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Article: SONAT OFFSHORE DRILLING AND TRANSOCEAN ASA TO PROCEED WITH MERGER
- Article from:
- PR Newswire
- Article date:
- May 10, 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 10 /PRNewswire/ -- Sonat Offshore Drilling Inc. (NYSE: RIG) announced today that it had been informed by the Board of Directors of Transocean ASA (Transocean), after consideration of a revised proposal from Reading & Bates Corporation, of Transocean's intention to proceed with its previously announced combination with Sonat Offshore Drilling Inc.
J. Michael Talbert, Chairman and Chief Executive Officer of Sonat Offshore Drilling said, "We and Transocean have reaffirmed our intention to proceed with the most exciting combination this industry has seen in years. This is a combination for the twenty-first century. We believe our proposal is a financially ...