Transocean, now the world’s largest offshore drilling contractor, has completed its reclassification and merger transaction with Global Santa Fe.
With the company quoting nine rigs in the Persian Gulf, and a further nine in the Red Sea, Transocean is also one of the biggest offshore drilling contractors within the region.
The deal that joined the two companies was completed at the end of November and will see Global Santa Fe’s primarily shallow-water fleet absorbed into the growing Transocean leviathan.
A mix of energy analysts reacted to the news, suggesting further mergers among drilling contractors may result.
The premise is that larger contractors will find it much easier to gain work from national oil companies who control most of the offshore exploration activities.
With reports of Transcocean making day rates of US $600 000 for its drill ship Deepwater Pathfinder, financial analysts see a lot of oppurtunity in the market.
“This suggests that there is limited availability for high-spec rigs over the next two years,” said Neil Rogan, head of Global Equities for Gartmore company.
