Energy
Transocean Discussing Merger With Rival Seadrill as Offshore Downturn Eases
- Seadrill’s shares jump 10% in late trading, Transocean also up
- Talks come as offshore exploration rebounds with steady prices
Offshore drilling is once again booming thanks to steady oil prices and slower production growth from US shale fields.
Photographer: Matthew Lloyd/BloombergThis article is for subscribers only.
Transocean Ltd. is in talks to merge with rival offshore drilling contractor Seadrill Ltd., according to people familiar with the matter, just as oil explorers around the world are returning to the sea.
Shares of Seadrill jumped about 10% after the close of regular trading in New York while Transocean’s were up about 3.7%.