OFT decides not to refer drilling rig merger
The UK OFT (Office of Fair Trading) has decided today not to refer the anticipated merger between Transocean Inc. (Transocean) and GlobalSantaFe Corporation (GSF) to the Competition Commission (CC), provided that satisfactory undertakings are given. The parties supply floating drilling rigs that are used by customers primarily for exploration for oil and gas in the seabed, including the UK Continental Shelf (UKCS). The OFT's merger concerns focus on the UKCS, where Transocean currently accounts for 45 per cent of floating rigs and the merger would add to its share. The OFT is currently considering the parties' proposed divestment remedy.
Frontier (London) advises Transocean and GSF.
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