Sedco Forex Offshore to merge with Transocean

07/19/1999
Schlumberger Ltd., Paris, has agreed to spin off its offshore contract drilling unit, Sedco Forex Offshore, in order to unite it with Transocean Offshore Inc., Houston.The merger will create the world`s largest offshore drilling company, to be called Transocean Sedco Forex. The firm is projected to be the fourth largest oil field service company, in terms of market capitalization, behind Schlumberger, Halliburton, and Baker Hughes Inc.The deal gives Sedco Forex new operations in the Gulf of Mexico and Norway and offers Transocean added strength in West Africa and Asia.The transaction is expected to be tax-free and will be accounted for as a purchase, with Sedco Forex Offshore as the accou...
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