Seadrill shares jump on Transocean merger rumours
By Benjamin Chiou
Date: Thursday 24 Oct 2024
(Sharecast News) - Stock futures of offshore drilling companies Transocean and Seadrill were rising on Thursday on reports that the sector rivals were considering a potential merger.
According to Bloomberg, the two companies had discussed details about the potential structure of a tie-up.
However, according to people close to the matter, a final decision on whether or not to pursue a deal has not yet been made, Bloomberg said.
Together, the drillers have a combined market capitalisation of $6bn, down from around $7.9bn at the start of the year, with Transocean falling 35% since the start of January and Seadrill dropping 26%.
Noble Corp, currently valued at $5.3bn, surpassed Transocean as the largest seventh-generation drillship operator in the summer after taking over Diamond Offhore Drilling.
Transocean shares were up 3.7% in pre-market trade, while Seadrill's stock jumped 12.3%.
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