Transocean Barents in a fjord in Norway: Fiver, der Hellseher
Transocean deal a sign of rising confidence
Betting on better times ahead, the rig supplier is building a stronger fleet
Transocean's proposed takeover of Ocean Rig underscores the offshore industry's belief that drilling in ultra-deepwater and harsh environments is set to increase over the next five years, and that rig rates will increase accordingly. The cash-and-stock deal is worth around $2.7bn including debt and gives Swiss-based market leader Transocean a 79% controlling stake in Athens-based Ocean Rig. The transaction, due to be completed in the first quarter of 2019, is subject to the approval of both firms' shareholders. The acquisition gives Transocean an extra nine ultra-deepwater drillships, two harsh environment semi-submersibles, and another two ultra-deepwater drillships now under construction.
Also in this section
27 February 2026
LNG would serve as a backup supply source as domestic gas declines and the country’s energy system comes under stress during periods of low hydropower output and high energy demand
27 February 2026
The assumption that oil markets will re-route and work around sanctions is being tested, and it is the physical infrastructure that is acting as the constraint
27 February 2026
The 25th WPC Energy Congress to take place in tandem as part of a coordinated week of high-level ministerial, institutional and industry engagements
27 February 2026
The deepwater sector must be brave by fast-tracking projects and making progress to seize huge offshore opportunities and not become bogged down by capacity constraints and consolidation
