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Article: SONAT OFFSHORE DRILLING ANNOUNCES AGREEMENT IN PRINCIPLE WITH TRANSOCEAN ASA
- Article from:
- PR Newswire
- Article date:
- May 2, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON, May 2 /PRNewswire/ -- Sonat Offshore Drilling Inc. (NYSE: RIG) announced that it and Transocean ASA, a Norwegian based drilling company traded on the Oslo Stock exchange, had reached an agreement in principle for the combination of Sonat Offshore and Transocean. Under the contemplated transaction, a U.S. Holding Company called Transocean Offshore would be formed to own Sonat Offshore and Transocean. As a result of the transaction, each share of Sonat Offshore would be converted into one share of the Holding Company and each share of Transocean would be converted into the right to receive value equivalent to 0.515 shares of Transocean Offshore comprised of 80% ...