COMPANY NEWS: Transocean, GlobalSantaFe agree to merger of equals

08/27/2007
Offshore drilling contractors Transocean Inc. and GlobalSantaFe Corp. agreed to a merger of equals, creating a company valued at about $53 billion.In other recent company news: Houston-based drilling contractor Pride International Inc. has entered into a definitive agreement to sell its Latin America land drilling and workover and exploration and production services businesses to Brazilian private equity firm GP Investments Ltd. for $1 billion in cash. El Paso Exploration & Production Co., a subsidiary of El Paso Corp., Houston, reported plans to acquire Peoples Energy Production Co. for $875 million. PetroFalcon Corp., which has oil and gas operations in Venezuela through its wholly ...
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