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| Type | Public (NYSE: RIG) |
|---|---|
| Founded | 1973 as Sonat Offshore |
| Headquarters | Houston, Texas |
| Key people | Robert L. Long, Chief Executive Officer |
| Industry | Oil Equipment & Services |
| Products | Drilling Oil and Gas Exploration |
| Revenue | $12.674 Billion (2008) |
| Net income | $4.202 billion (2008) |
| Employees | 26,300 (2008) |
| Website | www.deepwater.com |
Transocean LTD. NYSE: RIG is the world's largest offshore drilling contractor. The company rents out floating, mobile drill rigs, along with the equipment and personnel needed for operations, to oil and gas companies at a daily rate that averaged $142,000 in 2006. Transocean's day rates currently extend as high as $650,000 for its deepwater drillships, which house dual activity derricks and are capable of drilling in ultra-deep ocean depths of 10,000 ft (3,000 m).[1]
The company was spun-off from its parent, Birmingham, Alabama based Sonat, Inc. in 1993 and was originally called Sonat Offshore Drilling, Inc. Sonat Offshore acquired the Norwegian group Transocean ASA in 1996 and adopted its name. In 2000 the company merged with Sedco Forex, and was renamed Transocean Sedco Forex. In 2001 the company bought Reading & Bates Falcon. The name of the company was simplified to Transocean in 2003.
Sedco Forex was originally part of Schlumberger until 2000 when it was spun off. Sedco Forex was originally formed from the merger of two drilling companies, the Southeast Drilling Company (Sedco) and French drilling company Forex.
Transocean employs approximately 26,300 people worldwide and has a fleet of 136 vessels and units as of March, 2009. It is incorporated in the Cayman Islands while the principal office is in Houston, Texas. On December 8, 2008, the company's shareholders voted to move its incorporation from the Caymans to Zug[2] The company has offices in 20 countries around the world, with major offices in Stavanger, Aberdeen, Perth, Brazil, and Indonesia.
On July 23, 2007, Transocean announced a merger with GlobalSantaFe Corporation. The merger was completed on November 27, 2007.
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