Norwegian Drilling Groups Plan Merger

Two Norwegian drilling companies, Transocean Drilling and Trans-Nor, are planning to merge, cementing an already close relationship. Trans-Nor share-holders will be offered three shares in a new joint company also known as Transocean Drilling for every four existing shares. Investors currently holding shares in Transocean will be offered new shares on a one-for-one basis.

The current Trans-Nor fleet comprises five drilling platforms, including four jack-ups and one semi-submersible. For its part, Transocean operates two rigs, one in the Far East and an accommodation platform in the Ekofisk field in the North Sea. The company also has management contracts for 14 other fixed installations and an ancillary but thriving business in mud drilling, through associates Anchor Drilling Fluids and Target Drilling Fluids. The combined net adjusted equity of the group is estimated to be in the region of Kr1.5-1.6bn.

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