareholders to vote on a proposed merger with Transocean

Ocean Rig said 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 am local time at Ocean Rig's offices located in the main building on the 3rd floor, Harbor Drive,
Grand Cayman, Cayman Islands.

“Formal notice of the Special Meeting and Transocean and Company's joint proxy statement and prospectus shall be sent to shareholders as soon as practicable after October 16, 2018,” Ocean Rig said on Tuesday.

As previously reported, Transocean and Ocean Rig entered into a definitive merger agreement in September, pursuant to which Transocean would purchase Ocean Rig in a cash and stock transaction valued at approximately $2,7 billion, including Ocean Rig's net debt. Ocean Rig's fleet comprises nine high specification ultra-deepwater drillships and two harsh environment semi-submersibles, Eirik Raude and Leiv Eiriksson.

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

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

Subject to a favorable shareholder vote, Transocean's fleet will consist of 57 floating platforms following the acquisition.

Merger between Ensco and Rowan will change the entire offshore drilling industry