Transocean closes Ocean Rig acquisition [Houston Chronicle]

Dec. 05–Offshore driller Transocean closed Wednesday on its nearly $3 billion acquisition of the smaller rival Ocean Rig.

Transocean, which operates largely out of Houston, is leading much of the consolidation in the offshore drilling sector, which has shrunk because of lower oil prices and the industry’s focus on onshore shale oil and gas production.

The deal gives Transocean 11 more drillships and two floating semi-submersible rigs.

The fleets are used for developing wells and exploring for underwater oil and gas reserves.

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