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Transocean Ltd.

Transocean Ltd.

Company Registration No. :
001-38373

Company Location :
Vernier, Switzerland

SHORT BUSINESS DESCRIPTION

Transocean Ltd. is an American company.[2] It is the world's largest offshore drilling contractor based on revenue and is based in Vernier, Switzerland. The company has offices in 20 countries, including Canada,
Transocean Ltd. is an American company.[2] It is the world's largest offshore drilling contractor based on revenue and is based in Vernier, Switzerland. The company has offices in 20 countries, including Canada, the United States, Norway, Scotland, India, Brazil, Singapore, Indonesia, and Malaysia.[3]
 
In 2010, Transocean was found partially responsible (30% of total liability) for the Deepwater Horizon oil spill resulting from the explosion of one of its oil rigs in the Gulf of Mexico.[4]
 
In 2019, Royal Dutch Shell accounted for 26% of the company's revenues, while Equinor accounted for 21% of the company's revenues, and Chevron accounted for 17% of the company's revenues.[5]
 
History
Transocean was formed as a result of the merger of Southern Natural Gas Company, later Sonat, with many smaller drilling companies.
 
In 1953, the Birmingham, Alabama-based Southern Natural Gas Company created The Offshore Company after acquiring the joint drilling operation DeLong-McDermott from DeLong Engineering and J. Ray McDermott. In 1954, the company launched Rig 51, the first mobile jackup rig, in the Gulf of Mexico. In 1967, the Offshore Company went public. In 1978, SNG turned it into a wholly owned subsidiary. In 1982, it was changed to Sonat Offshore Drilling Inc., reflecting a change in its parent's name. William C. O'Malley, an executive at Sonat's headquarters in Birmingham, was named the company's first Chief Executive Officer in 1992. In 1993, Sonat spun off the majority of its ownership in the company.[6] Sonat sold its remaining 40% stake in the company during a secondary public offering in late 1995.
 
In 1996, the company acquired Norwegian group Transocean ASA for US$1.5 billion. Transocean started in the 1970s as a whaling company and expanded through a series of mergers. The new company was called Transocean Offshore. The new company began building massive drilling operations with drills capable of going to 10,000 feet (as opposed to 3,000 feet at the time) and operating two drill operations on the same ship. Its first ship, Discoverer Enterprise, cost nearly US$430 million and was 834 ft (254 m).[7] The Enterprise class drillship is the largest of the drilling ships.[8]
 
In 1999, Transocean merged with Sedco Forex, the offshore drilling subsidiary of Schlumberger in a $3.2 billion stock transaction in which Schlumberger shareholders received shares of Transocean.[9]
 
Sedco Forex had been formed from a merger of two drilling companies, the Southeastern Drilling Company (Sedco), founded in 1947 by Bill Clements and acquired by Schlumberger in 1985 for $1 billion [10] and French drilling company Forages et Exploitations Pétrolières (Forex) founded in 1942 in German-occupied France for drilling in North Africa.[6] Schlumberger first got a foothold in the company in 1959 and then assumed total control in 1964, and renamed it Forex Neptune Drilling Company.[11]
 
In 2000, Transocean acquired R&B Falcon Corporation, owner of 115 drilling rigs, in a deal valued at $17.7 billion. With the acquisition, Transocean gained control of what at the time was the world's largest offshore operation. Among R&B Falcon's assets was the Deepwater Horizon.[12] R&B Falcon had acquired Cliffs Drilling Company in 1998.[13]
 
In 2005, the company's Discoverer Spirit rig set a world record for the deepest offshore oil and gas well of 34,189 ft (10,421 m).[14]
 
In 2007, the US Department of Justice and the Securities and Exchange Commission filed a case against Transocean, alleging violations of the Foreign Corrupt Practices Act. The case alleged that Transocean paid bribes through its freight forwarding agents to Nigerian customs officials. Transocean later admitted to approving the bribes and agreed to pay US$13,440,000 to settle the matter.[15]
 
In 2007, the company merged with GlobalSantaFe Corporation in a transaction that created a company with an enterprise value of $53 billion. Shareholders of GlobalSantaFe Corporation received $15 billion of cash as well as stock in the new company for their shares. Robert E. Rose, who was non-executive chairman of GlobalSantaFe, was made Transocean's chairman. Rose had been chairman of Global Marine prior to its 2001 merger with Santa Fe International Corporation.[16]
 
In 2008, the company moved its headquarters to Switzerland, resulting in a significantly lower tax rate.[17]
 
