• 2018 September 5 08:01

    Transocean announces agreement to acquire Ocean Rig

    Transocean Ltd. and Ocean Rig UDW Inc. have entered into a definitive merger agreement under which Transocean will acquire Ocean Rig in a cash and stock transaction valued at  approximately $2.7 billion, inclusive of Ocean Rig ’s net debt, the company said in its press release. 

    The transaction consideration is comprised of 1.6128  newly issued shares of Transocean plus $12.75 in cash for  each share of Ocean Rig’s common stock, for a total implied value of $32.28 per Ocean Rig share, based  on the  closing price on August 31, 2018. This represents a 20.4% premium to Ocean Rig’s ten-day volume weighted  average share price.

    The transaction has been unanimously approved by the board of directors of each company. Transocean intends to fund the cash portion of the transaction consideration through a combination of cash on hand and fully committed financing provided by Citi. The merger is not subject to any financing condition. 

    Upon completion of the merger, Transocean’s and Ocean Rig’s shareholders will own approximately 79% and approximately 21%, respectively, of the combined company. 

    Ocean Rig’s fleet is comprised of nine high-specification ultra-deepwater drillships and two harsh environment semisubmersibles. Additionally, its fleet includes  two high-specification ultra-deepwater drillships currently under construction at Samsung Heavy Industries with favor able shipyard financing terms. These two newbuilds are  expected to be delivered in the third quarter of 2019 and the third quarter of 2020, respectively. 

    The transaction, which is expected to be completed during the first quarter of 2019, is subject to the approval of both Transocean and Ocean Rig shareholders and the satisfaction of customary closing conditions, including  applicable regulatory approvals. The merger is not subject to any financing condition. 

    Also, consistent with the Company’s strategy of recycling less competitive rigs, Transocean will retire two of its  floaters, the ultra-deepwater drillship  C.R. Luigs  and the midwater floater  Songa Delta. The rigs will be classified as held for sale and will be recycled in an environmen tally responsible manner. Both floaters are currently stacked. Transocean anticipates re-ranking the combined fleet , which may result in additional rigs being recycled. 

    About Transocean 

    Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The  company specializes in technically demanding sectors of the global offshore drilling business with a particular focus  on ultra-deepwater and harsh environment drilling services, and believes that it operates one of the m ost versatile  offshore drilling fleets in the world.  Transocean owns or has partial ownership interests in, and operates a fleet of 41 mobile offshore drill ing units consisting of 23 ultra-deepwater floaters, 12 harsh environment floaters, two deepwater floaters and four midwater  floaters. In addition, Transocean is constructing two ultra-deepwater drillships; and one harsh environment  semisubmersible in which the company has a 33 percent interest. The company also operates one high- specification jackup that was under a drilling contract when the rig was sold, and the company will continue to  operate the jackup until completion or novation of the drilling contract. 

    About Ocean Rig

    Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas  exploration, development and production drilling, and specializing in the ultra-deepwater and harsh environment  segment of the offshore drilling industry.  Ocean Rig’s common stock is listed on the NASDAQ Global Select Market where it trades under the symbol “ORIG.”




2020 August 8

11:18 Australia’s new icebreaker on the move

2020 August 7

18:32 Maersk revamps Europe to Middle East & Indian Subcontinent network
18:00 Rosmorport's to beef up its icebreaking fleet to 38 units in 2020
17:00 World’s first zero-emissions top handlers performing well at Port of Los Angeles
16:01 Port of HaminaKotka seven-month volume fell 16.7%
15:09 Launching of Russia’s first LNG-powered passenger ship Chaika held at Zelenodolsk Shipyard
14:21 North Carolina Ports records year-over-year increases in Fiscal Year 2020
14:09 Cargo traffic at Port Kavkaz in January-July rose 9%
13:21 ABP invests in Port of Lowestoft to support UK Southern North Sea energy sector
13:19 Krasnoye Sormovo Shipyard hosts launching ceremony for the RSD59 series MS Pola Marina
12:49 Rosmorport plans expansion of its fleet by 24 newbuilds
12:08 Jan De Nul signs contract with Dogger Bank Wind Farm
11:22 The second tanker manufactured in Azerbaijan launched for the next stage of construction
10:37 MSC’s Golden Horn service links China, Korea & Russia’s east coast
09:59 Ecochlor receives IMO BWMS Code Type Approval
09:51 MABUX: Bunker market this morning, Aug 07
09:16 Baltic Dry Index as of Aug 6
09:12 Crude futures prices turn down again

