Editing Transocean (section)

==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.<ref name=fundinguniverse>{{cite book | last=Pederson | first=Jay P.  | chapter=Transocean Sedco Forex Inc. | title=International Directory of Company Histories | volume=45 | location=Detroit | chapter-url=http://www.fundinguniverse.com/company-histories/Transocean-Sedco-Forex-Inc-Company-History.html | publisher=St. James Press| year=2002 | isbn=978-1-55862-686-7  | access-date=23 May 2010| archive-url=https://web.archive.org/web/20120528195312/http://www.fundinguniverse.com/company-histories/Transocean-Sedco-Forex-Inc-company-History.html| archive-date=28 May 2012}}</ref> 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&nbsp;feet (as opposed to 3,000&nbsp;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 {{convert|834|ft|abbr=on}}.<ref>{{cite web | title=The Fleet: ''Discoverer Enterprise'' | url=http://www.deepwater.com/fw/main/Discoverer-Enterprise-141.html | publisher=Transocean | year=2010 | access-date=23 May 2010| archive-url=https://web.archive.org/web/20131225110933/http://www.deepwater.com/fw/main/Discoverer-Enterprise-141.html| archive-date=25 December 2013}}</ref> The Enterprise [[Ship class|class]] [[drillship]] is the largest of the drilling ships.<ref>{{cite news | first=Richard O. | last=Aichele  | title=Drill-Ship Technologies Create Ultra-Deep Solutions | url=http://www.professionalmariner.com/ME2/dirmod.asp?sid=420C4D38DC9C4E3A903315CDDC65AD72&nm=Archives&type=Publishing&mod=Publications%3A%3AArticle&mid=8F3A7027421841978F18BE895F87F791&tier=4&id=CBFD64D555804D7DB9EFD24DACE91582 | work=Professional Mariner | date=September 2007 | access-date=21 May 2010}}</ref>

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.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/transocean-offshore-and-schlumberger-combine-forces-to-create-the-leading-offshore-drilling-company-73542642.html | title=Transocean Offshore and Schlumberger Combine Forces to Create The Leading Offshore Drilling Company | publisher=[[PRNewswire]] |date=12 July 1999}}</ref>

Sedco Forex had been formed from a merger of two drilling companies, the '''S'''outh'''e'''astern '''D'''rilling '''Co'''mpany (Sedco), founded in 1947 by [[Bill Clements]] and acquired by Schlumberger in 1985 for $1 billion<ref>{{cite web | url=http://www.slb.com/about/history/1980s.aspx | title=Schlumberger History: 1980s | publisher=[[Schlumberger]]}}</ref> and French drilling company Forages et Exploitations Pétrolières (Forex) founded in 1942 in [[German occupation of France during World War II|German-occupied France]] for drilling in North Africa.<ref name=fundinguniverse/> Schlumberger first got a foothold in the company in 1959 and then assumed total control in 1964, and renamed it Forex Neptune Drilling Company.<ref>{{cite web | url=http://www.slb.com/about/history/1980s.aspx | title=Schlumberger History: 1960s | publisher=[[Schlumberger]]}}</ref>

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]]''.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/transocean-sedco-forex-signs-definitive-agreement-to-acquire-rb-falcon-corporation-72924152.html | title=Transocean Sedco Forex Signs Definitive Agreement To Acquire R&B Falcon Corporation | publisher=[[PRNewswire]] | date=21 August 2000}}</ref> R&B Falcon had acquired Cliffs Drilling Company in 1998.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/rb-falcon-corporation-and-cliffs-drilling-company-announce-execution-of-definitive-merger-agreement-76288217.html | title=R&B Falcon Corporation and Cliffs Drilling Company Announce Execution of Definitive Merger Agreement | publisher=[[PRNewswire]] | date=21 August 1998}}</ref>

In 2005, the company's ''[[Discoverer Spirit]]'' rig set a world record for the deepest offshore oil and gas well of {{convert|34189|ft|abbr=on}}.<ref name="record">{{cite web | url=http://www.contractorsunlimited.co.uk/news/090902-transocean.shtml | title=Transocean's Ultra-Deepwater Semisubmersible Rig Deepwater Horizon Drills World's Deepest Oil and Gas Well | publisher=Contractors Unlimited | date=2 September 2009}}</ref>