In September 2009, its Deepwater Horizon rig established a 35,050 ft (10,680 m) well, the deepest well in history – more than 5,000 feet deeper than its stated design specification.[14]
 
In 2010, Transocean was implicated in the Deepwater Horizon oil spill resulting from the explosion of one of its oil rigs in the Gulf of Mexico that was leased to BP.[18]
 
In 2011, the company acquired Aker Drilling, which owned 4 harsh environment rigs used for drilling near Norway.[19]
 
In 2012, the company sold 38 shallow water rigs and narrowed its focus on high-specification deepwater rigs.[20]
 
In 2013, the company was added to the S&P 500 index.[21]
 
In February 2015, CEO Steven Newman quit following a $2.2 billion quarterly loss.[22]
 
Effective on 30 March 2016, the company delisted its shares from the SIX Swiss Exchange, at which time its shares were removed from the Swiss Market Index.[23]
 
Effective on January 30, 2018, the company completed its acquisition of Songa Offshore.[24]
 
In December 2018, the company acquired Ocean Rig.[25]
References:
  1. "Transocean Ltd. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2.  Albring, Susan M.; Elder, Randal J.; Franklin, Mitchell A. (2019). "Transocean and the History of Tax Inversions". Issues in Accounting Education. 34: 1–12. doi:10.2308/iace-52321. S2CID 158868048.
  3.  "The world's biggest offshore drilling companies". 29 June 2019.
  4.  United States Fifth Circuit Court of Appeals (16 December 2014). "Phase One Trial: Findings of Fact and Conclusions of Law on Gross Negligence and Willful Misconduct" (PDF). EPA. Retrieved 17 January 2022.
  5.  http://investor.deepwater.com/static-files/f51fd3e3-525d-47d6-90d1-bce780a1285c[bare URL PDF]
  6.  Pederson, Jay P. (2002). "Transocean Sedco Forex Inc.". International Directory of Company Histories. Vol. 45. Detroit: St. James Press. ISBN 978-1-55862-686-7. Archived from the original on 28 May 2012. Retrieved 23 May 2010.
  7.  "The Fleet: Discoverer Enterprise". Transocean. 2010. Archived from the original on 25 December 2013. Retrieved 23 May 2010.
  8.  Aichele, Richard O. (September 2007). "Drill-Ship Technologies Create Ultra-Deep Solutions". Professional Mariner. Retrieved 21 May 2010.
  9.  "Transocean Offshore and Schlumberger Combine Forces to Create The Leading Offshore Drilling Company" (Press release). PRNewswire. 12 July 1999.
  10.  "Schlumberger History: 1980s". Schlumberger.
  11.  "Schlumberger History: 1960s". Schlumberger.
  12.  "Transocean Sedco Forex Signs Definitive Agreement To Acquire R&B Falcon Corporation" (Press release). PRNewswire. 21 August 2000.
  13.  "R&B Falcon Corporation and Cliffs Drilling Company Announce Execution of Definitive Merger Agreement" (Press release). PRNewswire. 21 August 1998.
  14.  "Transocean's Ultra-Deepwater Semisubmersible Rig Deepwater Horizon Drills World's Deepest Oil and Gas Well". Contractors Unlimited. 2 September 2009.
  15.  United States v. Transocean Inc., Court Docket Number: 10-CR-768, United States Department of Justice, 4 November 2010
  16.  "GlobalSantaFe Corporation and Transocean Inc. Agree to Combine" (Press release). PR Newswire. 23 July 2007.
  17.  Jilani, Zaid (14 May 2010). "Transocean dodges paying U.S. corporate taxes by locating its headquarters in Switzerland". Think Progress.
  18.  "Transocean, owner of Deepwater Horizon rig, agrees to $211 million settlement in Gulf oil spill". New York Daily News. 20 May 2015.
  19.  "Transocean Completes Acquisition of Aker Drilling" (Press release). Yahoo!. 4 October 2011.
  20.  "Shelf Drilling Completes Acquisition Of 38 Rigs From Transocean". PRNewswire. 13 November 2012.
  21.  "Transocean Set to Join the S&P 500" (Press release). PRNewswire. 21 October 2013.
  22.  "Transocean CEO Steven Newman quits following $2.2 billion quarterly loss". Petro Global News. Retrieved 18 February 2015.
  23.  "Transocean Ltd. Announces SIX Swiss Exchange Approves Delisting" (Press release). Globe Newswire. 18 December 2015.
  24.  "Transocean Ltd. Closes the Acquisition of Songa Offshore SE". www.deepwater.com. Retrieved 18 November 2020.
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