Standard & Poors said that Transocean Ltd. (RIG) would replace computer maker Dell Inc. (DELL) in the S&P 500 index, effective 28 Oct 2013.
The S&P 500 index one of the most commonly followed stock market (equity) indices and it is based on the market capitalizations of 500 large companies with common stock listed on the New York Stock Exchange (NYSE) or NASDAQ Stock Market.
Transocean stock opened at US$48.51/share this morning, and climbed nearly 6% in the first day of trading following yesterday's announcement.
Transocean (RIG) is one of the largest offshore drilling contractors, based in Zug, Switzerland, near Geneva.
Transocean owns (or has partial ownership interests in), and operates a fleet of 80 mobile offshore drilling units (MODU) consisting of 46 high-specification floaters (ultra-deepwater, deepwater and harsh-environment drilling rigs), 22 midwater floaters and 12 high-specification jackups. In addition, the company has seven ultra-deepwater drillships under construction, as of October 2013.
Dell Inc. is being acquired and taken private by its founder Michael S. Dell and private equity firm Silver Lake Partners.
S&P Dow Jones Indices LLC is part of McGraw Hill Financial.
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