Seward & Kissel advises Ocean Rig on its Merger with Transocean
December 6, 2018
Transocean Ltd. (NYSE:RIG) (“Transocean”) announced that it closed its previously announced merger with Ocean Rig UDW Inc. (NASDAQ: ORIG) (“ORIG”) (the “Merger”), creating one of the largest and most technically capable fleet of ultra-deepwater and harsh environment floaters in the industry with 57 mobile offshore drilling units. The Merger, valued at $2.7 billion inclusive of Ocean Rig’s net debt, was implemented as a cash and stock transaction in which each Ocean Rig share was converted into the right to receive 1.6128 newly issued shares of Transocean and $12.75 in cash.
Seward & Kissel is pleased to have represented Ocean Rig in connection with the Merger.
To view the press release announcing the closing of the Merger, please click here.