2020 August 6

19:00 FSL Trust agrees to sell three containerships
18:27 Sumitomo Heavy Industries has been granted an “Approval in Principle” for a medium-size high-pressure LNG dual-fueled tanker
18:21 Port of Rostov-on-Don seven-month volume rises 4% to 12.7 million tonnes
18:07 ICTSI 1H2020 net income down 12% to US$113.4mln
17:26 Royal IHC awarded major contract for supply of FPSO equipment for Yinson
17:25 Vodohod’s newbuild Mustai Karim arrives at Saint Petersburg
16:36 Nevsky Shipyard launches the Pavel Leonov, last ship of PV22 series duo
16:15 North Sea Port, Flemish Waterways plc, Port of Antwerp, Port of Oostende, Port of Zeebrugge, the Agency for Maritime and Coastal Services, and the Joint Nautical Management to introduce SWINg in 2021
15:43 Zelenodolsk Shipyard to host tomorrow launching and keel-laying ceremonies
15:41 Maritime Autonomous Surface Ships Port Network was established in Singapore
14:27 MABUX Bunker Weekly Review
13:54 Tolyattii bound heavylift project cargo successfully handled at Port Bronka
13:27 Alaska Marine Lines rail barges upgrade ballast systems
12:46 Davie confirms polar leadership with icebreaker launch
12:35 Transit container transport by RZD network soars 30% in Jan-Jul
11:40 CMA CGM to launch its ever-faster service connecting Spain with Algeria
11:35 Carnival Cruise Line joins industrywide pause in U.S. through October 31
10:18 Shell signs charter contracts for six newbuild LNG carriers
10:15 Fourth IMO Greenhouse Gas Study: Shipping emissions are projected to increase by up to 50% until 2050, relative to 2018
09:58 The Flemish government, Port of Antwerp and SeReAnt together improve the water quality at the Port of Antwerp
09:26 Baltic Dry Index as of Aug 5
09:21 Crude futures prices resume climb
09:10 MABUX: Bunker market this morning, Aug 06
08:11 NYK starts operation of its first finished-car logistics terminal in Japan

2020 August 5

18:57 Valenciaport triples air quality control cabins
18:16 U.S. Coast Guard suspends search for missing spearfisher off Maui
18:04 Port of Helsinki turnover decreased by 26.7% to EUR 33.4 million in January–June 2020
17:35 A delegation of the Port of Gdansk visits Klaipeda
17:06 Voluntary ship slowdown through Swiftsure Bank begins August 1
16:49 Mississippi River will get deeper
16:39 MOL introduces FOCUS Project Part Ⅲ: Virtual Ship Visit Application 'Fleet Tour'
16:29 Admiralty Shipyards starts building fourth CT-192 series trawler the Kapitan Martynov
15:27 Solstad secures contract from BP for three vessels in Australia
14:38 ABS to class first Taiwan-built offshore installation vessel
13:22 Hurtigruten temporarily suspends all expedition cruises
13:18 Krasnoye Sormovo to launch the MS Pola Marina cargo ship on August 7
13:12 The Vostochnaya Stevedoring Company completes the upgrade of more than 18,000m2 of storage yard
13:08 Concept of a modular composite fishing boat gets the thumbs up from MARINET
12:39 Scorpio Bulkers to build Wind Turbine Installation Vessel (WTIV) at DEME
12:01 Fincantieri and Saipem sign deep-seabed mining agreement
11:58 MARINET expects draft amendments on autonomous shipping to Russia’s MSC to be submitted by the end of the month
11:13 Future 12th expeditionary fast transport (EPF 12) for US Navy successfully completes acceptance trials