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Transocean Inc has thriving business

The world's largest offshore drilling contractor - Transocean Inc. - succeedes as it closed its multibillion-dollar merger with smaller competitor GlobalSantaFe Corp., creating a company able to drill globally from shallow to ultra-deep waters.

The deal, announced by the Houston-based companies in July, includes a $15 billion (10.08 billion EUR) cash payout to shareholders of both companies.

The value of the new company is about $60 billion (40.3 billion EUR), including debt. It retains the Transocean name and trades on the New York Stock Exchange under Transocean's symbol "RIG."

On Monday, U.K. regulators gave their approval to the deal after the companies agreed to sell two GlobalSantaFe rigs in the North Sea to resolve antitrust concerns.

"Even without these two floaters, the consolidated company will remain the dominant player in the offshore drilling universe," Raymond James & Associates said in a research note Tuesday.

The combined company has 140 mobile offshore drilling rigs, including harsh-environment jackups for shallower waters and ultra-deepwater drillships. It has eight additional ultra-deepwater rigs under construction.

Transocean Chief Executive Robert Long, who will continue as CEO of the combined company, has said the deal allows the company to keep pace as the industry expands and assures it of a leading presence in nearly every major offshore drilling province in the world.

It also gives Transocean a broader customer base, particularly with state-owned national oil companies, which control almost 90 percent of global oil reserves, and greater exposure in the growing and lucrative deepwater drilling market.

Under terms of the deal, Transocean shareholders will receive $33.03 cash and 0.6996 shares of the combined company for each share of Transocean they own. Shareholders of GlobalSantaFe will receive $22.46 cash and 0.4757 shares of the new company for each share of GlobalSantaFe they own.

There will be about 316 million shares outstanding of the combined company after the transaction.

Transocean shares rose $5, or about 3.8 percent, to $134.39 in morning trading Tuesday.

The discovery of the submarine has unveiled a few "inconsistencies." For example, how can one explain the fact that the sub was found where it needed to be searched for from the start?

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