Transocean Starts Merger Talks Seadrill

Monday, October 28, 2024
Deepwater Atlas drillship (Credit: Transocean)

Offshore drilling provider Transocean is in talks to merge with rival Seadrill, Bloomberg News reported on Wednesday, citing people familiar with the matter.

The companies are discussing the potential structure of the combination, it said.

However, a final decision has not been made and the companies could choose to remain independent, Bloomberg reported.

Seadrill and Transocean did not immediately respond to Reuters requests for comment.

U.S.-listed shares of Switzerland-based Transocean rose 4.1% after the bell while Seadrill gained 10.3%. Seadrill had a market capitalization of about $2.42 billion as of Wednesday, while Transocean was valued at $3.60 billion.

Earlier this year, offshore rig contractor Noble agreed to buy Diamond Offshore Drilling in a $1.59 billion deal, amid rising interest among energy producers to boost their international and offshore drilling inventories.


(Reuters - Reporting by Sourasis Bose in Bengaluru; Editing by Sriraj Kalluvila)

Categories: Mergers & Acquisitions Industry News Activity North America Oil and Gas

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