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.<ref>{{citation | url=https://www.justice.gov/criminal-fraud/case/united-states-v-transocean-inc-court-docket-number-10-cr-768 | publisher=United States Department of Justice | title=United States v. Transocean Inc., Court Docket Number: 10-CR-768 | date=4 November 2010}}</ref>

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.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/globalsantafe-corporation-and-transocean-inc-agree-to-combine-52758552.html | title=GlobalSantaFe Corporation and Transocean Inc. Agree to Combine | publisher=[[PR Newswire]] | date=23 July 2007}}</ref>

In 2008, the company moved its headquarters to Switzerland, resulting in a significantly lower tax rate.<ref>{{cite web | url=http://thinkprogress.org/politics/2010/05/14/97010/company-oil-rig-switzerland/ | title=Transocean dodges paying U.S. corporate taxes by locating its headquarters in Switzerland | website=[[Think Progress]] | first=Zaid |last=Jilani | date=14 May 2010}}</ref>

In September 2009, its ''Deepwater Horizon'' rig established a {{convert|35050|ft|abbr=on}} well, the deepest well in history – more than 5,000&nbsp;feet deeper than its stated design specification.<ref name=record/>

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]].<ref>{{cite news | url=http://www.nydailynews.com/news/national/transocean-agrees-211-million-settlement-bp-oil-spill-article-1.2229963 | title=Transocean, owner of Deepwater Horizon rig, agrees to $211 million settlement in Gulf oil spill  | newspaper=[[New York Daily News]] | date=20 May 2015}}</ref>

In 2011, the company acquired [[Aker Drilling]], which owned 4 harsh environment rigs used for drilling near Norway.<ref>{{cite press release | url=https://finance.yahoo.com/news/Transocean-Completes-iw-3156832737.html | title=Transocean Completes Acquisition of Aker Drilling | publisher=[[Yahoo!]] | date=4 October 2011}}</ref>

In 2012, the company sold 38 shallow water rigs and narrowed its focus on high-specification deepwater rigs.<ref>{{cite web | url=http://www.prnewswire.com/news-releases/shelf-drilling-completes-acquisition-of-38-rigs-from-transocean-181600791.html | title=Shelf Drilling Completes Acquisition Of 38 Rigs From Transocean | publisher=[[PRNewswire]] | date=13 November 2012}}</ref>

In 2013, the company was added to the [[S&P 500]] index.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/transocean-set-to-join-the-sp-500-228685521.html | title=Transocean Set to Join the S&P 500 | publisher=[[PRNewswire]] | date=21 October 2013}}</ref>

In February 2015, CEO Steven Newman quit following a $2.2 billion quarterly loss.<ref>{{cite news | title=Transocean CEO Steven Newman quits following $2.2 billion quarterly loss | url=http://petroglobalnews.com/2015/02/transocean-ceo-steven-newman-quits-following-2-2-billion-quarterly-loss/ | access-date=18 February 2015 | publisher=Petro Global News}}</ref>

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]].<ref>{{cite press release | url=https://finance.yahoo.com/news/transocean-ltd-announces-six-swiss-235802866.html | title=Transocean Ltd. Announces SIX Swiss Exchange Approves Delisting | publisher=[[Globe Newswire]] | date=18 December 2015}}</ref>

Effective on January 30, 2018, the company completed its acquisition of [[Songa Offshore]].<ref>{{Cite web|title=Transocean Ltd. Closes the Acquisition of Songa Offshore SE|url=https://www.deepwater.com/news/detail?ID=2329262|access-date=2020-11-18|website=www.deepwater.com}}</ref>

In December 2018, the company acquired [[Ocean Rig]].<ref>{{cite news | url=https://www.chron.com/business/energy/article/Transocean-closes-Ocean-Rig-acquisition-13445105.php | title=Transocean closes Ocean Rig acquisition | first=Jordan  | last=Blum | work=[[Houston Chronicle]] | date=December 5, 2018}}</ref>