Transocean agrees to buy Ocean Rig in billion dollar deal

Rig behemoth Transocean will acquire Ocean Rig in a transaction valued at close to USD 2.7 billion and may reactivate two to three mothballed rigs a year as the industry embarks on a full-fledged recovery for deepwater exploration.

Photo: Transocean

Transocean has agreed to buy Ocean Rig Inc. in a cash and stock deal valued at about USD 2.7 billion, including debt.

The deal represents a 20.4 percent premium over Ocean Rig’s closing share price Aug. 31, according to a statement Tuesday.

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