Transocean Continues Consolidation Drive With Ocean Rig Buy

摘要

Deepwater rig giant Transocean is getting bigger, with plans to acquire rival Ocean Rig in a $2.7 billion deal that was praised by analysts as another big step for a depressed sector in desperate need of further consolidation. Transocean said Tuesday that it has agreed to acquire Ocean Rig in a cash-and-stock transaction. The deal, which includes Ocean Rig’s debt, values Ocean Rig at $32.28 per share, or about 20.4% higher than Friday’s close.